Today, Asia is one of the main hubs of blockchain development and some of the brightest cryptocurrency projects and VeChain is one of them.
But what can we expect from Vechain in the future? Will the Vechain price surge or plunge in 5 years?
In this article, we will explain what VeChain is and share some price predictions for VET coin in the future. Let us look in detail into this VeChain price prediction now
What is VeChain?
VeChain is a blockchain protocol formulated to improve supply chain administration and business methods. Its objective is to facilitate these processes and data flow for complex supply chains through the design of distributed ledger technology (DLT).
The Vechain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used to transport value across VeChain’s network. And the VTHO is used as fuel or gas to leverage transactions.
VeChain was established in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. He incorporated his creativity in luxury goods with blockchain technology to build an IoT (Internet of Things) application for supply chain management. He remains the CEO of VeChain through a non-profit called the VeChain Foundation.
VeChain (VET) Price Today
Diving into the price of VeChain today, one can easily notice how cryptocurrency has made success over the years.
With the future showing great possibilities, VeChain currently changes hands at $0.0043. This figure, however, represents about 26% loss from its year-high price of $0.0058 recorded on the 29th of January.
In the last 24 hours, the price of VET sinks by a mere 0.5%. As the bulls and bears seem to be in a very tight tug-of-war. The coin maintains its market capitalization at $242.97 million as $158.05 million was traded in volume over the last 24 hours.
Did You Know ? VeChain uses a different model all together called proof of authority. No puzzle cracking is required – just an approved group of people called ‘validators’.
VeChain (VET) Price Technical Analysis
VeChain (VET) was listed on cryptocurrency exchanges in late July 2018 and traded in the range of $0.02-$0.026. However, VeChain soon broke out of that range and experienced increased volatility.
From the beginning to the middle of August, the price fell to $0.006 per VET. A rebound immediately followed the decline, hitting $0.0198 by September. Unfortunately, the rebound was temporary and was followed by a prolonged recession. By December, the price had dropped as low as $0.0033. VeChain closed the year at $0.004.
In the Q1 2019, the price of VET was stuck in the $0.0036-$0.005 range. In March, the cryptocurrency was able to break out of the range and grow to $0.0079. After pulling back to $0.0056 in April, the asset continued to grow, peaking at $0.0098 in June.
VET could not hold these heights and slid down before it established support at $0.0028 in late October. As the asset found new ground, it recovered quickly and met resistance at $0.008 in November. Its first attempt to rise above this mark didn’t end well and led to a pullback to $0.0046.
The second attempt led to the same result. After running up against resistance at $0.008, VET fell to its previous support of $0.0046. The asset closed the year with a $0.0056 price per coin.
Vechain 2020 Price Prediction
From the beginning of the year, VeChain continued to grow and retested the resistance at $0.0082 in February. Unfortunately, at that point, the entire market had rapidly declined. On 13 March, VET set a new low at $0.0016 mark.
After that, the cryptocurrency started to grow slowly but surely. On 11 June, VET broke its resistance at $0.0082, and buyers pushed the price as high as $0.022 in July. A slight pullback followed to $0.0146. Currently, VeChain is consolidating just below its resistance of $0.002 and is trading at $0.002 per coin.
VeChain 2021 Price Prediction
As indicated by VeChain’s highly diverse partnerships, the blockchain platform sets out to bring the advantages of decentralized applications and smart contracts to a large number of different industries. This shows its use cases increasing exponentially.
By 2021, VeChain might reach $0.38939, which may move VET upwards in the ranking order, and can also move upwards as per the coinmarketcap.
VeChain Price In 5 years
VeChain is in progress mode to build a blockchain-based platform that does not only limit itself to the digital world but also can integrate with the actual business ecosystems as well. This would ensure that enterprises would be able to control various functions with the assistance of this blockchain.
If it is able to provide complete integration of the blockchain-based platform with the actual business world, it would be easier for the companies to use the blockchain. By 2025, VeChain might reach $0.1.
VeChain (VET) Market Prediction
Despite previous hard times, the future price sentiment of VeChain, according to popular opinions, remains bullish.
We make reference to renowned crypto price prediction websites to derive an overview of possible future price movements…
#1. Wallet Investor Price Prediction: In their price prediction, WI indicated that the price of VeChain will crash to around $0.000001 in one year. As much as we respect this opinion, we believe that such value expectation is exceptionally bearish and it probably won’t fall that much.
#2. Trading Beast Price Prediction: The trading beast predicts that the VeChain price is forecasted to reach $0.0064369 by the beginning of July 2020. This is so far the most accurate prediction on our list as July is just around the corner.
#3. Mega Crypto Price Prediction: This prediction site predicts that VeChain may be sitting around $0.258 before the end of 2021 and $0.612 by 2023 year-end.
#4. Smartereum Price Prediction: This site is exceptionally bullish on VET. We can say they are the direct opposite of Wallet Investors which remain bearish in their own opinion. supposes that the cost of VeChain could go up as high as $75 before the end of 2023.
#5. Crypto ground Price Prediction: Perhaps the most rational price forecast for VET within a year, crypto ground included their rendition of VeChain (VET) value forecast 2020, where they expressed that VET may reach $4.10 by 2020.
Our 2020 VeChain (VET) Price Prediction
Generally speaking, there is an equilibrium of opinions and technical analysis balancing the possible future price of VET between two extremities; the very bearish sentiment and calculations according to Wallet Investor (WI) and the bullish counterpart from Crypto ground. Our prediction, therefore, leans towards none of the extremes but balances at a midpoint of $2, where we think are reasonable to find the cryptocurrency by the end of 2020.
Ubique Tag Integrates with VeChain ToolChain
On Oct 14, 2020, Ubique Tag, a leading supplier of smart tags in China, has now integrated VeChain ToolChain for its products.
The VeChainThor mobile wallet available
On Oct 14, 2020, The VeChainThor mobile wallet app (version 1.5.5) is now available in the iOS marketplace.
VeChain is now integrated with Rosetta
On Sep 25, 2020, VeChain is now integrated with Rosetta, an open standard designed to simplify blockchain development and interaction.
- Is VeChainThor Blockchain Public Or Private?
The VeChainThor is a public semi-decentralized blockchain on the VeChain ecosystem operates.
- Are VeChain (VET) Tokens ERC-20 Compatible?
VET is the new abbreviation of VeChain Mainnet tokens and VEN is the abbreviation of old ERC20 VeChain tokens. VET cannot be stored in ERC20 wallets.
- What Is The Current Price Of VET Tokens?
VET tokens are currently trading at $0.0043 per unit.
- What Is The Protocol Followed By The VeChainThor Blockchain?
The system follows a PoA consensus where the highest holders of VET get the highest voting and decision-making power
- What Is The VET Price Prediction By End Of 2020?
The average price prediction stands at $2.00 by December 31s,t 2020.