Market UpdateNFT Market Update - Week 47, 2022
FTX Hacker, Dumps Stolen Crypto Crashing Market!
The stock market had very nice gains in the short holiday week. The Dow saw a seven-month high. But the S&P 500 is approaching its 200-day moving average, a key resistance area. Several economic reports are scheduled for next week, including the November jobs report. Those will determine what happens with the continued Fed rate hikes.
The Crypto Market started off the week tanking, due to the FTX Hacker unloading the stolen funds. Throughout the week it regained its stance. From this point we saw continued consolidation to close out the holiday week.
The NFT Market was very similar this week to the Crypto Market. All though there were a couple projects that popped off, Most of the week was very low in overall volume. We did see some excitement and good sales through the weekend. This was a very strong signal that people are still willing to gamble on projects they believe in. We also saw some good Degen projects create volume this weekend. From my point of view, I would say one affected the other. People see good volume and relax there state of fear until the next set back.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
This Weeks OpenSea Volume
Weekly OpenSea volume reached $37.62 million. Compared to last weeks final total, this figure Increased by 11.37%.
Market Size
We can see by the numbers that this week the unique Users Decreased by 4.38% and the trading transactions Increased by 3.5% from last week.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
BAYC #1268 for $938.44Thousand
Weekly Top New Drops
This Weeks Notable Projects
Top Mint of The Week OpenSea Link
Top Weekly Volume Growth OpenSea Link
Top Weekly Floor Growth OpenSea Link
Top Volume This Week OpenSea Link
Conclusion
The NFT Market is the most volatile market. Being relatively new and unregulated, the price action feeds off of the other markets. If they suffer, we suffer as people stay away from higher risks when we are in times of uncertainty. So, remember whether it’s a great project with a solid team or a Degen project that is ridding the hype train. They always fall quicker then they rise. When trading always use caution with absolutely zero emotion. Buy the bottom and sell on the uptick, use tools and understand how to read them. In these markets tools are a must. Don’t be greedy and get caught holding someone’s bags by not letting go when you should. Set your exit and get out when it’s there. Never try to squeeze out more. If the opportunity is there then just repeat the process if the data supports it.
The Fear index has improved slightly today, It has moved into a state of fear. As long as there is a state of uncertainty in the economic world, we will see these ups and downs continue for the foreseeable future.
Disclaimer Always remember, that 99% of all projects will go to zero. This is why it’s so important for you to always invest wisely and do your own research.
Just remember these two points.
- Not your keys, Not your Crypto or NFT's so if you're not actively trading put your holdings in a secure wallet.
- If you buy stock, you’re an investor. If you buy Crypto or NFT's, you’re a customer. If you don’t know the difference you shouldn’t be buying either.
My reports are for informational purposes only.
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