VeChain (VET) has recently recorded the Golden Cross for the first time since June 2020, a move that previously led to a 3000% rise in the following year. Despite the network’s strong fundamentals and a recent surge in transactions, some believe the era of large-cap crypto pumps is over.
In 2021, VeChain experienced a significant 3,000% gain, reaching an all-time high of $0.28. However, the value has since declined, hitting a low of $0.0147 in September and has only slightly recovered since. At the time of writing, VET is trading at $0.0303 and has remained in the same range over the past 24 hours. Over the past week, it has lost 11.5%, falling from a weekly high of $0.036.
Despite this, interest in the token has surged, with a 90% increase in the past day, reaching $84.5 million. However, it still ranks among the ten lowest trading volumes in the top 50 cryptocurrencies. One analyst, known as AJ, believes that VeChain could soon experience a significant rise, similar to its 2021 surge. AJ points to the Golden Cross, a trading chart pattern indicating a bullish breakout, especially when backed by high trading volume.
AJ predicts that the price of VET could reach $1.14 by October this year, which would be the coin’s highest price ever and would place its market cap at $82.9 billion. This would make it the third-highest crypto after BTC, ETH, and USDT. However, this projection is extremely bullish. When VET experienced a 3,000% spike, it was one of the hottest coins on the market, and its market cap was well below a billion dollars. Since then, other new projects have emerged, and their market caps are primed for a significant breakout.
On the other hand, several factors support a bullish outlook for VET. One is the continued uptake of VeChainThor, its underlying network, which recently crossed the two million daily transactions mark for the first time. VeChainThor has also become synonymous with the sustainability movement, thanks to its partnership with the Boston Consulting Group, which incentivizes users to participate in sustainable actions. This partnership is gaining momentum and demonstrates that blockchain is the ideal technology for the future.
It’s important to note that while this information is current and accurate, readers should conduct their own research before making any decisions related to cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Crypto News Flash, VeChain, Boston Consulting Group |
| Currencies | Tether, VeChain, Solana, Bitcoin, Ethereum |
| Securities | None |
