The cryptocurrency market is going through he roof right now. Bitcoin (BTC) hit a new all-time high of $122,838 earlier today, July 14. VeChain (VET) seems to be following BTC’s trajectory. The asset is up 5.1% in the daily charts, 21.7% in the weekly charts, 19.6% in the 14-day charts, and 13.6% over the previous month. VET could be on its way to reclaim the 5-cent mark once again.
Can VeChain Finally Reclaim $0.05?
VET last traded above the $0.05 mark in January of this year. Since January, the asset has experienced a gradual decline. We are currently in a similar predicament to earlier this year. Bitcoin (BTC) hit a new peak in January, while VET experienced a similar rise.
VET could breach the $0.05 mark if BTC continues its upward momentum. A correction for the original crypto could lead to other assets spiraling out.
According to CoinCodex analysts, VeChain (VET) may rise to around $0.033 by Sept. 9 of this year. The platform anticipates the asset’s price to consolidate at the $0.03 level. CoinCodex does not expect VET to hit the $0.05 level anytime soon.
Many anticipate BTC to face a correction later this year. The original crypto has historically faced a dip around 16 months after its halving event. Going by that pattern, BTC’s price could drop around September or October of this year.
There is a possibility that VeChain (VET) will rally higher than predicted by CoinCodex. The current bull market could stimulate retail players out of hibernation. A rise in retail investment could lead to a prolonged rally.
Also Read: VeChain Hit $0.077 In Dec. 2024: Can It Do It Again In July 2025?
There is also the Federal Reserve’s monetary policy to consider. The Fed has decided to keep interest rates unchanged for now. President Trump has repeatedly asked Fed Chair Jerome Powell to cut interest rates. A rate cut could lead to more investments in risky assets.
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