- The weekend saw VeChain (VET) and other cryptocurrencies experience a significant dip following Bitcoin’s drop below $60,000, attributed partly to news of Binance founder Changpeng Zhao’s sentencing.
- Despite the correction, VET maintained gains from the previous year, with predictions hinting at potential growth, fueled by expectations of a market rebound post-Bitcoin halving cycle.
As the weekend unfolded, the cryptocurrency market experienced a notable correction, with Bitcoin dropping below the $60,000 mark for the first time since February’s end, settling at $57,261. Following Bitcoin’s lead, other altcoins, including VeChain (VET), saw declines in their prices.
VET registered a 4.5% drop in daily charts, a 13.9% decrease in weekly charts, an 11.1% dip in the 14-day charts, and an 18.7% decline over the previous month. Despite this, VeChain has managed to hold onto some of its gains from the past year, boasting an increase of nearly 60% since May 2023.
The recent dip in the cryptocurrency market can be attributed, in part, to the news of US prosecutors sentencing Binance founder Changpeng Zhao (CZ) to four months in prison for money laundering charges he pleaded guilty to in November 2023. US District Judge Richard Jones, addressing CZ, remarked, “You had the wherewithal, the finance capabilities, and the people power to make sure that every single regulation had to be complied with, and so you failed at that opportunity.”
According to predictions from CoinCodex, VeChain’s price is expected to rise to $0.034271 by Sunday, May 5, 2024. While this marks a modest growth of about 0.61% from current levels, CoinCodex foresees VET continuing to climb until mid-May, reaching $0.036 on May 19, 2024.
However, Changelly holds a more bullish stance on VeChain (VET), predicting it to reach a maximum price of $0.0442 in May 2024. This anticipated surge from current levels would represent a substantial growth of about 29.77%.
The relatively positive outlook for VeChain (VET) could be fueled by expectations of a market rebound. Bitcoin (BTC) recently completed its halving cycle, historically a precursor to a bull run. Analysts widely anticipate the cryptocurrency market to rally in the near future.
Looking Forward: Will VET Reach New Heights?
Despite the recent downturn, VeChain (VET) remains a coin of interest for investors, with both short-term and long-term predictions hinting at potential gains. While the immediate trajectory may be influenced by market sentiment and external factors, such as regulatory developments, the underlying technology and use cases of VeChain could play a crucial role in its future performance. As the market continues to evolve, VET investors eagerly await to see whether it will fulfill its bullish predictions and surge to new heights in the coming months.
