Why are Bitcoin, Ethereum, and Dogecoin up this week?

 This week, the value of major coins increased.

This week's news for investors in Crypto land was overwhelmingly positive. Bitcoin increased by 15 percent, Ethereum by 8 percent, and other currencies, such as the Dogecoin offshoot Shiba Inu (SHIB) coin, increased by 266 percent in the last 24 hours.

Bitcoin (BTC) had really begun to rise a little more than a week before that. It was on September 29, long before the start of the current week, when the coin began its rapid ascent from its low point of $41,211. By Monday, the currency had achieved a total value of $47,355, but it was just getting started.

By Wednesday, it had raced past $50,000 to reach $51,473. An enormous amount of leveraged trading followed, bringing it to its current price of $55,167. “There is a lot more leverage in the market than last year. Open Interest (OI) is more than triple,” claimed Singaporean crypto prop firm QCP Capital in a Telegram group.

At $1 trillion, Bitcoin’s market value is currently bigger than the combined market capitalization of JPMorgan and Bank of America. Itay Tuchman, Citi bank’s global head of international exchange stated that institutional interest in Bitcoin is increasing. “Like anybody who’s in crypto knows, you start with Bitcoin and you’re down the rabbit hole pretty quickly,” he remarked this week.

The price of Ethereum (ETH) rose from lows of $3,287 on Monday to highs of $3,656 on Friday. Its current price is $3,611 and its market value is $425 billion. Ethereum’s NFT ecosystem continues to expand. Sales of CrypToadz increased 156 percent, reaching $56 million in the previous week. MekaVerse also blew up. Its accumulated revenues of $63 million, making it the 26th biggest NFT project of all time. They are both crypto profile image initiatives.

After Elon Musk, the CEO of SpaceX and Tesla tweeted a picture of his dog, the Shiba Inu (SHIB) token soared 240 percent to $0.000026, a gain of 240 percent. Musk's dog, much to the delight of Dogecoin supporters and those interested in derivative projects, is a Shiba Inu named Tesla. SHIB is the brains behind Sushi, an Ethereum-based decentralized finance protocol that is similar to Bitcoin Cash. Dogecoin's value increased by 12 percent.

"There are numerous reasons to be bullish," according to QCP Capital, including the stabilization of the Evergrande situation, the possibility of upcoming approvals for Bitcoin ETFs in the United States, and traditional finance stalwarts such as Soros Fund Management becoming crypto-positive. QCP, on the other hand, stated that a high volume of leveraged trading, as well as a bearish options market, could be indicators of bad things to come.