VeChain is one of the few digital assets that saw tremendous success in the last few days. It was only a couple of days back that we saw the price of VET skyrocket and cross the 1 cent mark. But this price consolidation was eventually cut short by a more surprising upsurge that was initiated by BTC. The Bitcoin price surged towards $14,000. It nearly reached this point but plummeted midday. This swift reversal for Bitcoin price further extended to the rest of the market.
As it seems like the entire digital asset market has entered the downtrend in the current price action. One coin that was affected by this change of atmosphere in the space is VeChain. VET may have suffered the most. The price of the coin has lost a sizable chunk of the gains the coin saw in the last few days if not all of it. VeChain price has dropped from $0.01 to $0.0077 as of press time.
Vechain Price Prediction: VeChain’s Capabilities May Have Been Overestimated
Although the price of VET has placed it as a solid cryptocurrency showing great potential for the future, it is still obvious that the crypto community may have overestimated the coin’s capabilities in such a short amount of time. VeChain is notorious for its slow growth rate and occasionally completely frozen price positions in the crypto market. Hence, the massive 40% price surge within only a few hours may have been a strong indication that the bullish run was not going to last long. At least for an extended period of time.
It is no secret that Bitcoin’s price action always directs the market movement. The current BTC bear market has just put salt on the wound that sped up the entire process. Investors and other stakeholders shouldn’t lose hope in the token as there’s a chance for progress.
Vechain Price Prediction: VeChain’s Partnership With Walmart Could Lead to Another Price Increase
Partnerships and collaborations have always been a strong way to drive more adoption and increase crypto prices. VeChain just like other digital assets will look to partnerships in a bid to drive its market valuation up. One key example is the awaited Walmart-VET partnership. There’s a chance that when this collaboration begins fully, we may actually see another VET price increase. However, until this happens, there is very little that the coin can do currently to resist the ongoing bearish sentiment.
At the moment the price of VET is totally reliant on the overall market sentiment. However, after the bearish sentiment subsides, we can expect the coin to see room for consolidation. Although, the chances of gaining back what it lost looks unlikely. Nevertheless, the bearish downturn should signal the bulls in anticipation of the coming uptick.
VET Price: VeChain Price Trading at $0.008098 as of Press Time
According to data given by coin market cap, the price of VeChain was trading at $0.008098 as of the time this content was published. Coin market cap also lists VeChain’s total market capitalization at $449,095,818. The coin had a 24 hour trading volume of $105,539,624 and circulating supply of 55,454,734,800 VET. VeChain is 2.8% up on the day.