The crypto market is never out of action. Some altcoins have performed really well this year. We can even say, their recovery phase is remarkable. Take, for instance, Bitcoin. BTC price had a bearish trend for months to continue. However, this month saw a great pump in BTC prices. Similarly, one such altcoin is VeChain. The coin is 30th in the Coinmarketcap list.
VeChain(VET) has been experiencing a bearish trend since July 2019. The VET price reached its lowest at $0.002 on Oct 23, 2019. Analysts had predicted the bearish trend to continue. However, VeChain price took a sudden upswing on November 7, 2019. The price reached $0.0058 with an 11.57% rise in the wee hours of 8th November. This was great news for the VeChain market.
At the time of writing, the currency is currently trading at $0.0057 USD with a 10.01% rise. The surge seems to be varying between 9.5% to 11%. The circulating supply is 55,454,734,800 VET with a $93,503,237 USD 24hr trading volume. Even the VET.BTC trading shows a great graph.
What caused VET price to increase?
The VET price increase can be correlated to Binance.US exchange listing VET on its exchange. VET is paired with the stablecoin Tether (USDT) on the Binance.US exchange. The new trading pair—VET/USDT—went live at 21:00 EST on 7 November 2019. The VET price started gaining momentum since then.
However, VeChain is still struggling to hold its ground as the price is continually under market pressure. With the crypto market volatility to continue, the short run, there seems to be little improvement in the price of VET. Analysts, however, expect the crypto market conditions to improve by the year-end and, subsequently, expect VET price to gain a better upward swing.