Today's rally in crypto markets has taken many investors by surprise, given the "good news is bad news" reality we're now seeing play out. Last week's strong jobs numbers indicated to investors that the Federal Reserve could be less likely to take its foot off the gas pedal when it comes to rate hikes. Nonetheless, equity and crypto markets have surged higher, with the crypto sector up 3.8% in aggregate over the past 24 hours, as of 10:15 a.m. ET on Monday.

However, one cryptocurrency that has not-so-quietly moved into a top-30 spot in the crypto market cap rankings is Flow (CRYPTO: FLOW). This crypto project linked to non-fungible tokens (NFTs) has surged 13.3% over the past 24 hours as of 10:15 a.m. ET this morning. Over the past week, this token's performance is even more notable, with gains of approximately 50% over this time frame.

The key catalyst driving Flow higher is news that its blockchain technology and Dapper Wallet product will play an integral role in Meta's move into the NFT space. Instagram's photo-sharing application will now support posting of NFTs using the Flow blockchain, providing a big boost for this project that was designed from the start to revolutionize the NFT space.

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Source Fool.com