The cryptocurrency market seems to be entering another slump as Bitcoin (BTC) briefly fell below the $68,000 mark. The global crypto market cap also fell to $2.68 trillion. The lackluster market environment could be due to Mt. Gox’s recent transfer of $9 billion worth of BTC. The exchange will begin its repayment process to creditors who lost funds in the 2014 hack. Other assets, such as VeChain (VET), have also taken a hit due to fears of a sell-off.
VET is down by 2.1% in the daily charts, 2.9% in the weekly charts, 1.9% in the 14-day charts, and 4.2% over the previous month. Nonetheless, the asset has maintained gains from last year, rallying 67.4% since late May 2023.
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VeChain (VET) weekend price prediction
According to CoinCodex, VET will continue trading at current levels this weekend. The platform predicts VET to hit $0.034452 on Sunday, June 2, 2024. Reaching $0.034452 from current levels would translate to a fall of about 1.17%.
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Moreover, CoinCodex anticipates VeChain (VET) to hit a low of $0.032 in the first week of June. However, the platform predicts the asset will pick up steam by mid-June, hitting $0.036 by June 17, 2024.
Changelly is more bullish on VET than CoinCodex. The platform anticipates VET to hit a maximum price of $0.0464 in June. Reaching $0.0464 from current levels would translate to a growth of about 33.1%.
Furthermore, VeChain (VET) recently announced a partnership with the Shanghai Environment Exchange to bring significant development and innovation to carbon emission management solutions. The move may help push VET’s price, given a positive market environment.