No, you didn’t wake up in 2021.
But top non-fungible token collections like CryptoPunks, Bored Apes, Moonbirds, and Pudgy Penguins are seeing a sudden jolt in demand, with floor prices of some collections jumping by double digits overnight.
The surge comes as Ethereum and Solana — the chains behind most major NFT collections — extend their gains. Ethereum hit a 2025 high of $3,800 on Monday, while SOL climbed to $190, its strongest level in five months.
The total NFT market cap is now sitting at over $6.3 billion, nearly doubling from $3.2 billion less than a month ago.
“It feels incredibly good to be aping NFTs on OpenSea again with new ETH I’m purchasing at a rapidly inflating pace,” wrote Mike Dudas, founder of 6MV, the crypto venture fund, on X. “Higher with haste.”
The return of NFTs provides another signal that traders are cycling out of Bitcoin and back into more speculative plays. Other signs include how Bitcoin’s dominance of the market has fallen 6.6% to around 61% over the past month, according to TradingView data.
Bitcoin’s diminishing percentage of the total cryptocurrency market, combined with skyrocketing altcoin prices and, now, the return of NFTs, suggest that investors are rotating into risk-on assets, which analysts say may trigger an altcoin rally.
“Once Bitcoin consolidates and investors begin rotating capital into higher-risk assets, we tend to see altcoins move more aggressively.”
CryptoPunks
CryptoPunks are quickly climbing in price and dominance.
At the peak of NFT mania in late 2021, scoring a Punk meant shelling out more than 100 Ether, back when Ethereum was trading near its all-time high of $4,800.
Now, as the market comes back to life, the floor price has climbed back to 48 Ethereum, or about $182,000 per Punk.
One whale appears to be betting big on the comeback. A new wallet address spent about $8 million in Ether to sweep 45 CryptoPunks in a single spree, according to Lookonchain data.
That surge in demand has pushed the collection’s market dominance to more than 28% of the entire NFT market, according to CoinGecko.
Honourable mentions
Beyond the heavyweights, most top NFT collections also saw a boost.
Pudgy Penguins climbed over 14% to a floor of over $60,600, edging out Bored Ape Yacht Club, which rose nearly 13% to over $45,500. Both saw multiple millions of dollars in trading volume over the past day.
The only collection in the top ten flashing red was Milady Maker, which dipped by about 1% despite a spike in volume. Still, Milady has quietly led much of the recent rally, with floor prices up nearly 26% to $9,800 so far in July.
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