Nansen<\/strong>.<\/p>\nThe year-to-date outperformance of the NFT market relative to the crypto market stands at 68.5% when denominated in ETH, and 20.9% when denominated in USD, their new report said. This shows that the NFT space has held up better than ETH, with crypto prices tumbling lower for the better part of the year.<\/p>\n
Since the beginning of 2022, the price of ETH had fallen by 32% at the time of writing, while bitcoin (BTC) was down by 19% over the same period.<\/p>\n
Also, according to the firm, the year-to-date performance of its Nansen NFT-500 (ETH)<\/i> index shows that the NFT market has what is described as \u201ca relatively weak correlation\u201d with the crypto market when measured in US dollar terms.<\/p>\n
Measured in ETH terms, however, the two markets are inversely correlated, the report added.<\/p>\n