- VeChain (VET) reaches a historic milestone with 4.3 million unique addresses as the asset attempts to enter a bullish zone.
- An analyst predicts that the VET/BTC pair has already bottomed, and could imitate a 2019 movement to reach a historic price level.
VeChain (VET) recently revived from a “boring” stagnation to an impressive daily high of $0.029 after Bitcoin’s (BTC) euphoria trickled down on the broad market. According to our market data, the asset has “printed” a 16% gain on its weekly price chart and a 10% surge on its 30-day chart. However, the short-term correction of Bitcoin from $89k to $87k at press time has forced VET to “shed off” 9% of its gain in the last 24 hours, “dragging” its daily volume down to $116 million.
Meanwhile, VeChain’s on-chain activities have been impressive, as unique addresses on the network reached an excess of 4,341,293. According to market analyst CryptoBusy, this number underscores the growing adoption of VeChain.
We took our accrued expertise and launched the VeBetter ecosystem to drive growth at both the user AND enterprise level.
Only when everyone sits together at the same table can we use new technologies for real change. On to the next million! $VET https://t.co/lRBBXVEM1e— VeChain (@vechainofficial) November 12, 2024
Interestingly, market insiders believe that the asset could soon react to these developments with a significant gain. One of them is an analyst identified on X as Crypto_Erdemm.
According to him, VeChain could hit $0.6 in six months. At the time of this prediction, VET was trading at $0.023 and was down by 9.6% on its monthly chart.
Revisiting a Detailed VET Analysis by Renowned Analyst
In our review of a comprehensive analysis shared by crypto trader Alan Santana on X, we discovered that the VET/BTC pair has already bottomed. This implies that the asset is now starting a new wave of bullish phase where each peak is stronger than the previous one. This also allows investors to sell at the top and buy at the bottom on consecutive occasions according to Santana.
Looking at the chart, we can see that there was a clear opportunity to sell at the top of each wave and buy back lower. There was plenty of time to sell on the way up or on the way down and plenty of time to buy again at the wave low/support or when the bullish action was again being restarted.
Drawing insight from the post, Santana highlighted that most bullish markets start and end in the same year. However, the current one could extend to 2026. His reasons stem from the significant shift in global acceptability of monetary policies towards cryptocurrencies.
There is always the possibility of the unexpected happening and a super mega bullish cycle developing in accordance with the evolution of the human race, technology, and money. Just as the Internet changed the world, Cryptocurrency is changing money. Imagine a new uptrend that goes on and on and on just as it happened with the technology stocks. Ok. Such a scenario wouldn’t affect all the pairs equally and we would still have corrections.
According to Santana, 2025 could be the biggest bull market in a long time. Per his observation, this remains the only time the market has become accessible to the world.