CryptoPunks predate the modern NFT craze by years, and that O.G. status has made the 2017 Ethereum profile picture collection a legend in the space. Dozens of CryptoPunks have sold for a million dollars’ worth of ETH or more, but today, the collection shattered its previous record with one sale of nearly $24 million.
On Saturday, CryptoPunk #5822 sold for 8,000 ETH, or about $23.7 million worth at the time of sale. Deepak Thapliyal, CEO of cloud blockchain infrastructure firm Chain, purchased the NFT directly from CryptoPunks developer Larva Labs’ own online marketplace.
The previous top sale for a CryptoPunk was $11.8 million, purchased by DraftKings’ largest shareholder Shalom Meckenzie at a Sotheby’s auction in June 2021. Meanwhile, the largest on-chain sale through the Larva Labs marketplace came in December, when the pseudonymous 4156 sold his namesake Punk for $10.26 million worth of ETH.
Thapliyal tweeted that he used leverage via DeFi protocol Compound Finance to pay for the CryptoPunk, telling Compound founder Robert Leshner, “Thanks to Compound Finance I am able to still [hold] ETH while buying this. Basically long’d ETH to punk-in.”
His new Punk features the rarest avatar type: alien. Just nine CryptoPunks out of the entire collection of 10,000 avatars are aliens. This particular Punk last sold for 8 ETH, or just over $1,600 at the time, back in July 2017.
Bitcoin, Ethereum Technical Analysis: Crypto Uncertainty Continues, As BTC Drops Again
Crypto prices continued to seesaw on Friday, as both bitcoin and ethereum fell into the red, after a short lived rally on Thursday. Bitcoin was once again below $40,000 during the session, while ethereum extended its recent spell of trading below $3,000.
Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session.
Following a peak of $40,269.47 on Thursday, BTC/USD fell to an intraday low of $38,698.16 earlier today.
This comes as BTC was unable to climb above resistance of $40,500, as bullish momentum eased, which was likely a result of traders closing positions.
Now that we are back in the red, the first thought would be for how long, with some likely to be targeting the $37,570 floor as a potential exit point.
Looking at the chart, the 14-day RSI has also changed course, and is now tracking at a floor of its own marginally below 43.
If price strength were to continue to fall beyond this point, we could see this shift in momentum entice even more bears to re-enter the market.
Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains.
ETH/USD found a bottom of $2,841.23 earlier today, as prices continued to trade below $3,000 for a third consecutive session.
Thursday saw ETH climb to a peak of $2,973.13, however, these gains were unable to continue following a breakout of the $2,950.00 ceiling.
As of writing this, ethereum is currently down by 1.08%, and is trading at $2,872.80, with bears likely targeting a floor of $2,780.
Should this floor be hit in the next few sessions, we would see ETH ending the week, at the same level it started, for the second week in a row.
Overall, crypto markets continue to be volatile, with some putting the current uncertainty down to the outcome of the upcoming Fed rate hike decision.
Could we see ethereum rally beyond $3,000 at some point this weekend? Leave your thoughts in the comments below.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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