Since the weekend, VeChain’s price fell by more than 40% and then recovered. In the past 24 hours, the VeChain cryptocurrency has currently seen positive growth, increasing by 18.73%. At the time of writing, VET is trading at $0.2400, a few points below its historic high of $0.2778. Its market value has exceeded $16.3 billion.
VeChain (VET) Price Fundamental Move
Last week, when Coinbase became a publicly traded company, the price of VET rose to a record high of $0.27, up 46% and showing some upward trend. After the Twitter user Boosted_Yota announced that the VET PoA 2.0 testnet would execute 2500 transactions per block, the price increased as predicted.
As the situation evolves, the testnet can regularly process approximately 21.6 million transactions. It later retired over the weekend as investors rushed to take profit. Today VeChain is at a record high and is supported by 25-day and 15-day moving averages.
Continuous Bullish Run
VeChain currency is up more than 1,300% this year and ranks among the best performing. In about a month, it’s grown more than 220%. When Chinese President Xi Jinping announced several blockchain projects, it saw the price spike over other digital assets.
Another key factor contributing to the rise is that more and more companies continue to use the VeChainThor blockchain. The latest company to use this technology is Salesforce. The overall performance of cryptocurrencies has also contributed to its price spike, and the fear of missing out (FOMO) has also contributed to its popularity.
Things to Know About VET
VET is a business-oriented blockchain with currently 261,115 Twitter followers and 129,878 Reddit subscribers. It hopes for a transparent and distributed business environment that enables a credible flow of information, effective value transfer, and effective collaboration.
The VeChain network was founded in 2016 to take over companies and provide Blockchain as a Service (BaaS) via its ToolChain platform. ToolChain offers applications that reduce carbon emissions, build consumer confidence, the automotive supply chain, and many other problems around the world.
The VET was rebranded to VeChainThor, and two years later, the Thor blockchain was announced. The goal of Thor Blockchain is not only to provide services for the supply chain but also to provide intelligent contract support for advanced enterprise applications.
When Xi Jinping announced that the country was promoting blockchain development, the cryptocurrency market soared, especially cryptocurrency with a strong connection with China. Over the past two weeks, NEO was up more than 70%, while VeChain was up more than 110%. By comparison, the average return on other cryptocurrency markets over the same period was 17%.