VeChain (VET) Price Rockets 35% in 24 Hours; Here’s What’s Driving It

VeChain (VET) has emerged as the star player in the crypto space, experiencing an impressive surge of nearly 35% within the last 24 hours. This ascent has positioned VeChain as the highest gainer among the top 100 cryptocurrencies by market capitalization. The VET token has skyrocketed to intraday highs of $0.049, showcasing a remarkable 65% gain for the week.

Here are they key factors you need to know about.

Trading Volume Soars to $560 Million

Simultaneously with this surge, there has been a substantial increase in trading volume, witnessing a surge of 473%. Over half a billion dollars ($560 million) or 12.5 billion VET tokens were traded in the last 24 hours. This surge in both price and volume signals renewed interest and activity in the VeChain ecosystem.

VeChain’s remarkable rally is not in isolation. The recent positive sentiment across the cryptocurrency market, marked by Bitcoin crossing $52,000 for the first time since December 2021, has likely played a role in boosting VeChain’s fortunes.

Account Abstraction Implementation

Adding to the excitement, the VeChain network achieved a major milestone with the implementation of Account Abstraction (AA).

This development has significantly impacted the perception of VeChain in the market by enhancing interoperability and introducing programmable smart contract wallets. This promises a better user experience and improved security.

MWC 2024 Event Announcement

The anticipation surrounding VeChain has further intensified with its announcement of a major milestone to be revealed at the MWC 2024 Event in Barcelona.

While details remain undisclosed, the protocol aims to lead the way in sustainability, solidifying its position in the broader tech landscape. Speculation is rife about crucial partnerships, including one with the global consulting giant BCG.

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Here’s What the Analysts are Saying

Renowned crypto analyst Ali foresees an interesting week ahead for VeChain. He predicts a potential increase to $0.054, a small correction until June, and then a strong upward trend targeting $0.70 by November.

While challenges may lie ahead, VeChain’s strong fundamentals suggest the potential for a substantial breakout beyond its recent 65% gain in the last seven days. VeChain enthusiasts and crypto enthusiasts alike are eagerly watching as this blockchain powerhouse continues to make waves in the market.

So, are you bullish or bearish on VeChain?