The cryptocurrency market is ecstatic right now as bulls take over. Bitcoin’s (BTC) rise to a new all-time high of $118,254 has led to rejuvenated investor sentiment. VeChain (VET) is also following a similar path. VET’s price has risen 9.3% in the last 24 hours, 14.9% in the weekly charts, and 20.5% in the 14-day charts. VET is yet to turn green in the other time frames. The asset is down 5.1% over the previous month and 5.7% since July 2024.
VeChain Registers Big Volume And Open Interest Spike
According to CoinGlass data, VeChain’s (VET) volume has risen by 44.57%. The cryptocurrency analysis platform further shows that open interest (OI) for the asset has increased by 6.73%. The figures signal a rise in investor interest in the asset. The rise in interest could be due to the wider market experiencing a bullish turnaround.
VET’s rally and rise in interest could be tied to Bitcoin (BTC) hitting a new peak. BTC ETFs have seen massive institutional inflows over the last month. The surge in institutional money may have propelled the latest crypto market rally.
While Bitcoin (BTC) has hit a new all-time high, VeChain (VET) is down by more than 91% from its peak of $0.281. VET hit its all-time high on Apr. 19, 2021, more than four years ago.
Given the spike in volume and open interest, VeChain (VET) may continue its rally over the coming weeks. The asset could face a correction if BTC’s price dips. BTC is the market leader, and other assets often follow its trajectory. VET falling below $0.02 could lead to a rise in investor worry.
Also Read: VeChain Hit $0.077 In Dec. 2024: Can It Do It Again In July 2025?
While the crypto market is looking good at the moment, how things pan out is yet to be seen. We may face a dip if investors decide to book profits. The steady ETF inflows may provide some cushioning to a potential market dip.
