VeChain (VET) is a popular cryptocurrency that has seen a significant surge in value over the last year. Since January 2023, VET’s price is up by over 76%. Moreover, the token is up by 5% in the weekly charts and over 14% in the last month.
Early VeChain (VET) investors have seen a significant return on their investments. If you had invested $100 weekly in VET since it began trading, you would have put in about $28,600 till now. However, the portfolio’s value would have surged to $74,842.17 in the six years since, a growth of 160%.
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However, if you had invested $100 weekly till VET reached its all-time high of $0.28 in April 2021, you would have put in $13,000. However, the investment’s value would have risen to $504,091, a rise of over 3550%.
Will VeChain (VET) reclaim its all-time high of $0.28 in 2024?
VeChain (VET) has struggled after reaching its all-time high in April 2021. The token is currently down by over 88% from its 2021 peak. Despite a lucrative year in 2023, the supply chain-based cryptocurrency has not shown signs of reaching its high yet.
However, the cryptocurrency market may enter a bull run in 2024, fuelled by the spot Bitcoin (BTC) ETF (Exchange Traded Fund) and BTC’s halving event in April. Both developments could usher in a 2021-like rally for the crypto industry.
Also Read: VeChain Is A Top Pick For 2024, Analyst Says VET Can Hit $1.14
Moreover, there is a lot of talk about spot altcoin ETFs, such as an Ethereum (ETH) ETF and an XRP ETF. If more cryptocurrencies gain spot ETFs, the market may rally even further.
If the cryptocurrency market enters a bull run, VeChain (VET) may reclaim its 2021 peak, if not surpass it. However, we have not yet entered a bull run, and hence, it is difficult to predict if VET will reclaim its all-time high in 2024.
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