The crypto-world had witnessed a relatively huge drop in the market during late January, thanks to a considerable fall in Bitcoin’s price. The topmost digital currency BTC had disappointed crypto enthusiasts by not closing above the mark of $3,700. In fact, during the timeline of merely 60 minutes, the value of BTC/USD decreased to $3,590 from $3,730; leaving the lowest value mark in the month at $3,550.
According to the published reports, the total market cap globally had registered loss of a massive $4 billion during the market plunge. However, coin prices are trying to bounce back and retain their market positions with a hope to not sink to 100 billion dollars again which was recorded on December 15th.
But things are not that bad for all the coins. Three coins which sit at the end of the popularity list namely Zilliqa, Waves and VeChain, are hoping for an impressive increase of double digits in the past 24 hours. This possibility will hopefully lead the crypto world towards an improved market scenario.
VeChain or VET, a digital currency operating on the framework of Blockchain-as-a-Service (BaaS), has a primary aim of transforming and decentralizing how business management and supply networks are examined across the world. To accomplish this objective, the VET is working towards offering a platform that is transparent, quicker as well as trust-free.
VET not only tracks and verifies the supply network but also the quality and originality of the product to make sure that the end-consumers only receive the most authentic value for everything that they purchase. For this, VeChain uses the DLT or Distributed Ledger Technology efficiently. To make it simpler, VET closely gets itself associated with both the suppliers and manufacturers so that forged goods do not ever enter the market, harming the consumers.
In a more recent development, the renowned fashion giant H&M is said to be testing the VeChain solution for one of their clothing brands called Arket. The brand is attempting to incorporate the blockchain technology for precisely tracking their product offerings. Rumors about this piece of information had started doing the rounds before the brand making it official. Eventually, an official statement followed from the H&M subsidiary’s team, confirming the execution of blockchain which read,
“Arket has done a small Proof of Concept (POC) through a pilot testing with VeChain to use blockchain technology to secure product data traceability in the value chain,” adding, “The test was made on a wool beanie from the autumn 2018 collection.”
Similar to VeChain, the other two coins Zilliqa and Waves are heading towards regaining their losses made in the previous day swifter than expected.