VeChain is a blockchain based service company with an aim to build a trust-free and a distributed business ecosystem with a flow of transparent information, efficient collaboration and quick value transferring. It primarily was launched as a blockchain supply chain company but has currently evolved into a full-fledged DApp platform. VET uses a blend of blockchain technology along with their company built smart chip to track items through the process of production, packing and transfer. This smart chip can be implemented in different IoT items such as NFC chips, RFID trackers, or QR codes. VET is used by various companies as a smart payment currency to run and pay for business activities on the blockchain.
According to stats from Coinmarketcap, VET is being traded at 0.007447 USD for the market capitalization of USD 412,989,645 on April 05 at 10:34 UTC. The 24-hour pricing movement indicates $20,382,893 worth of VET was trading. Based on this data, VET is ranked 23rd largest currency in the crypto world with a circulating supply of 55,454,734,800 VET out of a total supply of 86,712,634,466 VET. Coinmarketcap also estimates the return of investment of the cryptocurrency to be -49.91%. This indicates a negative return on the investment at the time of purchase.
Market Analysis for VET
The market opened at USD 215 million at the beginning of January and has been on a constant uptrend. The cryptocurrency reached its pinnacle along with its counter currencies on April 03 at 23:34 with its market capitalization trading at USD 435,813,070 and the selling price at 0.007859 USD per VET token. This increase is an upsurge from USD 359,922,361 on April 02 at 07:34. There was a growing percentage of 21.09% in a span of 1 day. The current increase in price offers good support resistance to the cryptocurrency.
Future of VET
Wallet investor has made a bearish pessimistic prediction with the price of Vechain. It estimates the price to go further down to 0.00001 USD by 2020. In contradiction, Trading beasts have forecasted a strong increase in the price, which suits the current market trend, to reach 0.01-0.02 USD by the end of 2019. Similarly, Mega crypto believes VeChain to be a long term profitable income with the price hiking to 0.258 USD by the end of 2021 and 0.612 by the end of 2023. This is supported by the predictions from Smartereum, which is bullish pessimistic with the values hiking to 75 USD in 2023.
The current market is on a consistent uptrend from the beginning of 2019 and has seen a substantial increase in trading price, which is in favor of the investors. The current scenario and future predictions point towards higher returns.