VeChain (VET) continues to rank among the major beneficiaries of the ongoing bull rally, as its price hits a two-year high of $0.07901.
VET’s price has surged by over 250% in the past 30 days, reaching a two-year high of $0.07901 in the early hours of today.
The last time VET hit this target was over two years ago when its price soared to over $0.08 in April 2022. However, VET’s price plunged shortly after, leaving the token to trade below the $0.07 level for more than two years.
Interestingly, VeChain finally broke the resistance today, as it surged to $0.07901. Although VET has dropped below the $0.072 mark since it achieved the milestone, the token is still up 253% over the past 30 days, 69.48% in the last week, and 6.3% in 24 hours.
Reason Behind VeChain Surge
It bears mentioning that VeChain’s latest price surge coincides with the recent rally witnessed among large-cap altcoins. Assets like XRP, Cardano, Tron, and Dogecoin have recorded huge gains since November.
For instance, while XRP surged to $2.85 on December 1 for the first time since January 2018, Tron hit an all-time high (ATH) of $0.4407 yesterday.
Although VeChain did not set a new all-time high record like Tron, its price has surged more than threefold, from $0.01937 to a monthly high of $0.07901.
VeChain Loses 27th Position in Global Crypto Ranking
The asset briefly flipped Cronos and POL to become the 27th-biggest cryptocurrency by market cap earlier today after it surged to $0.07901.
However, following its slight correction, it has dropped back to the 29th position in the global crypto ranking. At press time, VET boasts a market cap of $5.75 billion. Furthermore, VeChain’s volume has collapsed by 14.63% over the past 24 hours to $966.85 million.
Can VET Hit $0.1?
Following VeChain’s recent surge, investors are closely observing whether it could hit the psychological mark of $0.1 in the near future. To do so, VET would need to soar by 40.82% from its current price of $0.07101.
Data from market analytics platform Coincodex suggests that the $0.1 target for VET could become a reality by February 2025. Specifically, Coincodex expects VET to trade at an average price of $0.11 and a maximum price of $0.12 in the next three months.
Furthermore, Telegaon expects VET to hit the $0.1 mark by next year, setting its minimum, average, and maximum price targets at $0.16, $0.31, and $0.54, respectively.
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