The cryptocurrency market is facing one of its most significant corrections of the last few months. Bitcoin (BTC) has fallen to the $86,000 price level. The global crypto market cap has dipped 3.9% in the last 24 hours to $2.98 trillion. VeChain (VET) has also experienced a significant price dip in the market-wide correction.
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VeChain Suffers Amid Market-Wide Chaos
VET’s price is down 9.9% in the weekly charts, 14.8% in the 14-day charts, 35.4% in the monthly charts, and 40.2% over the previous year. Despite the big losses, the asset has gained 0.9% in the daily charts.
The latest market rally follows the US administration’s decision to go ahead with its tariffs against Canada and Mexico. The tariffs aim to combat trade deficits and illegal border crossings. VET and other crypto assets have likely suffered from the negative impact the tariffs have had on investors.
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The Bybit hack has further deepened the crypto market’s worries. Attackers stole nearly $1.4 billion worth of crypto assets. The hack was the biggest of its kind in the crypto industry. VET and other crypto assets suffered substantially from the attack.
Will The Asset Pick Up Steam?
The low prices could be a good entry point for many new investors. VET may begin to rally over the coming weeks.
According to CoinCodex, VeChain (VET) will rally over the next few weeks. The platform anticipates the asset to hit $0.090 on Apr. 20. VET will rally by 210.34% if it hits the $0.090 target. Investors who buy the token now could enjoy big returns when the market recovers.
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There is also a possibility that VET will not rally as predicted. The crypto market may not recover within the next few months. Macroeconomic factors may also present substantial hurdles to the crypto market.