VeChain is a blockchain based platform that is designed to develop the supply chain management process. VeChain provides both the retailers and its customers the ability to determine the authenticity and the quality of the products with the help of tamper proof and distributed ledger technology (DLT). VeChain verifies and records every bit of information about the supply chain management of a product that is the complete process from the product’s source materials to servicing history and spare parts replacements. This brings about a supply chain management ecosystem that is secure for all participants, which is achievable through the method of asset digitalization. It makes use of the VID technology, produced using SHA256 hash function, to mark and track the products.
Current Statistics
VeChain has a market capitalization of USD 408,584,146, and each token can be purchased for 0.007368 USD or 0.00000140 BTC on April 10 at 11:34 UTC. Based on the stats, VET is the 23rd largest cryptocurrency in the market and has a circulating supply of 55,454,734,800 VET coins out of a total supply of 86,712,634,466 coins and a 24-hour volume of $15,717,133. The return on investment is estimated by Coinmarketcap to be -50.89%. The negative percentile indicates the deterioration in current value.
Market Trend Expansion
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Vechain’s overall market has been enhancing with a proportional increase in both the market capitalization and the trading price. The values surged up on March 12 with the market opening at 02:39 UTC with a trading price of 0.004462 USD and the market cap value trading at USD 247,417,825 and closing at 23:39 UTC with the price of 0.005435 USD and the trading value of USD 301,419,185. The market rose by 21.82% in a day. The market has been uphill after that. The second surge was between April 02 and 03. The price rose from 0.006251 at 00:39 UTC to 0.007908 USD at 02:39 UTC. There is a growth in market price 26.51% which offers good resistance support.
Price predictions
Based on technical analysis, VET’s price is estimated to increase further to 0.10551 by the end of 2019. The 3-year forecast suggests that the price would spike up to 0.22882 USD by 2022 and further increase by 2024 to 0.38939 USD. Also, the overall market analysis forecasts a bullish pessimistic increase in the price of VET. The price per coin will be traded at 0.39 USD by the end of 2021 and increase to 0.94 USD by December 2022.
Conclusion
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The current situation with an increase in market capitalization falls in favor of the buyers. Investment in VET cryptocurrency will return huge benefits in the future. These investments will contribute to making the estimated price of the currency achievable.
