VeChain saw a fantastic run this week after Bitcoin hit an all-time high of $82,379. The broader cryptocurrency market is brimming with positivity as leading altcoins hit new highs this month. VET rallied close to 35% on the heels of the US election result and is currently trading at $0.026.
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Investors who took an entry position days before the U.S. election results made massive profits in VeChain. Now that the markets kick-started a storm, will VET move further up in the charts? In this article, we will highlight whether taking an entry position in VeChain is a good choice.
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Should You Invest in VeChain (VET) Now?
Leading on-chain metrics and price prediction firm CoinCidex has painted a rosy picture for VeChain. According to the price prediction, VET could reach a maximum high of $0.036 next month in December 2024. That’s an uptick and return on investment (ROI) of approximately 40% from its current price of $0.026.
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“VeChain is predicted to finish the year by changing hands in a trading channel between $ .026399 and $0.064542,” read the price prediction. The forecast also reveals that VET’s average trading price in December could hover around the $0.030 mark. Therefore, the estimate indicates that the supply chain-based altcoin could trade in the green for the next two months.
The optimism in the cryptocurrency market is high after Trump clinched the presidency. His closeness with Tesla CEO Elon Musk is what’s driving the markets to reach new monthly highs. VeChain has benefitted from the bull run and Trump appears to be friendly with cryptocurrency policies.
The development could make VeChain and the cryptocurrency markets surge further as anticipation of a Trump economy remains positive. All eyes are now on Bitcoin and other altcoins as they could ignite a bull run before he swears in as the 47th President in January 2025.
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