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HomeCrypto NewsMarketHere's The Reason VeChain (VET) Is Rising Today

Here’s The Reason VeChain (VET) Is Rising Today

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VeChain (VET) is on a bullish rampage as investors weigh in on the protocol’s prospects ahead of a major announcement.

The digital currency ecosystem is on a major bullish rally at the moment as the price of Bitcoin (BTC) jumped to a new multi-year high above $52,000. The rally stirred an encompassing bullish twist in the broader altcoin market, with VeChain conveniently riding the trend.

VeChain is now one of the altcoins with the biggest gains in the past 24 hours after soaring as high as 31% to $0.04522. The uptick has strengthened the market capitalization of the asset to $3,292,065,663, and the trading volume, which soared by 461% in 24 hours to $547,758,301, shows that the rally is a true testament to a healthy demand on VET.

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VeChain Announcement

While we cannot discount the impact of the Bitcoin rally, VeChain as a protocol has also triggered anticipation in the ecosystem with its upcoming announcement. The protocol said in a post on X that it will reveal its next major milestone at the MWC 2024 Event in Barcelona.

 

Though the details of the impending announcement remain elusive, the protocol highlighted how it looks to pioneer the next frontier in sustainability as it seeks a stronger footing in the broader tech world.

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VeChain, as an enterprise-grade blockchain protocol, has always infused itself at the center of the sustainability and Carbon reduction revolution. Over the past few years, the firm has inked some important partnerships to expand the reach of its unique solutions. One of these partnerships was with the global consulting giant BCG.

According to VeChain, the protocol will be rubbing shoulders with the biggest names in tech with its latest suite of products with sustainability at its core. 

Bullish VeChain Price Forecasts

The revival in the price of VeChain, which has pushed it to a 52-week high of $0.04822, has sparked a lot of positive projections from market analysts. Many believe this rally is the start of something epic, with Ali Martinez predicting a likely retest of the All-Time High (ATH) this year.

While there are key obstacles to surmount as it journeys towards new heights, VeChain has the right fundamentals that are backing the likelihood of a more massive breakout beyond the 56.55% it has recorded in the trailing 7-day period.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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