The entire cryptocurrency market has had better days. The market is experiencing more downs than ups. Almost all cryptocurrencies have suffered significant losses this year with some suffering more than others. VeChain, for no apparent reason, is down by 11.91% within just 24-hours. The price of Bitcoin typically affects other cryptocurrencies but the rate at which VeChain is dropping is discouraging. The market capitalization is still over $1 billion. Even if it’s a good sign, it is not an excuse to ignore the negative and volatile swing in the market.
VeChain (VET) Price Today – VET / USD
Why is VeChain Falling?
Having a net loss of 11.91% within a 24-hour period is a reason for concern no matter what cryptocurrency is involved. The price of VeChain is now below $1.87 and this is the lowest low VeChain has had since December last year. This means that the bears may remain in the market for the next few days. One of the most obvious reasons for this drop in price is Bitcoin. Bitcoin’s price fall affects other cryptocurrencies too. Against Ethereum and Bitcoin, VeChain is also losing momentum. VeChain is down by 11.44% against BTC and 10.72% against ETH.
Most of the trading volume is coming from sellers but the reason for this selling pressure is unclear. There is no indication that it will stop anytime soon. The trading volume is low even with the decline and the selling pressure which raises suspicion. Within the past 24 hours, only $24.81 million worth of VEN has changed hands. LBank recorded the highest trading volume but it is not listed on CoinMarketCap because of some API issues.
Binance has its USTD and BTC pairs among the top 3 and it represents 73% of VEN trades according to the data from CoinMarketCap. It’s not clear what the problem is with LBank but it may be partly responsible for the sell-off. These are just speculations as no one can give a specific cause for the fall in the price of VEN.