The cryptocurrency market is showing signs of a healthy recovery. Bitcoin (BTC) is inching closer to the $86,000 mark after its recent descent to sub-$75,000 levels. The global crypto market cap has risen to $2.8 trillion. VeChain (VET) is currently the second-best-performing cryptocurrency among the top 100 projects by market cap in the daily charts. VET’s price has rallied by 6% in the daily charts, 19.8% in the weekly charts, and 5.65 in the 14-day charts. Despite the rally, VET is still down by 4% over the previous month and 47.3% since April 2024.
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Crypto Markets Surge Amid Bullish Developments
VeChain’s (VET) rally comes after President Trump announced a 90-day pause on tariffs, except for those on China. The move has likely led to a spike in investor confidence.
Other bullish developments may have also propelled VET’s price. The US Senate recently approved Paul Atkins as the next SEC chair. Outgoing chair Gary Gensler was viewed as a villain in the crypto industry. Many are hopeful Atkins will take a more relaxed approach to the budding industry.
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Inflation in the US has also come in lower than anticipated. Many expect the Federal Reserve to announce an interest rate cut soon. A slashing of interest rates could lead to more investments in risky assets.
Can VeChain Hit $0.035 Next?
CoinCodex anticipates VeChain’s (VET) price to fall in the upcoming weeks. The platform expects VET to trade at $0.018892 on May 24. If the price of VET drops to $0.018892, it will decrease by 21.74%.
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There is also a possibility that VET will not face a correction as predicted. The asset could continue its rally if the crypto market continues its upward momentum. An interest cut could also boost the asset’s performance.
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