Ethereum News Today: Ethereum NFT Volume Surges 300% as Market Cap Hits $458 Billion

Ethereum, the pioneering blockchain platform, celebrated its 10th anniversary with a unique and symbolic initiative: the launch of an NFT torch. This digital torch, which began its journey on July 21st, is being passed from wallet to wallet among key community members, builders, and contributors. The first bearer of the torch was Joseph Lubin, one of Ethereum's co-founders. Each participant holds the torch for 24 hours, symbolizing the platform's shared stewardship and decentralized spirit. The torch will conclude its journey on July 30th, exactly ten years since Ethereum's launch, by being burned in a ceremonial act that marks the end of one chapter and the beginning of another.

In addition to the NFT torch, Ethereum is also offering a commemorative NFT that anyone can mint. This initiative reinforces Ethereum's inclusive and open ethos, celebrating its decade-long journey and inviting the community to be a part of its history. The NFT torch and the commemorative NFT serve as powerful symbols of Ethereum's growth and the community's collective efforts in shaping its future.

Ethereum's leadership in the NFT space is evident, with Ethereum-based projects accounting for more than half of the total NFT trading volume across blockchains. Last week, the total NFT trading volume across blockchains topped $140 million, with Ethereum-based projects raking in $75 million in volume. This marks a significant 300% jump from just two weeks ago, when Ethereum's NFT volume stood at $18.3 million. Ethereum leads all major NFT chains in metrics, including daily volume, sales, and active listings, demonstrating its dominance in the NFT market.

Ethereum's current momentum is undeniable, with its market cap surging past $458 billion, the highest in nearly eight months. This steady recovery since late April has been supported by a resurgent token price, with ETH climbing to $3,793 at press time, gaining over 35% in July alone. Technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), support the strength of the rally, with RSI at an overheated 87.80 and MACD remaining in a strong bullish crossover. With rising NFT activity, community-driven celebrations, and a resurgent token price, Ethereum appears to be entering a renewed cycle of growth — both in terms of value and narrative — as it marks its 10-year anniversary.