In early 2021, a bull run catapulted the cryptocurrency ecosystem to an all-time high of $2.5 trillion in market capitalization. However, that run has been cut short as the market is experiencing a drawback. Most cryptocurrencies have lost their price value. For instance, Bitcoin decreased in price value from an all-time high of $64,000 to $35,000. In the same vein, VeChain had a drop in price value from $0.27 to $0.1. Will this change anytime soon? What is the possible price range for VeChain by 2025 and Vechain price prediction? These and many more are the questions in the minds of many investors. This article presents insights on VeChain that will help investors better manage their investments.
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What Is VeChain?
VeChain is a blockchain platform founded in 2015 focused on making supply chain management and business operations easier. It aims to streamline business processes and simplify the information flow for complex supply chains using distributed ledger technology. Its blockchain uses a Proof-of-Authority consensus where Authority Masternodes confirm every transaction. It supports smart contracts and allows businesses to build their solutions on its blockchain. The VeChain ecosystem uses two cryptocurrency tokens, namely VeChain token (VET) and VeChainThor Energy (VTHO). VET is used to transfer value across the network. VTHO is used as “gas” to power smart contract transactions. Both tokens are listed on several cryptocurrency exchanges, i.e., Binance, Hotbit, etc.
VeChain (VET) Price History
The 1-year price chart for VeChain shows its astronomical growth from $0.008 as of June 20, 2020, to $0.1 as of June 19, 2021. That is an 1150% increase in price value, thus making it one of the most profitable cryptocurrency projects of the past year. It reached an all-time high of $0.278 before decreasing in price to $0.1 as of June 2021. The price drop notwithstanding, VeChain is still a quality project, and there is hope for a rebound in price.
Its unique use case has helped set it apart as a project to look out for in the next few years. It is presently the 20th biggest cryptocurrency in the ecosystem. It has a market capitalization of $6.5 billion and a daily trading volume of $631 million.
VeChain (VET) Price Prediction
The current price challenge with cryptocurrency assets is not new. Over the years, the crypto ecosystem has experienced multiple bear markets. However, it bounces back after some time. We expect VeChain to follow an uptrend soon. A close study of its price chart on the 1-week, 1-month time range shows that the cryptocurrency is in an accumulation zone with a price range of $0.1 – $0.12 with firm support at $0.7. So, an uptrend is inevitable. There are two types of prediction for VeChain, namely short term, long term. So, the following subsection discusses its 2021 and 2025 price forecast.
VeChain (VET) Price Prediction 2021
Many crypto experts have predicted a price uptrend for VeChain by year-end after analyzing the price chart using various technical indicators. In the same vein, fundamentals attest to this also.
VeChain has grown due to its strong affiliation with the Chinese market, one of the most challenging markets to break into with blockchain technology. Headquartered in Singapore, they have maintained good ties with several government bodies and businesses. Therefore, adoption would increase with these partnerships and deals. Because of these, the price prediction for VeChain is $0.3 at the end of 2021.
A lot of countries and businesses are experiencing a meltdown due to the pandemic and rising inflation. So, as they switch to blockchain-based solutions, it’ll stabilize and increase the price of VeChain and other cryptocurrencies.
VeChain (VET) Price Prediction 2025
For long-term predictions, technical analysis suggests that the price of VeChain will hit a price range of $0.6 – $1 by 2025. For instance, Digital Coin price forecast predicts VeChain’s price to be $0.6 by the last quarter of 2025. This growth would be driven by multiple projects being built on the blockchain. Another factor to consider is the token supply. Although VeChain has excellent use cases, it has a high token supply. With 64 billion tokens in circulation, it’ll affect the demand-supply proportion, which might drag the price for a while. So, in conclusion, $75 seems a bit too high for it to hit by 2025. Although there are exceptions, it’s pretty unlikely for it to happen.
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Conclusion: Is VeChain (VET) a Good Investment?
Yes. As all points in this article suggest, VeChain is a good investment opportunity. It has more room for growth and could be a top performer in the nearest future. The world is changing. Countries and businesses are implementing blockchain-based solutions into their operations. VeChain has unique use cases, and several companies are integrating its solutions into their systems. Therefore, it’s a good investment. However, before investing, ensure to do your own research (DYOR).