The cryptocurrency market is experiencing quite a surge today. Bitcoin (BTC) is on the verge of crossing the $100,000 level once again. The global crypto market cap has risen 1.3% in the last 24 hours to $3.2 trillion. VeChain (VET) also follows a similar pattern. The asset has rallied 5.3% in the daily charts, 5% in the 14-day charts, and 27.9% over the previous month. Despite the rally, VET is down 2.7% over the last week and 23.8% since May 2024.
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Cryptocurrencies Surge After Arizona Bill
VET’s latest rally is likely due to Bitcoin (BTC) reclaiming the $99,000 price level. BTC’s rally could be due to the Arizona governor signing a Bitcoin reserve fund bill into law. The move comes as a relief to crypto enthusiasts. Florida state recently halted two crypto bills from the table. Arizona’s latest move may have helped elevate investor confidence.
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The crypto market may be gearing up for another bullish leg. VeChain (VET) and other crypto assets could rally even further if Bitcoin (BTC) breaches the $100,000 mark.
VeChain Price For Mid-May 2025
According to CoinCodex, VET may face a slight dip over the coming days. The platform anticipates the asset to trade at $0.024 on May 15. Dipping to $0.024 from current price levels will entail a fall of about 7.69%. CoinCodex further anticipates VET’s price to fall below $0.020 by May 24.
There is also a possibility that VET will not face a correction as predicted by CoinCodex. The Federal Reserve may cut interest rates after its next meeting. A rate cut could lead to a surge in risky investments.
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VeChain (VET) could also rally if Bitcoin (BTC) crosses $100,000. The asset briefly hit $99,868 earlier today. BTC hitting $100,000 could trigger another market-wide rally.
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