The cryptocurrency markets seem to have a rejuvenated sentiment. Bitcoin (BTC) has reclaimed the $71,000 level, while the global crypto market cap has surged 7.3% to $2.74 trillion. VeChain (VET) is also riding the latest wave, rallying 5.9% in the daily chart, nearly 9% in the weekly chart, and almost 3% in the 14-day chart. However, the asset is still down by 12.8% over the previous month.
Also Read: VeChain: Can $1000 of VET in 2024 Make $1 million By 2030?
The latest market rally could be due to progress in the Ethereum ETF (Exchange Traded Fund) arena. The US SEC (Securities and Exchange Commission) asked exchanges to update their 19b-4 filings. While the development does not mean the SEC will approve an ETH ETF, it shows that things are moving forward.
Furthermore, cooler-than-expected inflation numbers in the US may have also led to positive investor sentiment.
VeChain (VET) price prediction for May-end 2024
According to CoinCodex, VET could face a slight price correction over the next few days. The platform predicts VET’s price to fall to $0.0344, a decline of about 5.5% from current levels. However, CoinCodex anticipates VET to reclaim the $0.037 level by early June. VeChain’s (VET) price may consolidate around current levels for the next few weeks.
Also Read: VeChain (VET) Predicted to Hit $0.9: Here’s When
Changelly anticipates VET to hit a maximum price of $0.0442 in May 2024. However, the platform does not provide a date for its forecast. Moreover, Changelly predicts VET to hit $0.0464 in June 2024. Hence, we may witness a rally soon.
Also Read: VeChain (VET) Could Rally 116% to $0.08: Predicts Analyst
Furthermore, if the US SEC approves a spot ETH ETF, the crypto market may witness a sudden rally. In such a scenario, VET might rally to new yearly highs.
