VeChain (VET) Price Analysis : Magnifying VeChain’s Market – An outline on the level-headed Expansion
VeChain is a blockchain based platform that was developed to improve the day-to-day business operations and to track the actual time of various business processes and products. VET supports authorization based digital ownership management – which means the ownership of products is represented digitally on the platform, which is done using smart contracts. It gives an in and out view of all the necessary information linked to the product- like quality, authenticity, storage temperature, and the manufacturing facility and the complete end to end processes- like storage, transportation, and supply.
VeChain (VET) is the 23rd largest cryptocurrency in the marked according to the analysis from CoinMarketCap. The cryptocoin’s MCap value is trading at $320,651,541 USD for its 24h volume of $29,668,252 on March 22 at 10:24 UTC. The current value is closer to its all-time high of 330,066,324 on March 21 with a tiny percentage difference of 2.94%. The overall market is booming with the market trend on a stable uptrend. The Mcap value traded at $220 million at the beginning of January, which has increased by an average percent of 45.75% in comparison with the current value. The cryptocurrency faced its shortest and unsubstantial downtrend period between January 28 and February 16, with the lowest value of USD 201,852,216 on February 07. However, the market has been inflating for a paramount period. Both the moving averages are evidence for the growing market. The 20-day Exponential Moving Average exhibits a growth percentage of 27.84% from the value of USD 250,808,134 on March 02. Similarly, the 14-day MA has spiked 27.58% from USD 251,341,214 to the current value. This booming market gives the bulls an upper hand.
Stats from Coinmarketcap deduce the pricing movements along with the trading value. The current rates of USD and BTC as on March 22 at 10:24 UTC are $0.005782 and 0.00000144 respectively. The market trend shows that the price of USD has been running parallel to the trading values of MCAP, sharing the highs and lows. The price of USD was at its all-time on high on March 21 with the value of $0.005952 and the lowest on February 07 with a value of $0.003640. The current value is an intermediate between the high and low with a negligible percentage difference of 2.94% with the highest and a massive 58.85% hike from its lowest. The cryptocurrency reached its milestone between February 18 and 24 when the values bounced from $0.004043 to $0.004990 with a 23.42% growth in s span of 06 days. The price of BTC, however, has been on a complete different sway with major fluctuations before reaching its current all-time high. Amidst the turbulence, the price of BTC reached its peak value and its lowest along with the MCap value. The Highest was on March 21 with the value of 0.00000146 and the lowest of 0.00000107 on February 07.
The enhanced percentages of both the averages and the overall market trend put the cryptocurrency under bullish pressure. This puts the market in favor of the buyers both long term and short. Hence, investors and traders should contribute to this cryptocurrency which will give profitable outcome for a longer period with its stability in market growth.
