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Crypto Price Today: VeChain Surges 50% as Bitcoin Holds Above US$52,000

Crypto price today: Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, stayed above US$52,000 early Friday as the global market capitalization approached US$2 trillion. Other major currencies, like as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), performed well across the board. The VeChain (VET) coin had the greatest rise of the bunch, with a 24-hour increase of more than 23%. Stacks (STX), the highest gainer yesterday, has become the worst loser, with a 24-hour drop of more than 6%.

At the time of writing, the worldwide cryptocurrency market capitalization was US$1.97 trillion. Meanwhile, some altcoins have been outperforming Bitcoin, led by VeChain (VET), which has surged over 50% in the past week.

Bitcoin Holds Above US$52,000

Bitcoin has been on a roller coaster ride since reaching its all-time high of nearly US$69,000 in November 2021. The flagship cryptocurrency faced multiple headwinds, including the Federal Reserve's hawkish stance on monetary policy, the collapse of FTX, one of the largest crypto exchanges, and the ongoing crackdown on crypto activities in China and other countries.

One of the main catalysts for Bitcoin's recovery was the prospect of a spot Bitcoin exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC) in 2024. A spot Bitcoin ETF would allow investors to buy and sell Bitcoin at its current market price, rather than through futures contracts, which are more expensive and complex.

At the time of writing, the crypto price for Bitcoin is trading at US$52,267, according to CoinMarketCap. Bitcoin has a market capitalization of US$1,017,631,088,218, accounting for 48% of the total crypto market cap.

VeChain Leads Altcoin Rally

While Bitcoin has been showing strength, some altcoins have been outshining the leading cryptocurrency with impressive gains. One of the best performers in the past week has been VeChain (VET), a blockchain platform that focuses on supply chain management and business processes.

VeChain also announced a strategic partnership with Salesforce, one of the world's largest software companies, to integrate VeChain's blockchain technology into Salesforce's cloud-based platform. The collaboration aims to provide Salesforce's customers with more transparency, efficiency, and traceability in their business operations, leveraging VeChain's expertise in supply chain solutions.

Another catalyst for VeChain's surge was the growing adoption of its native token, VET, by various entities and platforms. For instance, Travala, a leading online travel agency that accepts crypto payments, added VET as a payment option for its users. Additionally, Bitrue, a crypto exchange and lending platform, launched a VET-backed loan service, allowing users to borrow and lend VET at attractive interest rates.

At the time of writing, VeChain is trading at US$0.04917, according to CoinMarketCap. VeChain has a market capitalization of US$3,580,781,346, ranking as the 27th largest cryptocurrency by market cap.

The Outlook for Crypto in 2024

The crypto market has entered 2024 with a positive momentum, as investors anticipate more innovation, adoption, and regulation in the space. Bitcoin is expected to remain the dominant force in the market, as it faces less competition from other crypto assets and more demand from institutional and retail investors. However, Bitcoin could also face some challenges, such as regulatory hurdles, technical issues, and market manipulation.

Altcoins, on the other hand, could offer more opportunities for diversification, growth, and innovation, as they explore different use cases and niches in the crypto ecosystem. Some of the most promising altcoins to watch in 2024 include Ethereum, Solana, Binance Coin, Cardano, Avalanche, Polkadot, and Chainlink, among others. The crypto market is still in its early stages of development, and there is still a lot of room for improvement and expansion.