Bitcoin (BTC) and VeChain (VET) in a Bullish Momentum, are the Fundamentals Strong to Sustain?

Estimated read time 3 min read
  • It’s been a bullish week for Bitcoin and VeChain, with both experiencing significant gains, particularly VeChain’s VET rising by 65%.
  • Institutional investments in Bitcoin, exemplified by MicroStrategy’s success, and strong performance from exchanges like Coinbase underscore the growing confidence and adoption of cryptocurrencies.

In the dynamic world of cryptocurrency, the past week has been nothing short of exhilarating, marked by significant gains for Bitcoin (BTC) and altcoins alike. While Bitcoin itself saw a robust 11% increase, the real standout was VeChain’s VET, which soared by an impressive 65%. This surge not only underscores the resilience of cryptocurrencies but also highlights the growing interest in blockchain solutions like VeChain, particularly in supply-chain management and enterprise processes.

VeChain Movement

VeChain’s ascent can be attributed to several factors, including the recent implementation of “Account Abstraction,” a development aimed at enhancing interoperability and enabling programmable smart contract wallets. Additionally, industry experts point to VeChain’s burgeoning presence in the on-chain oracle market, positioning itself as a formidable competitor to the likes of Chainlink (LINK). Kenny Hearn, Chief Investment Officer at SwissOne Capital, notes,

“VeChain meeting multiple X2Earn projects this past week must’ve given an extra kick of bullish sentiment to catalyze the move.”

Bitcoin

Meanwhile, as Bitcoin surged close to the $53,000 mark, MicroStrategy (MSTR), a significant corporate holder of BTC, celebrated its holdings surpassing $10 billion. With an initial investment of $5.93 billion in Bitcoin, MicroStrategy’s strategic accumulation since the second quarter of 2020 has yielded substantial profits, exceeding $4 billion. This staggering success further underscores the growing institutional confidence in Bitcoin as a long-term store of value.

Coinbase

Coinbase (COIN) emerged as a standout performer, witnessing a surge in shares following impressive fourth-quarter earnings. Exceeding analysts’ expectations, Coinbase reported earnings of $1.04 per share, alongside revenue totaling $953.8 million. This performance, buoyed by soaring crypto prices, propelled COIN shares to a 13% increase in post-market trading, signaling renewed investor optimism in the crypto exchange sector.

As market dynamics continue to evolve, the charts reflect a notable increase in bid and ask orders, with the ratio favoring asks reaching its highest point in over a year. This trend suggests a growing appetite among sellers, potentially paving the way for further price appreciation. In essence, as the ask surpasses the bid, the likelihood of upward price movements gains prominence, highlighting the bullish sentiment prevailing in the cryptocurrency markets.

The recent surge in Bitcoin and VeChain exemplifies the enduring appeal and potential of cryptocurrencies in the Americas and beyond. With institutional adoption on the rise and blockchain technologies gaining traction, the stage is set for further innovation and growth in the digital asset space.

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

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