The cryptocurrency market underwent a significant correction over the weekend. Bitcoin fell below $60,000 for the first time since February end, trading at $57,261. Other altcoins, such as VeChain (VET), followed BTC’s route and witnessed price dips.
VET is down by 4.5% in the daily charts, 13.9% in the weekly charts, 11.1% in the 14-day charts, and 18.7% over the previous month. Nonetheless, VET has maintained some gains from last year. The asset is up by nearly 60% since May 2023.
The latest cryptocurrency market dip is likely due to US prosecutors sentencing Binance founder Changpeng Zhao (CZ) to four months in prison. CZ pleaded guilty to money laundering accusations in November 2023.
Also Read: VeChain (VET) Predicted to Hit $0.9: Here is When
While addressing CZ, US District Judge Richard Jones stated, ‘You had the wherewithal, the finance capabilities, and the people power to make sure that every single regulation had to be complied with, and so you failed at that opportunity.’
VeChain (VET) weekend price prediction
According to CoinCodex, VET’s price will rise to $0.034271 on Sunday, May 5, 2024. Hitting 0.034271 from current levels would translate to a minimal growth of about 0.61%. CoinCodex anticipates VET to continue rising till mid-May, hitting $0.036 on May 19, 2024.
Also Read: VeChain (VET) Could Rally 116% to $0.08: Predicts Analyst
Changelly, on the other hand, is more bullish on VeChain (VET). The platform anticipates VET to hit a maximum price of $0.0442 in May 2024. Reaching $0.0442 from current levels will translate to a growth of about 29.77%.
The somewhat positive outlook around VeChain (VET) could be due to expectations of a market rebound. Bitcoin (BTC) underwent its halving cycle, which has historically led to a bull run. Many analysts anticipate the market to rally soon.