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While we start this week with Bitcoin and Ethereum at a similar price to last week (around $26.5k for BTC and $1750 for ETH), there was quite the rollercoaster in-between with new local lows set on Wednesday and Thursday last week at $24.7k and $1619 respectively.

Things managed to climb back up, potentially helped by traditional markets faring better and the US announcing a momentary pause on interest rate hikes. The lack of new surprise lawsuits targeting crypto probably helped, for now...

It's very early in the week to call it, but it looks like Ethscriptions may be the flavour of the week for NFT traders, so if that is your world then you may want to take a look. I got distracted while choosing an Ethereum Punk to mint at the weekend and the 10k collection had already minted out by the time I came back with a floor of 0.25 ETH as of today.

They use a similar methodology to Bitcoin Ordinals to inscribe data on chain, and as such the assets need to be wrapped for tradeability on marketplaces like OpenSea for now.

- @nuconomist

Crypto Market Cap: 1.11 Trillion Dollars 🔼 +1.83% (Was 1.09 T)

Bitcoin Dominance: 46.4% 🔼 +1.09% (Was 45.9%)

Ethereum Dominance: 18.8% 🔽 -2.08% (Was 19.2%)

Other Crypto (excl. BTC & ETH): 34.8% 🔽 -0.29% (Was 34.9%)

Nuconomist Notes:

It's been a rollercoaster of a ride to keep things this steady. The trend still looks like it wants to head lower in the short term and there are a whole number of open threads that could act as a catalyst for a sudden move back down.

NFT Market Cap (ETH): Ξ 8.0 Million 🔼 +1.27% (Was Ξ 7.9 Million)

NFT Market Cap (USD): $13.9 Billion 🔼 +1.45% (Was $13.7 Billion)

30 Day NFT Volume (ETH): 454k 🔼 +10.73% (Was 410k)

Nuconomist Notes:

Volume and valuations both up for NFTs. It really is starting to look like life is springing back into this part of the ecosystem and it will be interesting to see if that activity continues into the northern summer. It is also happening while "blue chips" fall which shows there is life in the lower end of the market.

1. Bored Ape Yacht Club

2. Mutant Ape Yacht Club

3. Wrapped CryptoPunks

4. Azuki

5. DeGods

Nuconomist Notes:

While DeGods have fallen back a little after their recent pump, they are still holding on to a top five placement for now. Otherwise, it's the same faces showing up.

1. BoringPunks: 0.0368 Ξ ‧ 603 ETH PnL

2. Fidenza | Art Blocks Curated: 80.3 Floor Ξ ‧ 239 ETH PnL

3. The Captainz: 8.69 Floor ‧ Ξ 224 ETH PnL

4. Azuki: 16.99 Ξ Floor ‧ 209 ETH PnL

5. GRIDS By Tristan Rettich: 0.2497 Ξ Floor ‧ 209 ETH PnL

Nuconomist Notes:

Boring Punks is a new collection launched to celebrate the sixth anniversary of CryptoPunks, showing Punks relevance remains strong enough to boost a tribute collection to this day.

Azuki and The Captainz floor price remain relatively stable while seeing a little profit-taking as they both approach upcoming catalysts (Azuki event in Las Vegas on 23rd June and Captainz reveal/$meme drop).

Apart from that, generative art is back on the main menu with Fidenza seeing some giant sales after the recent Sothebys auction. And the much newer GRIDS collection seeing some decent volume (355 ETH) on launch week.

1. Mutant Ape Yacht Club: 8.457 Ξ Floor ‧ -1197 ETH PnL

2. Clone X: 2.3 Ξ Floor ‧ -261 ETH PnL

3. More Loot: 0.0035 Ξ Floor ‧ -420 ETH PnL

4. Doodles: 1.9396 Ξ Floor ‧ -376 ETH PnL

5. Bored Ape Kennel Club: 3.675 Ξ Floor ‧ -286 ETH PnL

Nuconomist Notes:

A big week of losses withing the MAYC collection at almost double the prior week and representing ~$2 Million USD at current ETH prices. Of course many of the 268 sales were likely at higher ETH valuations so a lot of pain there with the collection now solidly under the 10 ETH psychological level and currently sitting at 8.457 ETH. If other collections are anything to go by, we could certainly see MAYC retrace even further now they are in the sub-10 category.

Clone X is a frequent feature on this list this year. There has been little focus on them with a strong push towards Nike's Our Force 1 Polygon mint instead, not bringing any benefit by association.

Loot was a short-lived 2021 meta that rose and fell spectacularly, and it isn't surpring to see some losses being realised here. If anything the surprise is it took this long.

Doodles continue their bad run, not much to say there. They are only just ahead of Bored Ape Kennel Club, however, showing another chink in the previously impenetrable Yuga armour.

BlackRock's Bitcoin ETF Would Be a Big Deal - CoinDesk

Ripple & the SEC Agree on Something - CoinDesk

Is Fortnite Adding Nike NFTs? Apparel Giant Teases Collab - Decrypt

Watch out Ordinals, 30,000 'Ethscriptions' land on Ethereum - CoinTelegraph

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