The VeChain (VET) is a blockchain based platform that is designed for enhancing supply chain management processes. It uses tamper proof and distributed ledger technology for providing consumers and retailers with the ability to determine the authenticity and quality of products that are bought. Starting from servicing history to knowing every single piece of information regarding supply chain movement, everything can be recorded and verified via VET to provide apt security to all participants. With the method of asset digitization, VET is aiming to achieve a secure supply chain management ecosystem. This will help manufacturers, supply chain partners, and consumers to track the movement of the products via their supply chain.
Current status of VeChain
Currently trading at USD 0.005064, VET is the 22nd largest cryptocurrency with a market cap worth of USD 280,850,429 (UTC time 08:58). It has a circulating supply of 55,454,734,800 VET. It is currently running on a bearish trend by -3.95%.
Price analysis of VET on the basis of VeChain charts
On the basis of the above chart, it is seen that at present VET is getting traded at 0.005065 USD or 0.00000129 BTC (UTC time 09:02). It has a current market cap of 280,901,782 USD with 15,669,653 USD as its 24h volume. The same chart shows that approx. One month earlier, the value of VET was 0.004395 USD. So, the trading value of VET in this approx. One month period has been raised by 15.24%. Its earlier price point of 0.004687 USD has provided a good support level.
Future price prediction of VET
According to the prediction of Mega Crypto, the value of VET can reach $0.258 by the end of 2021, and in 5 years, it can be around $0.612. This is pretty much a conservative prediction. As per Smartereum, VET can get traded at a high value of $75 by the end of 2023. According to Cryptoground, the price prediction of VET is approx. $2.58by the end of 2019, and by 2020, VET can even reach to $4.10. This is an optimistic view because the way VeChain is grabbing the attention of major global logistics, it is assumed that in the upcoming days, it will have a huge expansion of its users. Moreover, VET is soon teaming up with BMW Company. VeChain Thor had also announced their partnership with Oxford University which will aid them in getting technically modified and much more advanced. Even, the South Korean Cryptocurrency Exchange has also added VET in their list.
Taking all these facts in mind and from the optimistic point of view, we believe that VET has high propensity to trade around $0.20 in this year and five years, it can trade around $0.38.
Let’s sum up
VeChain is very promising crypto. It is set to cause a revolutionary stir in the logistics arena. It will soon be making incredible and strong partnerships with global players. All these can uplift the value of VET to a very significant extent in the future. It can be further benefitted if the crypto market remains less volatile.
