VeChain VET is one of many Altcoins that have been on a surge in the past 24 hours. At press time, VET is trading at $0.04969. In just the past week, the trading volume for the coin has risen by 42.0% as well.
Multiple factors may be affecting the altcoin market currently. Here’s a breakdown of why VET in particular has been soaring in the past day.
VeChain VET Gets a Boost From Bitcoin
As mentioned previously, the entire altcoin market has seen a boom in the past week. Today, in particular, VeChain and other altcoins are seeing a boost primarily due to the ongoing Bitcoin rally. Over the last 24 hours alone, BTC is up almost 6% and is currently trading north of $54,000.
As a result, Bitcoin is pumping into the entire cryptocurrency market, including Altcoins such as VET. Crypto investment products saw inflows of almost $600 million last week, and the hype around the market is currently bullish.
Also Read: BTC Climbs Above $54,000: Why is Bitcoin Up Today?
The current ATH for VeChain is $0.28. Therefore, VeChain is still miles off from reaching its highest levels. However, a continuous surge for the altcoin fueled by the ongoing Bitcoin rally could see VET creep even higher. The coin is already at the highest it is been in a year. To reach its 2021 levels, the entire altcoin market still has plenty of work to do. The current bullish market is promising though.