Price Analysis

VeChain (VET): Long Term Trends Are Bullish, Thanks To Its Recent Partnering With Deloitte And BMW

VeChain (VET) is an industry-oriented blockchain and aimed at providing a supply-chain management system and solving real-world issues. Inculcating features like an extensive governance model, a vigorous economic structure, and state-of-the-art IoT amalgamation, VeChain allows users to have a unique identification of their products and services, which results in double layer acknowledgment and accountability. Recently, one of the sharks of the FMCG market, Deloitte, switched its business from Ethereum chain to VeChain, which ultimately resulted in an enormous increase in transactions on the blockchain. Not to forget that on April 27, the number of transaction on VeChain was so huge that it surpassed that of Bitcoin. This happened for the first time in the history of VET coins.

Current Statistics:

VeChain Price Chart

As on May 07, at UTC 08:19, VeChain (VET) was ranked at 26th position in cryptocurrency ranking, with a cumulative market capitalization of 350,139,597 USD. In comparison to Bitcoin, the crypto’s chips were valued at 0.00000106 BTC per coin. Additionally, the last 24-Hour trading volume in the crypto was around 13,121,124 USD, having a gross circulating supply of 55,454,734,800 VET tokens. Let’s have a look at the fluctuation in the coin over a period of 25-days. On April 12, VeChain (VET) was trading at 0.006886 USD, however, since then, the value of the altcoin decreased by a marginal value and today, according to Coinmarketcap, at the above mentioned time, it was trading at 0.006304 USD with a dip of 8.45%.

Now have a look at the historical fluctuations in the price of VeChain (VET):

Time PeriodHighLow
All-Time0.019775 USD
(Sep 04, 2018)
0.003282 USD
(Dec 15, 2018)
Yesterday0.006454 USD0.006058 USD
7-days0.006815 USD0.005930 USD
30-days0.007712 USD0.005742 USD

Yesterday was a flat trading day for VeChain (VET) as it opened at 0.006434 USD and wrapped up the day at 0.006297 USD, with an intraday loss of 0.000137 USD (-2.12%). On top of that, the total trading volume of Bitcoin for the previous day was 14,051,502 USD.

VeChain (VET) Price Prediction:

Deloitte is not the only firm to partner with VeChain; another one is automobile manufacturing giant BMW. The altcoin has started a new service called VerifyCar on the VeChainThor Network, which is aimed to resolve the issue of mileage fraud. According to research, about one-third of vehicles in Germany is actively involved in this fraud. The developers of the applications stated that it is a digital monitor that will have a check on a vehicle’s odometer and maintenance history. Looking at the recent ventures of VeChain, its future seems to be bright, and various experts speculate the same. Moreover, VeChain (VET) has a bullish trend in the long term.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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