VeChains 97.7% Surge in a Month Despite Market Volatility
- VeChain (VET) has corrected but maintains substantial gains across weekly, bi-weekly, and monthly charts.
- Bitcoin reached a record $99,645.39 but failed to surpass $100,000, partly due to skepticism around Jim Cramers bullish call.
- Analysts predict VET could rise 30% soon and potentially reach $0.080 by February 2025, contingent on Bitcoins movements.
VeChain (VET) is navigating a market cooldown alongside Bitcoins rally. The cryptocurrency market recently surged, with Bitcoin (BTC) hitting a record high of $99,645.39 on Nov. 22, 2024. However, the psychological $100,000 threshold remains untouched, fueling skepticism after analyst Jim Cramers bullish stance on BTC. Many cite the inverse Cramer theory, which suggests outcomes contrary to his predictions.
VeChain, closely tied to Bitcoins movements, reflects the broader market correction. While VET has dipped 1.8% in the last 24 hours, its overall performance shines. The asset has climbed 37.9% over the past week, 63.8% in the last 14 days, and an impressive 97.7% over the past month, showcasing its resilience amidst the markets fluctuations.
Since November 2023, VeChain has soared by 98.9%, reflecting strong investor confidence.
The recent surge in the cryptocurrency market correlates with Donald Trumps victory in the U.S. presidential election1. His pro-crypto policies have invigorated investor sentiment, as market participants foresee regulatory leniency under his administration.
VeChains Path Ahead
Prominent analyst Alir Martinez predicts a bullish breakout for VeChain, forecasting a 30% rise to $0.056 in the short term. CoinCodex analysts echo this optimism, projecting the asset to breach $0.056 by Jan. 4, 2025, and climb to $0.080 by mid-February. However, VET is still down nearly 85% from its all-time high of $0.281.
The road to recovery may hinge on Bitcoins performance. Should BTC breach $100,000, it could ignite a rally reminiscent of the 2021 bull run. For VeChain, this might mean reclaiming lost ground and setting new records.
As the market navigates this correction, optimism persists for a renewed rally led by Bitcoin and supported by altcoins like VeChain.
Read more: https://www.tronweekly.com/vechains-97-7-surge-month-market-volatility/
Text source: TronWeekly
