Vechain Thor (VET) Price May Spike With the VerifyCar Partnership with BMW

Vechain is trying to secure its price with powerful partnerships. As we reported before, the Shanghai-based project previously said that Deloitte – the professional service firm of Big Four – will move from the blockchain of Ethereum to the blockchain of Vechain. If this happens, Deloitte will be the second Big Four company to join the blockchain of Vechain. The first Big Four company to use Vechain is PricewaterhouseCoopers.

Vechain just made another strategic announcement in the Vechain Summit 2019. During the summit, the crypto project disclosed the next phase in its partnership with BMW – a giant in the automobile manufacturing industry. According to the firm, the new service on the Vechain Thor network is called VerifyCar.

This new service – VerifyCar – is a digital passport that aims to tackle mileage fraud issues. The issue of mileage fraud is present in more than 30 percent of cars in Germany, according to the announcement. The new service lets users keep track of their odometer and maintenance history. The Lead IT Tech Office of BMW’s Singapore office – Cihan Albay – was also present at the summit. While speaking on stage, Albay said:

“Vechain has gone through the Startup Garage program of BMW successfully and BMW is still working with the blockchain project on a client-based relationship.”

Vechain Price Prediction 2019 – Vechain Price Prediction 2020

VeChain (VET) Price Today – VET / USD

NamePrice
bitcoin
Bitcoin
$8,700.41-6.74%
vechain
VeChain
$0.0056-13.46%

At the moment, the immediate support of the coin is at the $0.0062 level. On the upside, Vechain needs to break over the $0.0066 resistance level in order to amass more gains.

As the rest of the crypto market, the price of Vechain is tied at the hip of the price action of Bitcoin (BTC). If the price of Bitcoin (BTC) surges higher, the price of Vechain may follow suit. Bitcoin price recently plunged lower, so did almost all the top digital currencies in the market. Bitcoin is currently trading in the red, and a similar trend is seen across the entire market.

The price of Vechain on its twenty-four hours time frame indicates a downward trending channel that the digital currency currently is stuck in. However, Vechain (VET) is presently at the bottom line of that channel and it is expected to rebound in the short-term. The recent price action of Vechain (VET) has not been what a profit-oriented digital asset investor is expecting.

However, Vechain has been trying in its own little way. The price of Vechain (VET) has not been really impressive but many analysts and digital asset investors believe it is going to rebound very soon. This can also be seen in the bullish Vechain price predictions and VET price forecast.

Vechain Price Analysis – VeChain (VET) can be the Best Performer of the First Quarter

VeChain (VET) started the year around 0.004 USD. But it has been showing gradual and consistent growth since then. There were very short periods of bearish impact. VET reached the highest on the April 1st boom. It gained around 25 % in just 4 days. But that momentum was lost and now the coin is going through price correction stage. The market cap on 27th March was 315,692,415 USD. And the value of each coin was 0.005693 USD and 0.00000141 BTC. The current market cap and value in USD has increased by almost 5.18 % in these 30 days.

Looking at the growth trend of VeChain (VET), cryptonewsz predict the price to touch 0.0048 USD in the coming two weeks. The value will be going downwards only because of the price correction phase. At the beginning of April, the value inflated steeply along with the global market, but it could not sustain the momentum. But the middle term outlook, as well as the long term outlook, seems bullish. The value will be on the rise until the end of this year. The value of each coin at the end of 2019 should be at 0.01 USD. By the end of 2020, this coin will be powerful enough to breach the 1 USD mark.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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