VeChain (VET) is currently outperforming the top 10 cryptocurrencies by market cap in almost every time frame. The asset’s price has risen 0.7% in the daily charts, 27.5% in the weekly charts, 70% in the 14-day charts, and 85.6% over the previous month. VET’s price has also increased by 92.5% since late November 2023. Bitcoin (BTC), on the other hand, has dipped by 3.4% in the last week and Solana (SOL) has fallen by 7.9% in the same time frame.
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Why is Bitcoin Dipping?
BTC’s latest dip could be due to increased volatility over the last week. The asset briefly fell to below $91,000. BTC has since recovered the $95,000 mark and may continue to rally over the next few weeks. VET, on the other hand, has experienced some gains.
The dip may have been triggered by investors booking profits after Bitcoin (BTC) hit an all-time high of $99,645.39 on Nov. 22, 2024. Investors may have redirected their funds into other assets, such as VeChain (VET).
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Can VeChain Hit $0.01 Soon?
According to CoinCodex, VET’s price may dip over the next few weeks. Despite the bearish short-term outlook, the platform anticipates the asset to rally early next year. CoinCodex predicts VET will trade at $0.077 on Feb. 15, 2025.
Changelly, on the other hand, is slightly bullish on VeChain (VET). The platform anticipates the asset to breach the 1-cent mark in December 2024. According to Changelly’s analysis, VET could hit $0.02 in January 2024.
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Many analysts anticipate Bitcoin (BTC) to breach the $100,000 mark before 2025. If BTC hits $100,000 we may witness a market-wide rally. In such a scenario, VET’s price may skyrocket. The asset could even reclaim its all-time high of $0.281.
