In what is certainly a surprising but optimistic development, VeChain VET has surged nearly 30% in just 24 hours. Indeed, the token had reached intraday highs of $0.049, before settling at $0.044 according to CoinMarketCap. Moreover, its increase is even more impressive when observed weekly.
VeChain has increased a remarkable 57% on the week. Subsequently, its performance has catapulted the asset into being one of the largest increases among the top 100 cryptocurrencies by market cap. So, let’s delve further into the surge, and see just how it came to be.
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VeChain Up 57% Weekly, Reaching Highs of $0.049 Today
In a surprising turn, the day after Valentine’s Day ended immensely positive for a plethora of digital assets. Bitcoin had spent the week reaching the $52,000 mark, with room to continue increasing. Moreover, the development had a positive effect on other assets that saw similar gains.
However, very few were able to have the kind of performance over the last week that VeChain has had, with VET climbing nearly 30% over the last 24 hours. Specifically, the token is currently up 28% over the last 24 hours. However, it is up almost 60% over the last week, noting consistent increases.
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That is not where the positive news stops for VeChain, however. The surge in value coincided with a massive uptick in trading volume. Specifically, the token saw a 473% increase in volume with more than $500 million being traded in the last day. That figure equates to more than 12 million VET in just the last 24 hours.
There are a plethora of reasons why the asset has seen such an impressive 24-hour span. however, chief among those reasons may be the positive sentiment that the market has experienced over the last day. As previously stated, Bitcoin has surpassed the $52,000 mark this week. Moreover, that was the first time BTC reached that level since December 2021.
Additionally, the bull run for VeChain did not come unexpectedly for some. Crypto analysis Ali Martinez had predicted that VeChain could have a big week instor4. Specifically, he forecasted that VET could make a move to $0.054 this week. He then expressed optimism in the price eventually increasing to $0.70 by November of this year.