Crypto NFT NFTs 1 How NFTs help Forecast Crypto Recovery, Nansen Report Claims

How NFTs help Forecast Crypto Recovery, Nansen Report Claims

-Crypto research firm Nansen published a report on non-fungible tokens (NFTs) and their performance amid the persistent bearish trend across the industry.

-According to Nansen, their NFT Blue Chip-10 and NFT 500 Indexes displayed strength last month, despite the overall bearish trend in the crypto market.

-The report claimed that NFTs have been outperforming even in periods of turmoil and persistent selling pressure, and that they operated as an indicator of future activity for the crypto market.

-In July, the crypto market has seen some relief with the price of Bitcoin trading above its 2017 all-time high, north of $20,000. However, BTCs price has been losing steam and seems poised for another period of sideways movement and consolidation.

-Additional data provided by Nansen claims the recovery in this sector might be unsustainable, as NFTs investors are reducing risk and adapting to current macro-economic conditions.

Crypto NFT NFTs How NFTs help Forecast Crypto Recovery, Nansen Report Claims
How NFTs help Forecast Crypto Recovery, Nansen Report Claims 3

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