Bitcoin is rallying above $57,000 and 5 other things that happened in crypto this past week – CNBC

Bitcoin is rallying above $57,000 and 5 other things that happened in crypto this past week – CNBC

The price of bitcoin, the largest cryptocurrency by market value, surpassed $57,000 on Monday morning, extending its two-week rally. It’s up over 30% in October, currently trading at around $57,442.

The rally is likely due to a couple of reasons, including hope that a bitcoin futures ETF could be approved by the Securities and Exchange Commission soon and excitement after Federal Reserve chair Jerome Powell clarified that he has no intention to ban bitcoin in the U.S., which seemed to “embolden” investors, Ned Davis Research told CNBC.

Other altcoins jumped as well this week, including meme-coin shiba inu, which aims to compete with dogecoin. Shiba inu still has a long way to go, though. It’s currently ranked No. 16, while dogecoin is ranked No. 10.

Outside of price movement, here are five other key things that happened in crypto this past week.

1. NFT trading volume hit $10.7 billion last quarter

NFT, or nonfungible token, trading volume surged in the third quarter of 2021 to $10.67 billion, a report by analytics platform DappRadar found. That’s a 704% increase from the previous quarter.

August, in particular, fueled this growth. It was a record-breaking month, according to DappRadar, with over $5.2 billion in trading volume. Though things cooled off slightly in September, it still accounted for over $4 billion in trading volume.

A current lucrative use for NFTs is in-game items, in which users can buy things like skins or accessories to be used in blockchain-based
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