OpenSea’s August Transaction Volume Hit a Record High of $2.06 Billion

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Today’s Cryptocurrency Headline

Dune Analytics data shows OpenSea has recorded volumes for the past two days in a row. So far, OpenSea witnessed a total of $2.06 billion in transactions during August, which equates to about 6.3 times more than in July. Currently, it has more than 160,000 active users.

According to CryptoSlam’s data, in terms of sales volume over the past seven days, the top six NFT projects are Art Blocks ($223 million), Axie Infinity ($188 million), CryptoPunks ($166 million), 0N1 Force ($90 million), and Bored Ape Yacht Club ($75.3 million) and Parallel Alpha ($43.48 million).

Bingbon’s Bitcoin Chart 

Bitcoin price trend analysis predication Bingbon
Source: TradingView& Bingbon

The market continues on yesterday’s consolidation, with BTC and ETH moving lower. Bitcoin again touched the psychological level at $47,000 yesterday, as investors responded to intraday oversold signals. Bitcoin is now staying above $46,500 as buyers responded to intraday oversold signals. Although Bitcoin’s transaction volume is getting lower, it seems to have re-consolidate near $47,000. 

So far, the total BTC held in whale wallets (defined as containing 1K-10K coins) fell from about 5.3M to 5.23M in August. Whale holdings are usually quite stable which indicates an unfavorable situation. Bitcoin’s upside resistance near $50,000 remains difficult to break out. However, we need to keep a close eye on support at $46,000. Once it drops below this level, it signals that bears are further suppressing the market’s rising sentiment.