Bitcoin (BTC) had a strong week, adding 11% in the past seven days, but altcoins surged even more, with some rallying in excess of 50%. The top gainer was VeChain’s VET, which climbed some 65%. VeChain is a blockchain that aims to improve supply-chain management and business processes for enterprises. Besides following bitcoin’s pump, the catalyst for VET’s surge is unclear, though the company announced earlier in the week that “Account Abstraction” had gone live, improving interoperability and unlocking programmable smart contract wallets. According to Kenny Hearn, chief investment officer at SwissOne Capital, the chain is a close second to Chainlink (LINK) in the on-chain oracle market. “VeChain meeting multiple X2Earn projects this past week must’ve given an extra kick of bullish sentiment to catalyze the move,” he said. Sei Network (SEI) rose almost 50% and ether, the second-largest cryptocurrency by market value, advanced 15%.

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• Source: https://www.coindesk.com/markets/2024/02/16/first-mover-americas-bullish-week-for-bitcoin-and-vechain/?utm_medium=referral&utm_source=rss&utm_campaign=headlines