VeChain has doubled in price since the start of 2023, going from a low of $0.015 to a high of $0.032 by the end of February. It has been among the top 10 best-performing cryptocurrencies, but at press time, the asset faced massive corrections. The cryptocurrency crashed by nearly double digits on Friday, falling from $0.028 to $0.024. VET slipped 8.5% in the last 24 hours, shedding a portion of the gains that it generated last month. Will VeChain plummet further and erase all the returns it delivered this year? Let’s find out!
Also Read: Can These Bullish Factors Take VeChain to $1?
VeChain: Why Is It Crashing?
The overall cryptocurrency market crashed on Friday, as $185 million was liquidated in the last four hours. Bitcoin nosedived 5% within minutes, dragging all altcoins down with it.
Read here to know in-depth information on why the markets crashed today and what Silvergate has to do with it for a better understanding.
Also Read: VeChain Price Prediction For March 2023
Will VET Fall Below $0.020?
VeChain experienced a sudden yet unexpected slump as the markets came tumbling down. If the markets bleed further on Friday, a new round of panic selling could make leading altcoins drop further during the weekend. Bitcoin could be poised to shed its price and slip below the $21,500 mark.
If that were to happen, VeChain could most likely dip below $0.020, just a day before the much-awaited The HiVe launch. You can read more details about The HiVe launch here which is scheduled for Mar. 4, 2023. The markets remain on a slippery slope currently, and it is advised to wait and watch before taking an entry position.
Also Read: VeChain vs. Shiba Inu: Which Crypto Has Fetched Greater Returns in 2023?
At press time, VeChain was trading at $0.025 and was down 6.7% in the 24-hour day trade. VET is also down 91.15% from its all-time high of $0.28, which it reached in April last year.