- Bitcoin reached a new all-time high above $118,000, boosting overall market sentiment.
- VeChain (VET) saw a price increase of 9.3% in the past 24 hours and 14.9% this week.
- VET trading volume rose by 44.6%, and open interest climbed by 6.7%.
- VET remains down over the past month and since July 2024, still over 91% below its April 2021 peak.
- Analysts note VET’s continued rally depends on Bitcoin’s price direction.
Bitcoin surged to a new record high of $118,254, triggering renewed confidence across the cryptocurrency market. VeChain (VET) mirrored this trend by climbing 9.3% over the last 24 hours and 14.9% for the week, according to recent trading figures.
In the same period, VET reported a 44.57% increase in trading volume and a 6.73% rise in open interest, based on data from CoinGlass. This open interest figure refers to the total number of outstanding derivative contracts that remain unsettled, signaling more investor participation.
Despite recent gains, VeChain remains down 5.1% in the past month and 5.7% since July 2024. Its price is still over 91% below its all-time high of $0.281 set in April 2021. The current price rally is closely tied to the emerging bullish sentiment from large inflows into Bitcoin exchange-traded funds (ETFs).
According to crypto analysts, the increased institutional money entering BTC ETFs could account for the broader market growth, including VET. “The figures signal a rise in investor interest in the asset,” stated CoinGlass.
If Bitcoin’s upward momentum continues, VeChain may maintain its rally, but a drop in BTC could lead to a correction in VET’s price. Some experts caution that if VET falls below $0.02, investor concern may increase. The market could also experience a pullback if participants opt to take profits, though ongoing ETF investments may provide stability.
Read more about VET’s price history and outlook here.
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