The cryptocurrency market is experiencing a slight correction after a recent surge. While Bitcoin (BTC) reached a new all-time high near $100,000, failing to break the barrier after bullish comments from Jim Cramer, other assets like VeChain (VET) are showing resilience.
VET Faces Daily Dip But Maintains Long-Term Gains

VET’s price dipped by 1.8% in the last 24 hours, reflecting the broader market correction. However, the token boasts impressive gains in longer timeframes. It’s up 37.9% weekly, a staggering 97.7% over the past month, and nearly doubled in value since November 2023 (98.9% increase).

Investor Sentiment Fueled by Pro-Crypto Leadership
The recent market upswing coincided with a recent shift in political leadership. Investor sentiment appears to be buoyed by a perceived pro-crypto stance from the new administration, anticipating more lenient regulations in the future.
Prominent crypto analyst Alir Martinez predicts a breakout for VET, suggesting a price surge to $0.056, representing a 30% increase from current levels. This bullish outlook is echoed by CoinCodex, which forecasts VET surpassing $0.056 by early January 2025 and reaching $0.080 by mid-February.

VET Still Below All-Time High, Bitcoin Plays a Role
While analysts are optimistic, VET remains nearly 85% lower than its all-time high of $0.281. Regaining momentum like the 2021 bull run might hinge on Bitcoin breaching the $100,000 mark, potentially triggering another significant market rally.
Overall, despite the short-term correction, VeChain (VET) displays strong long-term gains and enjoys bullish predictions from prominent analysts. The asset’s future trajectory appears to be intertwined with Bitcoin’s performance and the evolving regulatory landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.