VeChain (VET) has hit a two-year high of $0.7261. The asset last traded above the $0.07 mark in April 2022. VET outperforms major crypto assets such as Bitcoin (BTC) and Solana (SOL). The project’s market cap has also risen to nearly $5.9 billion.
VET’s price has surged by 9.1% in the last 24 hours, 79.2% in the weekly charts, 125.6% in the 14-day charts, and 265.5% over the previous month. The asset’s price has also increased by 212.7% since December 2023.
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Why Is VeChain Rallying?
VET’s rally comes amid a general altcoin rally. Other altcoins, such as TRON (TRX), BNB, XRP, and Cardano (ADA), have also surged in the last few days.
Market participants may channel their funds into other assets as Bitcoin (BTC) faces significant resistance at the $96,000 level.
WisdomTree’s S1 filing for a spot XRP ETF may have led to investors betting on altcoins.
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Can The Asset Hit $0.1 Next?
VET’s price has to rally by nearly 39% to breach the $0.1 mark.
According to CoinCodex, VeChain’s (VET) price may consolidate around current levels over the next few weeks. The platform anticipates the asset to rally from early January, hitting the $0.10 mark on Feb. 6, 2025. CoinCodex predicts VET to hit a high of $0.12 on Feb. 20, 2025. Hitting $0.12 from current price levels will entail a rally of about 66.67%.
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VET is currently down by more than 74% from its all-time high of $0.281. The asset hit its peak in April 2021. It is unclear when VET will reclaim its peak again. If Bitcoin (BTC) breaches the $100,000 level, we may witness another massive market rally. In such a scenario, VET could hit a new all-time high.