As the day goes by, the cryptocurrency market is becoming more and more unpredictable. The unpredictability is mainly obvious when it comes to altcoins. Normally, during a bear market, the price value of a coin is not influenced significantly by any special announcement. VeChain seems to have broken this trend as the price of the altcoin spiked by 10.50% within a 24-hour period trading at $0.01952. This is the highest it has traded within the last 30 days.
VeChain (VET) Price Today – VET / USD
It is taking the lead not just against the USD but also against Bitcoin. VeChain is trading 9.69% higher against Bitcoin with a trading volume that is almost crossing $40 million. If VeChain moves above the resistance at $0.02000, it will pave the way for more gains in the upcoming days.
Why is VeChain (VET) Rising?
Yesterday, the founder of Vechain, Sunny Lu, talked about the future of VeChain live on YouTube. He said that the VeChain community has been supportive and it stands out as the best within the cryptocurrency industry. He said that the timing of the extension of the VeChain X-node binding was promoted because of the strong community support and input. According to him, a new partnership is on the horizon following the partnership with Renault and BMW.
Apparently, one of the leading insurance firms on China, the People Insurance Company PICC, has entered a partnership with VeChain. Part of the post as published by forbes states:
“Partnering with PICC allows us to expand our business in the insurance sector. We have full confidence that we will offer great products and services to PICC along with GL and DNV. This contributed to the boost in price but the main reason behind the price boost was the release of the MainNet v1.0.2. According to the post on the official Twitter handle of VeChain Foundation, this update comes with great upgrades and bug fixes.