The crypto industry observed the rebranding of VeChain from VeChain (Ven) to VeChain (VET). The launch was supposed to mark the opening of a new era for the cryptocurrency in the business. VeChainThor was also brought into existence followed by an airdrop that was scheduled for August 1st. On the day it emigrated to VeChain (VET), the network recorded a market capitalization of higher than seven million. The system has also made a lot of updates since then with the community completely backing the development team.
What is VeChain?
VET is an Ethereum-based, supply and logistics blockchain token. It strives to help both customers and manufacturers keep a record of their orders and the integrity of each order, thereby lessening the reduction of errors and instance of misplaced items. VeChain enables manufacturers to assign special characteristics and unique product identities to each of their goods. Through securely managing this information on a ledger, the transportation of supplies can be made more explicit and its data available to anybody with the private keys for each order. In extension to providing private, supply-related data, each product can also have public information which does not need the holding of secret keys to access. Their method makes use of the blockchain’s capacity to be both transparent and unknown at the same time, depending on what level of access is granted to each.
VeChain Price Analysis
At the time this article was written, VeChain (VET) was priced at 0.0039. While it is down by 7.40% within 24 hours, it is up by 60.60% within seven days. Monthly, VeChain (VET) is down by 8.6%. The designs in store and the good news within the community must be offering to the growth in price.
Ontology, a public multi-chain blockchain project based in Singapore, has also seen a notable increase in the value of its ONT token. For the past few months, the project has been hosting separate mainnet events around the world and has many more in store. Most of the events attracted more people than assumed.
How High Can The Price Of VeChain Go?
VeChain has done great for a third generation blockchain. Last month, it declared a mutually profitable partnership with BYD. The partnership was useful because it came about one month following the airdrop. BYD is the biggest electric car producer in China and one of the best producers of electric car plug-ins in the world. VeChain also entered into business with People’s Insurance Company Of China aka PICC. The network appears to be the favorite for Chinese companies. This partnership aims to digitize the insurance industry by making data administration more efficient through blockchain technology. VeChain (VET) got listed on HitBTC, and it partnered with RFID Chips and NFC for natural traceability and management. If the market stays in favor of VeChain the value may go up to $1.52.
VeChain Price Prediction 2019
Driven by the persistent negative trends that took over November, VET is seen falling over -35% against the fiat in the week. Additionally, on November 23rd, the crypto is seen by over -10% down against the fiat, which symbolizes that the dip is far from over.
VeChain isn’t the only crypto falling today as the market is once recording negative force for the cryptos, so almost the complete market is driven by the latest negative trend, dipping against the dollar.
It seems that there are no signs of recovery, at least not in the long-run since the only visible gains for VET by far are reflected in a lonesome set of 1% of rises in the last hour, while VET is dipping by over -10% in the previous 24 hours.
Many are expecting to see VET rebounding with all major currencies at the end of December and the beginning of January 2019.
However, even if the cryptos take a rebound by the end of 2018 and the beginning of 2019, VET probably won’t be able to get further from the value of 0.011$ from its current value of 0.0051$. At the same time, the current price of VET represents an all-time low for 2018.
VeChain’s increase potential cannot be ignored because of the real-world use-case that delivers it a substantial and smart investment. It’s on the verge of significant adoption because it gives original contracts, ICOs, dApps, data transfer, IoT, logistics, and supply chain. VeChain has already started implementing services with the guidance of its recent alliances whereas Bitcoin hasn’t given even the market even the vaguest clue regarding its development or significant adoption. Also though lightning network will quickly appear on bitcoin, it’s hard to tell whether it would increase BTC’s commercial throughput and transaction rate. There’s no denying that BTC is still the reigning king of all crypto, but VeChain has confirmed its worth in the past few days. It’s one of the coins which you might want to keep under your radar.
Disclaimer: This feature should not be exercised as, and is not designed to provide, investment advice. Coinpriceprediction and its affiliates, employees, and writers give the information about the coin with careful analysis. Please conduct your thorough study before funding in any crypto.