Bitcoin’s new price movement has managed to influence a lot of assets in the Bitcoin ecosystem. While the more prominent parts of the ecosystem are the ones impacted the most, some other ones also received a positive effect from Bitcoin’s price increase.
One of them is an NFT Collection called Bitcoin Puppets which has reached a new all time high coinciding with Bitcoin’s price movement, which shows the dominant effect of how Bitcoin’s price can influence other assets in its ecosystem, including the ones that do not have any use cases.
Bitcoin Puppets NFT Collection Reaches All Time High
Bitcoin Puppets is an NFT Collection that was launched on the Bitcoin Blockchain through the help of a new innovation in the Bitcoin Ecosystem called inscriptions.
Ordinals lets users essentially create NFTs by creating a new way to write data on the Bitcoin Blockchain, attaching it to the smallest unit of Bitcoin called SATs.
The NFT collection itself has no future plans, is not built as a company or a DAO, or even an organization. It just depends on its community to keep the project alive, even though there are no use cases for the NFT.
When Bitcoin price increased, the floor price of this collection also rallied to a new all time high according to data from Magic Eden, the NFT Marketplace that is used to transact this collection.
This showed that Bitcoin's price increase has affected every part of the Bitcoin ecosystem, even the ones that have no real value in it.
Coinciding with Bitcoin’s Price
Investors that are buying these NFTs seem to have a mindset that the price is going to continue going up because the collection has the word Bitcoin in it, essentially leading to a potential narrative that when Bitcoin price rises, this NFT’s price will also go up.
Although it seems odd, the narrative is actually common on memecoins and NFT collections, especially during the bull market.
Most of these investors think that other investors will start looking for other assets that have attachment to Bitcoin when it rises, and since the name has Bitcoin in it, it is obvious that people will use it in the hopes of gaining profit.
The current floor price of this NFT collection is 0.2195 BTC which is valued at around $13,389.5 US Dollars at the price of $61,000 per BTC.
Although it seems far-fetched that a drawing can be worth that much, it is common in the NFT space, and it will be even wilder in the bull market.
So this shows that during the bull market you can make money out of almost anything in the crypto market, which is why investors need to have a good strategy going into the next one.
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