VeChain VET Price Surged After Latest VeChain Partnership With Chinese Food Giant But The Bulls Are Losing Momentum – What Happened To VeChain?

What happened to VeChain – VeChain news is typically about one partnership after another. When it comes to sealing strategic deals and onboarding clients, VeChain is undefeated. The good news about VeChain partnerships and good news about other projects in the market has led to an increase in interest from institutional and retail investors. This has subsequently led to a cryptocurrency bull run. In the VeChain Thor price prediction in our last VeChain news, we talked about how the price of VeChain was not rising in relation with the developments on the VeChain blockchain and the VeChain partnerships. This morning, however, all the recent VeChain partnerships appear to have finally supported a rise in the price of VET.

VeChain Thor Price Prediction – VeChain News Today – VeChain Latest Update – VeChain Partnerships Support A Rise In The Price Of VET

The VeChain blockchain ensures transparency, speed and efficiency. This is why it has become a favorite for many institution within and outside the supply chain management sector. Recently, VeChain announced that it has onboarded a new client. The new client is Bright Food, a China-based food giant. The company has developed what it referred to as the Bright Code on the VeChainThor blockchain. This system will be used for tracking Cupid Farm Milk products.

Using this service, the company will be able to increase efficiency in the supply chain by recording the entire process on the VeChain Thor blockchain in real-time. This isn’t the first company in the food industry to use the VeChain Thor blockchain. It is one out of 10 companies that have submitted patents to create products on the VeChain Thor blockchain specifically for supply chain management in the food industry.

VeChain Thor Price Prediction 2019 – VeChain News – VeChain Partnerships – VeChain Future Prediction – What Happened To VeChain?

Shortly after the new VeChain partnership was announced, the price of the VET token started surging significantly against the USD rising by more than 4% within one hour. However, the bulls are losing momentum. At the time of writing, VeChain VET was trading at $0.007530. It is up by 3.74% against the USD and down by 5.70% against the price of BTC. The trading volume over a 24 hour period is $19,320,518 and the market capitalization is $417,579,397. 

VeChain (VET) Price Today – VET / USD

NamePrice
bitcoin
Bitcoin
$10,700.51
vechain
VeChain
$0.012

It is important to keep in mind that the price of VeChain isn’t surging in isolation. Bitcoin started the recent cryptocurrency bull run moving above the $8939 level and other cryptocurrencies followed including VeChain. At the time of writing, the price of Bitcoin was $8,790.97. This means that it is up by 10% against the USD with a trading volume of $28,166,671,860 and a market capitalization of $155,822,027,779. It’s possible that the surge in the price of VeChain was as a result of a surge in the price of Bitcoin and not directly because of the partnership. VeChain VET price still doesn’t reflect the VeChain partnerships. It’s going to take some time until these VeChain partnerships and use cases will be enough to reflect on the price.

What do you think about the VeChain Thor price prediction in our VeChain news today? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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