CryptoPunks have reestablished a floor price of $100,000 this week after a period of low demand, driven by gains in the broader cryptocurrency market. This marks the first time the floor price has exceeded $100,000 since June. The increase in floor price coincided with a 730% jump in trading volume for the NFT collection, which saw over $14.5 million in trades last week, with more sales in four days than any comparable period over the last year. The NFT market overall experienced a 95% rise in trading volume, totalling $163 million. New entrants have contributed to an increase in unique owner counts, reversing a previous trend of concentrated ownership. Many buyers are leveraging newfound wealth from the crypto market, as Bitcoin gained over $500 billion in market cap in the last week. The status of CryptoPunks, launched in 2017, as a luxury digital asset has been bolstered by high-profile celebrity endorsements and historical sales, including assets sold for over $10 million each. Despite the NFT hype fading since 2021, CryptoPunks remain a sought-after collectible, with heightened trading activity signaling a potential resurgence in the NFT space.

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