Introduction
VeChain is a blockchain initiative founded by a former LVMG executive in China. Unlike other prominent platforms such as Ethereum and Solana, VeChain attempts to address some of the most pressing issues businesses face. Some of the problems it seeks to solve are those in the logistics and food safety industries.
VeChain price history
There was no movement or development in the first several years of VET’s existence and availability on the open market. For example, during the summer and autumn of 2018, it lingered at $0.01 before falling below the cent level, where it remained for the most part for the following couple of years. It re-broke through the cent threshold in the summer of 2020 and remained there for the next several months — sometimes higher, sometimes lower. However, at the end of the year, it was hanging around the $0.02 level at the end of the year, and it concluded in 2020 at $0.01878.
VeChain gets bullish
For the VET coin, January 2021 represents a period of significant growth. By the end of the third day of trading on January 3, it had risen by more than 38% from the previous day’s finish of $0.02592. Three days later, it had increased by 18.7 percent to $0.03079.
Clearly, this was a good time for people to become interested in this cryptocurrency, as it appeared to be outperforming the VeChain price projection. However, there was some reversal from this number, and it spent the remainder of the month primarily between $0.02 and $0.03, with a monthly high of $0.03505 in intraday trading on 21 January before closing the month at $0.02542 – up more than 35% from the previous month’s conclusion.
VET had an even stronger increase in February. According to cryptocurrency news, the cryptocurrency market was exploding, and VeChain got caught up in the activity as more individuals wanted to invest. As a result, the VET coin returned to $0.03 on February 5 before breaking through to $0.04 on February 11. The next day, it rose from an intraday low of $0.04254 to an intraday high of $0.06 — a gain of more than 40% in a single day – before sliding back to settle at $0.0547. The next day, it reached February’s high of $0.06044, but there was time for the market to rebalance itself, and the currency concluded February at $0.03966, up more than 56%. April saw VeChain records smashed again. On 5 April, VeChain ended at $0.1026, breaking through the $0.10 barrier, while the $0.20 barrier was broken on 16 April. The next day, VET hit an all-time high with an intraday score of $0.2782.
VeChain gets bearish
Things appeared to be going well at first, with an intraday high of $0.2499 on 9 May, but then the price began to fall, with the price constantly falling below $0.20 from 13 May onward. However, things quickly deteriorated.
The price of VET fell 58 percent from an intraday high of $0.1643 to an intraday low of $0.06822 during the great crypto day meltdown on May 19. While there was some improvement at the end of the month, with the VET price at $0.1262, it still represented a monthly drop of more than 37%. VeChain was no exception to the bitcoin market’s bad performance in June and July. Many experts have revised their VET crypto price estimates lower.
Is VeChain a good investment?
Yes, it is. Throughout 2021, VeChain more than doubled in value. Still, traders should exercise caution and strive to trade with proper stop losses to limit their long and near-term losses. Cryptocurrencies may be quite volatile, with values fluctuating both up and down. You must conduct your own research and never spend more than you can afford to lose. Also, you can check expert’ VET crypto prediction before investing in VeChain.
Bottom Line
VeChainThor is the central figure of VeCbain. This is a network designed with the well-known principles of proof-of-authority (PoA) and meta transactional characteristics in mind. A committee endorsing process and a block finality mechanism are also included. VeChain is being used by a number of significant organizations in China. Walmart China, for example, utilizes its technologies to monitor food safety. LVMH and other healthcare organizations also utilize it. So, it can be forced to reckon in the future markets.
