In what can be described as the survival of the fittest, several cryptocurrencies are running a race of dominance and public attention. Spotting the limelight is however brutal and brings varying levels of instability.
Renowned coin rating platform, CoinMarketCap, now belonging to Binance, places 100 coins in a decreasing number of market capitalization. This metric, however, has become the most popular measure to account for the popularity of cryptocurrencies.
With Bitcoin ever topping the list and various altcoins following suit in an almost fixed decade-long position, VeChain also finds a spot among the most popular cryptocurrencies with great future price ambitions, impressive market capitalization and coin popularity within the ecosystem.
What is VeChain?
VeChain is a blockchain protocol formulated to improve supply chain administration and business methods. Its objective is to facilitate these processes and data flow for complex supply chains through the design of distributed ledger technology (DLT).
The Vechain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used to transport value across VeChain’s network. And the VTHO is used as fuel or gas to leverage transactions.
VeChain was established in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. He incorporated his creativity in luxury goods with blockchain technology to build an IoT (Internet of Things) application for supply chain management. He remains the CEO of VeChain through a non-profit called the VeChain Foundation.
VeChain (VET) Price Today
Diving into the price of VeChain today, one can easily notice how cryptocurrency has made success over the years.
With the future showing great possibilities, VeChain currently changes hands at $0.0043. This figure, however, represents about 26% loss from its year-high price of $0.0058 recorded on the 29th of January.
In the last 24 hours, the price of VET sinks by a mere 0.5%. As the bulls and bears seem to be in a very tight tug-of-war. The coin maintains its market capitalization at $242.97 million as $158.05 million was traded in volume over the last 24 hours.
VeChain (VET) Price Technical Analysis
VeChain (VET), the recently introduced cryptocurrency, took the brunt of the force that came with the ongoing global pandemic. However, VET made a grand crypto market-entry with a price of around 0.018 during the 2017 bull run. This was a couple of months after its ICO was successfully completed.
In 2018, the price of one VET crashed to record new lows at around $0.003, shedding about 83.3% in the process. The coin has since then been vacillating within very close limits.
In 2019, VET price resurrected slowly among reviving general market sentiments, touching around $0.0098 by the end of June. However, the price couldn’t rise beyond the reach of the bear markets that came in the second half of 2019. The price of VET later succumbed to selling pressures and crashed all the way down to $0.0037 by mid-September.
Early on into 2020, VeChain couldn’t catch up with the bull markets that escorted cryptos into the new year. By mid-March, VET’s price had touched around $0.0022 per coin following a short period of market downtime which came to the ongoing coronavirus saga. However, within the last 30 days, the coin has recovered more than 50% of lost treasures of its year-high price of $0.0081 touched in February 2020.
Vechain 2020 Price Prediction
WI indicated that the price of VeChain will crash to around $0.000001 in one year. As much as we respect this opinion, we believe that such value expectation is exceptionally bearish and it probably won’t fall that much.
Vechain, according to most predictions, is likely to surge before the end of year 2020. The most rational price forecast for VET within a year, crypto ground included their rendition of VeChain (VET) value forecast 2020, where they expressed that VET may reach $2.00 by 2020.
VeChain 2021 Price Prediction
Other major price predictions extending into 2021 suggest that prices may touch as high as 100% of the price of 2020 year end by 2021. It is estimated that VET could be worth up to $4.1 by the end of year 2021.
VeChain Price In 5 years
In 5 years from now, a multiplicity of algorithms predict that VET may reach as high as $70. However, it is more rational to take the sides of a more realistic future at around an exponential growth to about $35 by the end of year 2025.
VeChain (VET) Market Prediction
Despite previous hard times, the future price sentiment of VeChain, according to popular opinions, remains bullish.
We make reference to renowned crypto price prediction websites to derive an overview of possible future price movements…
#1. Wallet Investor Price Prediction: In their price prediction, WI indicated that the price of VeChain will crash to around $0.000001 in one year. As much as we respect this opinion, we believe that such value expectation is exceptionally bearish and it probably won’t fall that much.
#2. Trading Beast Price Prediction: The trading beast predicts that the VeChain price is forecasted to reach $0.0064369 by the beginning of July 2020. This is so far the most accurate prediction on our list as July is just around the corner.
#3. Mega Crypto Price Prediction: This prediction site predicts that VeChain may be sitting around $0.258 before the end of 2021 and $0.612 by 2023 year-end.
#4. Smartereum Price Prediction: This site is exceptionally bullish on VET. We can say they are the direct opposite of Wallet Investors which remain bearish in their own opinion. supposes that the cost of VeChain could go up as high as $75 before the end of 2023.
#5. Crypto ground Price Prediction: Perhaps the most rational price forecast for VET within a year, crypto ground included their rendition of VeChain (VET) value forecast 2020, where they expressed that VET may reach $4.10 by 2020.
Our 2020 VeChain (VET) Price Prediction
Generally speaking, there is an equilibrium of opinions and technical analysis balancing the possible future price of VET between two extremities; the very bearish sentiment and calculations according to Wallet Investor (WI) and the bullish counterpart from Crypto ground. Our prediction, therefore, leans towards none of the extremes but balances at a midpoint of $2, where we think are reasonable to find the cryptocurrency by the end of 2020.
Recent VeChain Updates
Towards the end of 2019, on the 6th of December, VeChain Foundation, the body responsible for the development and governance of VeChainThor blockchain announced its plans of organizing a new governance process charter which aims to improve the decentralization of their PoA-type system.
According to the official announcement, this new development is based on tossing the control of VeChain network back to its community by attributing a sizeable voting weight and authority to the public. The arrangement, which passes 60% of voting power to dedicated VET holders will enable the community to be involved in governance changing and developmental discussions.
According to a recent publication,
“The chart above shows the Governance Structure of the VeChain Foundation, in which The Board of Steering Committee is the main governing body of the VeChain Foundation. The Steering Committee lays out critical strategies for the operation of the VeChain ecosystem and selects functional committee chairs to oversee the operational units of the Foundation. This ranges from Technical Development, Operations, Public Relations, Marketing, Lega,l and more.”
- Is VeChainThor Blockchain Public Or Private?
The VeChainThor is a public semi-decentralized blockchain on the VeChain ecosystem operates.
- Are VeChain (VET) Tokens ERC-20 Compatible?
VET is the new abbreviation of VeChain Mainnet tokens and VEN is the abbreviation of old ERC20 VeChain tokens. VET cannot be stored in ERC20 wallets.
- What Is The Current Price Of VET Tokens?
VET tokens are currently trading at $0.0043 per unit.
- What Is The Protocol Followed By The VeChainThor Blockchain?
The system follows a PoA consensus where the highest holders of VET get the highest voting and decision-making power
- What Is The VET Price Prediction By End Of 2020?
The average price prediction stands at $2.00 by December 31s,t 2020.