Will VeChain (VET) Reach $1?
Will VeChain reach $1? When will it get here, and what factors do experts believe will push VET towards parity with the dollar?
Well, after its wild price rally earlier in the year and a clear intention to continue trading within this all-time high price margin, VET has many analysts and investors convinced that it has what it takes to reach $1. Popular crypto analyst and YouTuber Michel Van De Poppe, for instance, recently said that “VET is most likely bottomed.” He was referring to its current support level of $0.09, which seemed to suggest that the token for the first supply chain blockchain could only go up from here.
Over the last few months, the debate about whether VeChain can reach $1 has gained momentum, and it is easy to see why. Just look at the altcoins price chart, and you will realize that between 2018 and late 2020, the altcoin reported minimal trade activity. Its prices only started soaring at the beginning of the year, quickly rising to its all-time high of $0.278, and recording a year-to-date value appreciation of close to 600%.
But is it feasible that VeChain gets to $1? When will it get to this price level, and what will it be worth in 2025?
These are some of the questions that we shall be providing answers to in this VeChain buying guide. First, though, we look at the coin’s current price.
VeChain (VET) Current Price
At the time of writing, CoinMarketCap lists VeChain price as $0.114. It is up by more than 3.6% in the last 24 hours and ranked 28th with a live market capitalization of $7.32 Billion.
Since its launch three years ago, VeChain has maintained relatively low prices and only started rallying at the beginning of the year, triggered by the early 2021 crypto market rally. It would ride this trend and soar by 1360%, setting its all-time high price within the first four months of the year. But the crypto market trend quickly reversed, and the altcoin’s value started falling, losing more than 80% of its all-time high value at one point. For the past 30 days, however, the coin has been consolidating around the $0.1 price level in readiness for a potential price break out.
But when will this break come about? More importantly, can will it help Vet Chain reach $1?
So, Will VeChain (VET) Reach $1?
The general feeling within the crypto community is that VeChain has more than it takes to reach $1 within the next few years. That its just one crypto market rally away from hitting this target. That the current price growth momentum helped it grow by close to 14X in the first four months of 2021. At the current price, it only needs to grow by a further 8X to hit this target, a fete that most investors consider doable.
The altcoin’s maximum token supply, which currently stands at 86.712 Billion VET tokens, also supports a $1 price for the supply chain tokens. Such a valuation would give the blockchain a total market cap of 86.712 Billion. This is way below the peak prices of most leading crypto assets and, therefore, achievable.
Myron Jobson, a personal finance campaigner at Interactive Investor, tops the list of crypto analysts who are optimistic about VeChain’s future. But he too confides that for the coin to post meaningful price action in future, it first needs to pass an “acid test” of drawing in more off-chain brands and having them initiate developments within the VeChain network.
This, most likely, won’t be a problem seeing that more than a dozen popular international brands, including PWC, Bayer Pharmaceuticals, Walmart, and Amazon Web Services, are currently developing programs on the blockchain. And though Jobson doesn’t state that these partnerships will help VET reach $1, they will certainly go a long way in fueling its journey towards this target.
Crypto analysts at CoinQuora, an online media specializing in crypto and blockchain industry news, are confident that VeChain will sustain its current bullish trend and break above $1 by the end of 2022. In its latest VET price analysis report, crypto experts here are confident that if VET sustains this uptrend for the next few days and breaks above the $0.148 resistance level, it will most shoot forward and reach between $0.5 and $0.8 by year-end.
It then indicates that if the strategic partnerships and on-chain developments keep coming, VET’s price action will blow into a rally that pushes it to $2.5 in the first half of 2022 before rescinding and settling around $2 by the end of that year.
Given the overall optimism about VeChain token prices exuded by different investors and analysts, we can’t help but wonder if VET will eventually break above $5.
Will VeChain (VET) Eventually Reach $5?
Well, to reach $5, VeChain will need to grow its current price by more than 4425%, which is a significant climb. This would also push the VeChain blockchain’s market capitalization from the current $7.32 Billion to more than $433 Billion. This would place it at par with Ethereum’s current market cap and more valuable than such international brands as MasterCard, Alibaba, and even the Bank of America.
The market is sharply divided on the possibility of VET hitting this millstone in the foreseeable future.
On one hand, optimists like crypto experts from CoinQuora are confident that VeChain will reach $5 in the next four years. They tout such factors as the robust development activity going on within the VeChain ecosystem, strategic partnerships with multiple brands, and possible Bitcoin price rally in 2022 (after the Taproot upgrade) or 2025 (after the 2024 having event) as the key drivers of VET token prices.
On the other hand, conservative analysts and investors argue that even though VET prices are expected to continue uptrending, a $5 valuation is quite a stretch that should be looked at as a long-term goal. Analysts at CoinPriceForecast, for instance, don’t think VET will come even close to hitting this target in the next 10 years.
Some of the factors that these conservatives believe will hinder a possible run towards $5 for VET include fierce competition from new blockchains that eat into VeChain’s market share, inability to sustain the partnership momentum, and overreliance on the unpredictable crypto market action as the key driver of its price.
Don't Miss: VeChain Price Predictions
What Will VeChain (VET) be Worth in 2025?
Crypto analysts from RippleNews, a crypto and industry news platform, are confident that VeChain will sustain the current uptrend for the next few years, which will help it reach $2 by December 2025.
A technical analysis report from Gov. Capital is also optimistic of VeChain’s future price action. It indicates that VET will probably rise and end the year, trading around $0.145. It then indicates that VET will break its all-time high by December 2022 and rise further to reach between $0.65 and $0.88 by December 2025.
A similar technical analysis by CryptocurrencyPricePrediction is also indicative of possible bullish trends for VeChain token prices over the next few years. By the end of the year, the analysis report indicates that VET might reach $0.17, before rising further and breaking above its current all-time high by September 2022. By December 2025, this report suggests that VET will likely have increased grown its value by 1000%+ to reach $1.23.
Conclusion: Will VeChain (VET) Reach $1?
There is an overwhelming conviction within the crypto community that VET token prices will continue rising in the foreseeable future, eventually helping it reach $1. The more optimistic experts are even convinced that VeChain token prices could rise as high as $5 by the end of 2025.
Among the factors that these optimists believe will help VeChain rise above $1 in the next few years include a potential Bitcoin-inspired crypto market rally due in either 2022 or 2025, as well as the ongoing developments within the VeChain blockchain. Strategic partnerships between VET and leading with leading brands across the off-chain world are also expected to have a significant effect on its token price.
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