The cryptocurrency markets seem to have a rejuvenated sentiment. Bitcoin (BTC) has reclaimed the $71,000 level, while the global crypto market cap has surged 7.3% to $2.74 trillion. VeChain (VET) is also riding the latest wave, rallying 5.9% in the daily chart, nearly 9% in the weekly chart, and almost 3% in the 14-day chart. However, the asset is still down by 12.8% over the previous month.
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The latest market rally could be due to progress in the Ethereum ETF (Exchange Traded Fund) arena. The US SEC (Securities and Exchange Commission) asked exchanges to update their 19b-4 filings. While the development does not mean the SEC will approve an ETH ETF, it shows that things are moving forward.
Furthermore, cooler-than-expected inflation numbers in the US may have also led to positive investor sentiment.
VeChain (VET) price prediction for May-end 2024
According to CoinCodex, VET could face a slight price correction over the next few days. The platform predicts VET’s price to fall to $0.0344, a decline of about 5.5% from current levels. However, CoinCodex anticipates VET to reclaim the $0.037 level by early June. VeChain’s (VET) price may consolidate around current levels for the next few weeks.
Also Read: VeChain (VET) Predicted to Hit $0.9: Here’s When
Changelly anticipates VET to hit a maximum price of $0.0442 in May 2024. However, the platform does not provide a date for its forecast. Moreover, Changelly predicts VET to hit $0.0464 in June 2024. Hence, we may witness a rally soon.
Also Read: VeChain (VET) Could Rally 116% to $0.08: Predicts Analyst
Furthermore, if the US SEC approves a spot ETH ETF, the crypto market may witness a sudden rally. In such a scenario, VET might rally to new yearly highs.