Bitcoin and Ether experienced declines in Thursday afternoon trading in Hong Kong, while all other top 10 cryptocurrencies, excluding Dogecoin, saw gains in market capitalization. Despite the stagnant prices, industry experts informed Forkast that the profitability of the crypto industry is showing positive signs for investors.

Bitcoin's value remained relatively unchanged during afternoon trading in Asia, hovering around US$29,426 at 4:30 p.m. in Hong Kong, after dropping below the crucial support level of US$30,000 earlier in the week. Ether, on the other hand, slipped 0.1% during Asian trading to reach US$1,872, and it faced a decline of 1.89% over the past week.

According to Jamie Coutts, a senior market structure analyst at Bloomberg Intelligence, even though crypto revenues are still more than 50% below their peak in 2021, the second quarter of 2023 marked the first period of aggregate profitability. This milestone is significant for institutional investors considering the asset class for investment, as applications within the blockchain ecosystem are driving profitability.

Among the top 10 cryptocurrencies, Solana's SOL token emerged as the biggest winner of the day, gaining 5.91% in the past 24 hours to reach US$24.97. Polygon's Matic token also saw positive movement, rising 3.04% to US$0.7281. However, Dogecoin reversed its gains over the past three days, experiencing a decline of 1.87% to US$0.07896, making it the only token in the top 10 to fall.

The total crypto market capitalization increased by 0.94% to US$1.19 trillion over the past 24 hours, while the market volume rose by 16.71% to reach US$30.77 billion, based on data from CoinMarketCap.

Moving on to NFTs, the Forkast 500 NFT index experienced a 0.22% slip to 2,634.24 points in the 24-hour period up to 4:30 p.m. in Hong Kong, and it fell by 2.43% throughout the week, reaching an all-time low of 2,625.24 points earlier that day. Bitcoin's 24-hour NFT sales started to recover, rising by 3.28% to US$598,139, with the network maintaining its position as the sixth-largest blockchain by 24-hour NFT sales volume, according to CryptoSlam.

Conversely, Ethereum's 24-hour NFT sales continued to decline, dropping by 59% to US$13.35 million. Sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, fell by 5.66% to US$969,388, while CryptoPunks sales rose by 55.48% to US$336,878.

An NFT collection of 500 generative artworks by artist Vera Molnár, named Themes and Variations, was completely sold out within an hour during a Dutch auction, fetching 631 ETH (approximately US$1.2 million) at Sotheby's Gen Art Program. This program aims to highlight three generative artists each year and is setting milestones for the blockchain in the NFT space.

Despite this activity in the NFT space, all Forkast Labs NFT indexes were in the red for the second consecutive day.