Can VET Reclaim Its All-Time High If Bitcoin Hits 80,000?

On Oct 30, 2024

The cryptocurrency market is picking up, with Bitcoin (BTC) reclaiming the $72,000 mark. While other mainstream assets follow BTC’s trajectory, VeChain (VET) seems to struggle to gain momentum.

VET’s price is down 0.8% in the daily charts, 2% in the weekly charts, 3.1% in the 14-day charts, and 12.4% over the previous month. Despite the dip, however, it has been up 17.1% since late October 2024.

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Why Is VeChain Struggling While Bitcoin Is Rallying?

VET investors may be looking at other opportunities to make profits. Based on the upcoming US Presidential election, BTC’s latest rally is likely fuelled by market participants taking positions. Many predict a market-wide rally if Donald Trump wins the election, with BTC taking center stage.

Market participants and investors may be weary about VET’s future performance and uncertain about how the asset will perform over the next few months.

Will The Asset Reclaim Its All-Time High If BTC Hits $80,000?

While BTC is down by 1.7% from its all-time high of $73,737.94, VET is down by 92% from its peak of $0.281, which it attained in April 2021, more than three years ago.

According to CoinCodex, BTC could hit $80,760 on Nov. 2, 2024. To achieve this, a rally of about 11.5% would be required.

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On the other hand, CoinCodex anticipates VeChain (VET) to trade at $0.021665 on Nov. 2, 2024. Reaching $0.021665 from current price levels will translate to a dip of about 2.85%.

According to Changelly, VET will reclaim its all-time high price point in December 2030, about six years from now.

Telegaon analysts are more bullish on VeChain (VET) than Changelly. The platform anticipates the asset to reclaim its peak in 2025, predicting a maximum price of $0.54 next year. Hitting $0.54 from current price levels will entail a rally of about 2354%.