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First Mover Americas: Bullish Week for Bitcoin and VeChain

First Mover Americas: Bullish Week for Bitcoin and VeChain

First Mover Americas: Bullish Week for Bitcoin and VeChain

The latest price moves in crypto markets in context for Feb. 16, 2024.

The latest price moves in crypto markets in context for Feb. 16, 2024.

The latest price moves in crypto markets in context for Feb. 16, 2024.

AccessTimeIconFeb 16, 2024, 1:28 PM
Updated Mar 9, 2024, 5:52 AM
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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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%.

With bitcoin's price rising to just shy of $53,000, MicroStrategy (MSTR), the largest corporate owner of the crypto, has seen its holdings climb above $10 billion, amassing a profit of more than $4 billion. According to the company’s most recent investor presentation, at the end of January the company held 190,000 bitcoins purchased for a total of $5.93 billion, or $31,224 per coin. MicroStrategy began acquiring bitcoin in second-quarter 2020, and has bought tokens every quarter since. In December last year, the company was sitting on a profit of nearly $2 billion, a figure that's doubled thanks to bitcon's more than 20% rally since the start of 2024.

Coinbase (COIN) shares surged after the U.S.-listed cryptocurrency exchange beat analysts' estimates for fourth-quarter earnings and revenue, benefiting from soaring crypto prices. The company said it earned $1.04 per share, beating the average analyst estimate of $0.02 per share, according to FactSet data. Revenue of $953.8 million exceeded the analyst forecast of $826.1 million. Shares of the crypto exchange rose about 13% in post-market trading on Thursday after adding about 3% during the regular session. COIN shares had fallen about 4% this year, even as the price of bitcoin (BTC) surged about 23%.

Chart of the Day

  • The chart shows a collection of bid and ask orders in dollar terms within 2% of the mid-price across cryptocurrency exchanges.
  • The ratio of asks to bids rose to the highest in over a year early this week.
  • When the ask is higher than the bid, the price is more likely to move higher than lower.
  • The ask is a price the seller is ready to accept, while the bid is a price the buyer is willing to pay.
  • Source: Kaiko

- Omkar Godbole

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Edited by Sheldon Reback.


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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

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