Ethereum has long dominated the NFT space, but a recent shift suggests a new contender: the Blast network. According to analytics firm NFTstats.eth, Blast NFT collections such as PAC REKT, Blastopians, and Plutocrats have collectively surged in volume over the past 24 hours, outpacing Ethereum’s NFT market across exchanges.

This significant shift indicates a potential reconfiguration in the hierarchy of blockchain platforms. Once the undisputed leader, Ethereum now faces stiff competition from networks like Blast. Data from CryptoSlam supports this trend, showing that Ether-based NFT collections have not been leading in new monthly sales for some time.

Analysts attribute this shift to several factors, including Ethereum’s scalability issues and the rise of new, faster networks with lower fees. Additionally, the appeal of exclusive collections and innovative features on platforms like Blast has drawn a growing number of NFT enthusiasts, diverting attention from Ethereum-based projects.

Despite Ethereum’s bullish period from February to late March, characterized by upward price movements and increased NFT trading, the coin has now entered a bearish correction phase. It faces notable support levels at $2,112, $2,689, and $3,112, but formidable resistance at $3,823 and $3,550 hampers its ability to reclaim previous highs.

Moreover, Ethereum’s price volatility appears closely linked to network growth and velocity. Initial spikes in network growth correlated with price surges, but subsequent price declines suggest other influencing factors. The velocity of Ethereum shows a less direct correlation with price fluctuations, indicating a complex interplay of market dynamics.