"CryptoPunks and Bored Ape Yacht Club (BAYC) Could See a Resurgence If Ethereum (ETH) Hits a New ATH"

Raoul Pal, Real Vision CEO and well-known macro investor, specific NFTs could see a strong resurgence if Ethereum (ETH) builds momentum towards establishing a new all-time high (ATH).

Real Vision CEO and well-known macro investor Raoul Pal has said that specific NFTs could see a strong resurgence if Ethereum (ETH) builds momentum towards establishing a new all-time high (ATH).

In a post on X, formerly Twitter, Pal named key NFT collections that he thinks could see substantial upside if ETH continues to rise.

“Forming a view that as ETH rises (in a new bull market), so will the NFT assets closely tied to its ecosystem. CryptoPunks, BAYC, Meebits, and CryptoDickbutts (cheap OG assets) will see good upside as investor attention returns to them,” Pal said.

NFTs to Benefit From Ethereum’s Momentum

Pal’s comments come as Ethereum is currently trading at $2,499, reflecting a 3.7% loss in the past 24 hours.

However, the token has been on an impressive run in the past month, following a 56% surge. Meanwhile, its price is still 49% low from its $4,891 all-time high on November 10, 2021. However, analysts like Virtual Bacon expect the token to reach $10,000 this bull cycle.

The macro investor’s remarks also come as the top NFT collection, CryptoPunks, is still dominant in terms of market cap. With a floor price of 46.59 ETH, or about $115,900, it holds 57% of the top NFT dominance index.

It remains unchanged in the past 24 hours, but its floor price went up 3.9% over the week.

After CryptoPunks comes Bored Ape Yacht Club with a floor of 12.74 ETH, or roughly $31,700. It saw a 1.1% gain in 24 hours, but it’s down 6% on the week.

Pudgy Penguins is in third place for dominance, priced at 9.93 ETH, though it clocked a 3.2% drop in the past day.

NFT Market Stressed Despite Select Gains

The latest figures from CoinGecko show that the total NFT market cap dropped 5% over the last 24 hours to reach $4.46 billion, while sales volume went down 10.7%, sliding to $5.66 million.

However, some collections saw triple-digit gains as Sandbox LANDs went up over 42,000% in floor price, while Chrome Squiggle by Snowfro jumped nearly 24% in 24 hours. These moves suggest that there are pockets of investor interest even amid broader weakness.