VeChain (VET) has faced a steep price correction in the last 24 hours. The asset is down 6.2% in the daily charts but is up 56.9% in the weekly charts, 103.9% in the 14-day charts, 208% over the previous month, and 168.7% since December 2023.
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Why Is VeChain Down?
VET’s latest dip could be due to Bitcoin (BTC) briefly falling below $93,000 earlier today. BTC breached the $100,000 level recently, hitting a new all-time high of $103,679. The original cryptocurrency is currently down by 5.5% from its peak.
VET’s correction could be due to investors booking profits after BTC’s recent ascent. Market participants may be shuffling their funds around.
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How To Be A Millionaire When The Asset Hits $2?
To have a million dollars worth of VET at $2 per coin, you will need about 500,000 coins. The price of 500,000 VET right now is about $33,000. If the trade is successful, your portfolio’s value will increase by 2030.3%.
While the growth would be commendable, the question is when will VeChain (VET) hit the $2 mark.
When Will VET Hit $2?
According to Telegaon analysts, VET could breach the $2 mark sometime in 2028. The platform anticipates the asset to trade at a maximum price of $2.76 in 2028.
Changelly presents a more bearish outlook for VeChain (VET). The platform anticipates VET breaching the $2 mark in January 2040, about 15 years from now. Changelly analysts predict VET will trade at a maximum price of $2.18 in January 2040.
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If the market keeps moving upward and investor mood is positive, VET may reach the $2 milestone much sooner than anticipated.