The cryptocurrency market witnessed a surge over the last few days. Bitcoin (BTC) briefly breached the $94,000 mark. The asset has since dipped to the $92,000 level. The global crypto market cap has fallen 3.7% in the last 24 hours to $2.98 trillion. VeChain (VET) also experienced a price surge amid BTC’s rise to $94k. VET’s price has dipped 3.6% in the daily charts, 3.5% over the previous month, and 40.7% since April 2024. The asset has rallied 10.7% over the last week and 15.1% in the 14-day charts.
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Cryptocurrencies Surge Amid Trump’s Memecoin Dinner
VET’s rally could be due to several bullish developments. The rally is most likely due to BTC breaching the $94,000 mark. BTC’s surge could be due to BlackRock purchasing more than $800 million worth of the asset over three days.
President Trump plans to host a dinner for the top holders of his Official Trump (TRUMP) memecoin. The news may have led to a spike in investor confidence. VET may have benefited from the development.
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The SEC has also welcomed its new pro-crypto head, Paul Atkins. Many anticipate that Atkins will take a more relaxed approach to the crypto industry.
VeChain To $0.040 This Weekend?
According to CoinCodex estimates, VET could move in a sideways pattern over the next few days. The platform anticipates the asset to continue trading at $0.025 on Sunday, Apr. 27. CoinCodex predicts VET to face a correction by late May. The platform predicts VET will trade at $0.020 on May 25. VET’s price will dip by around 20% if it falls to $0.020.
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There is also a possibility that VeChain (VET) will enter a bullish phase over the coming weeks. Bullish developments could lead to a surge in crypto investments. The Federal Reserve is also expected to announce an interest rate cut soon. A rate cut could lead to a market-wide rally.