From 2021 onwards, when NFT starts to become a popular topic, we found it hard to gauge the price trend of NFT.

The price of NFT does not move in tandem with Bitcoin or Altcoin. Here's our finding after doing some research.

NFT prices are significantly positively correlated with OpenSea Volume.

* Top NFT marketplace

OpenSea volume is significantly negatively correlated with ETH volatility, which implies that when ETH volatility rises, OpenSea volumes drop. Alternatively, when ETH volatility decreases, OpenSea volumes rise.