Bullish week for Bitcoin (BTC) and VeChain (VET)

Bitcoin (BTC) has been strong, rising 11% over the past seven days, but altcoins have surged even further, rallying more than 50%. The biggest gainer was VeChain’s VET, up about 65%. VeChain is a blockchain that aims to improve enterprise supply chain management and business processes. Aside from following Bitcoin’s rally, the catalyst for the VET surge is unclear, but the company announced earlier this week that “account abstraction” has been activated to improve interoperability and unlock programmable smart contract wallets. The chain ranks a close second behind Chainlink (LINK) in the on-chain oracle market, according to Kenny Hearn, chief investment officer at SwissOne Capital. “VeChain meeting with several X2Earn projects last week may have further stirred up optimism to fuel this move,” he said. Sei Network (SEI) rose nearly 50% and Ether, the second-largest cryptocurrency by market cap, rose. 15%.