Bitcoin recovery fuels NFT growth, digital collectibles garner big interest as BTC crosses $21,550


  • Bitcoin had a bullish start to 2023, BTC touched a new cycle high around $21,550 with macroeconomic data providing fuel to the asset’s rally. 
  • Based on historical data, non-fungible tokens/ assets typically garner interest as Bitcoin recovers from its losses of 2022. 
  • Shiba Inu’s recent mint collection with the Bugatti Group sold out in under four minutes. 

Bitcoin wiped out all its losses from the FTX exchange crash in November, BTC recovered and hit a cycle high at $21,550, following the release of lower-than-expected CPI and then PPI inflation data, which hit the US Dollar. 

Typically when Bitcoin price recovers from cycle lows the NFT ecosystem witnesses increased growth. 

Also read: Here’s what Bitcoin, Ethereum prices need for an explosive rally following US PPI release

Bitcoin hits new cycle high at $21,550 in its recovery

Bitcoin, the largest asset by market capitalization, started 2023 on a bullish note, climbing relentlessly throughout the first half of January. The asset hit a new cycle high of $21,550 on January 18 after the release of lower-than-forecast Producer Price Index data for December, which acted as a further catalyst for Bitcoin’s recovery. 

The NFT market rewards patient traders, and as Bitcoin recovers from the decline in its price throughout 2022, experts at behavior analysis platform Santiment believe NFT trading is likely to heat up as well. 

NFT trading and Bitcoin price recovery

NFT trading and Bitcoin price recovery 

Shiba Inu’s recent mint NFT collection with Bugatti group sold out in under four minutes

An example of the BTC price effect on NFTs, is the recent collaboration between Shiba Inu and the Bugatti Group which led to the minting of a new NFT collection. The digital collectibles named “Space Mint” sold out in four minutes and the luxury brand Bugatti congratulated the Shiba Inu team on the sale. 

The Shiboshis Club and the Bugatti Group’s collaboration was supported by Web3 development studio Nalikes Studio. The NFT mint collection featured 299 limited releases, in its exclusive first edition. The partners sold each digital collectible at a mint price of 0.14 ETH.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP