The post Here’s Why VeChain (VET) Token Is Rising Today, & Up By 35% appeared first on Coinpedia Fintech News
VeChain (VET) has experienced an impressive surge of nearly 35% within the last 24 hours, making it the highest gainer among the top 100 cryptocurrencies by market capitalization. The VET token has reached intraday highs of $0.049 and boasts a remarkable 65% gain for the week.
VeChain Remarkable Spike
Simultaneously with this surge, there is a substantial increase in trading volume, witnessing a surge of 473% to over half a billion dollars ($560 million) or 12.5 billion VET traded in the last 24 hours. This surge in both price and volume suggests renewed interest and activity in the VeChain ecosystem.
Moreover, 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 VeChain’s remarkable rally.
Account Abstraction Live on VeChain
Additionally, the VeChain network achieving a major milestone with the implementation of Account Abstraction (AA) has contributed to the positive atmosphere surrounding the blockchain.
With the live deployment of Account Abstraction on the VeChain network enhances interoperability and introduces programmable smart contract wallets, promising a better user experience and improved security. This development has significantly impacted the perception of VeChain in the market.
Announcement of Upcoming Event
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. Perhaps, the protocol has secured crucial partnerships, including one with the global consulting giant BCG.
Crypto Analyst Predicts Bull Run
However, a renowned Crypto analyst Ali has foreseen 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 lie ahead, VeChain’s strong fundamentals suggest the potential for a substantial breakout beyond its recent 65% gain in the last seven days.