VeChain (VET) is a blockchain enabled platform that enhances the supply chain management processes. It uses a mix of blockchain technology and the in-house smart chip to track items throughout their lifecycle. This smart chip or VeChain Identity (VID) can be used in a variety of IoT items such as NFC chips, RFID trackers or QR codes. This blockchain is an immutable ledger that provides accurate information on the products. VeChain also improves logistics systems through simplified product tracking. It utilizes the tamper-proof and distributed ledger technology to provide the retailers and consumers the ability to determine the quality and authenticity of products that are purchased. The use of VeChain Identity (VID) technology helps in marking and tracking the products. These VIDs are created using the SHA256 hash function, which generates a random hash value that corresponds to a vid.
Security on the platform is maintained using network nodes which can be controlled by the businesses and organizations participating in the ecosystem. These network nodes provide key services such as quality inspection and wallet services and also work as a private key management service provider. Its native tokens- VEN is used as GAS which will enable the execution of the smart contract.
VeChain is ranked the 25th cryptocurrency in the crypto market by Coinmarketcap. As per stats, the market value of VeChain as on March 05 at 14:34 UTC is USD 235,486,196 with its corresponding 24h volume of $8,093,891 which is based on the circulating supply of 55,454,734,800 VET. The total supplies of coins amount to 86,712,634,466 VET. The market trend analysis shows that the MCap values of the digital currency have been fluctuating. The Mcap values have been range bound between 200 million and 250 million dollars with the values exceeding 250 million dollars only twice in a couple of months. The values touched $267,427,743 on January 10 at 06:34 UTC and $ 276,096,462 on February 24 at 07:34 UTC which is the overall all-time high. The current market cap value is comparatively lower than its all-time high by 14.71%. The values going downtrend from its peak reaching the current value show the exertion of bearish pressure on the cryptocurrency’s market. This is proved by the declination of the present-day MCap values from its 14-day moving average. The values plummeted from $243,908,840 on February 19 to the current value by 3.45 percentage.
Elaborating on the VET/USD pair, the current value of this pair is 0.004246 USD at 14:34 UTC on March 05. The analysis on the pair shows that the MCap value and the USD have been running parallel to each other from the beginning of this year with the highs and lows during the same period. The Mcap value has been taking the lead in comparison with the price of USD. The MCap/USD pair reached the peak value together on February 24 at 05:34 UTC when the MCap traded at USD 276,096,462 and the price of USD was 0.004979. The USD’s price was higher by 14.72% when compared to the current value. This cryptocurrency reached its milestone when it was range bound between February 18 and February 24, as the price of USD rallied from a low of $0.004043 to a high of USD 0.004979 which is a 23.15%, a spectacular return within a short span of 06 days.
However, the price of BTC has been on a tide with sharp rises and falls. Stats display highs and lows of BTC’s price value. On January 22, BTC’s prices had jumped from 0.00000116 at 03:34 UTC to 0.00000125 at 19:34 UTC. But the values started gradually decreasing and reached a low on February 12 at 15:34 UTC. The percentage decrease was calculated to be 15.20%. The bitcoin’s price reached an all-time high of 0.00000125 before the market started going downtrend. The current price of BTC as on March 05 at 14:34 UTC is 0.00000112.
The 20-day EMA shows an uptrend with the current MCap value higher than the corresponding value of $215,847,027 on February 13 by 9.10%. Unfortunately, both the averages do not synchronize. The 14-day is on the negative side, and the 20-day EMA is very insignificant. Under the bearish pressure, the market balance is rested in favor of sellers. The traders and investors who are keen on blockchains and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term. However, short term investments will have to be on hold until there is an improvement in the market.