Price Analysis

VeChain (VET) Price Analysis: VeChain’s Three Month’s Upsurge to Remain on Place

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VeChain (VET) is a blockchain based ecosystem. It is basically based on enhancing supply chain management through blockchain technology. It aims to connect the supply chain management to the real world with the help of “a comprehensive governance structure, a robust economic model, and advanced IoT integration.” VeChain provides its platform to the manufacturers so that they can assign their products with some identifiers so that the stakeholders can track the products in the supply chain. It was established in 2015 and now operational in many leading cities like Singapore, Luxembourg, Tokyo, Shanghai, and Paris. It claims itself as the pioneer of real-world applications in blockchain technology.

It is ranked 24th in the international market due to its size. It has a negative ROI of 59.20 %. The total supply was recorded at 86,712,634,466 VET, and the current circulating supply stands at 55,454,734,800 VET.  However, there is no data on the capacity of circulation of this currency.

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VechainThe year 2019 has been a growing year for VeChain (VET). Though it started at a lower point, it has continuously been increasing after the first week of March. The market cap of VeChain (VET) was 219,688,716 USD at the starting of 2019, and the current market cap rests at 339,618,457 USD on 01-04-2019 at 05:04 UTC. The value of each coin with respect to USD and BTC is 0.006124 and 0.00000149 BTC respectively. The 24h volume stands at 17,925,849 USD at the same UTC.

For the last one month, the price has been on the rise for this crypto. After reaching dead bottom in February, it took momentum in 15 days. The market cap on March 1 was 254,918,489 USD. And the price of each coin in terms of USD and BTC was 0.004597 USD and 0.00000119 BTC respectively. The current market cap is 33.22 % more than the value of a month ago. The price of each coin currently is also almost an equal 33.21 % more than the price of March 1.

The uptrend in the price, as well as the market cap, is continuing for the last three months. And it is expected that the uptrend may move even higher in coming time. Everything seems going good for VeChain as of now. There are some reservations with respect to the trading volume. But, as per the market trend, it is likely to gain as well. If market leader Bitcoin doesn’t go the opposite, the chance of high growth of VeChain seems very high. We predict if the price move higher than 0.007 USD mark easily, it is likely that it will grow even higher. The investors are advised to watch the market carefully to secure a buying place in case of a fall and leverage the lower position with a high point in coming 2/3 weeks.

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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