Possible Reasons Behind VeChain’s Over 25% Gain Within 7 Days
The cryptocurrency market is slightly performing right in the last few days with Bitcoin hovering above $9,000 price successfully for more than 2 days. At press time Bitcoin is priced above $9,500 with 1.6% added value in the last 24 hours.
However, VeChain, more than a number of abled-top cryptocurrencies, has made significant progress in the market with a strong positive rally that signals the possibility of a breakout away from its long-term resistance.
In the last 7 days, VeChain has added a whopping over 25% to its value making the market cap of the cryptocurrency more robust. VeChain made a tremendous addition while the likes of Bitcoin, Ethereum, XRP, Litecoin, and others have only managed to add less than 15% to their value within the same period.
VeChain continues to print positive fractal in the market with strong rally on the upside trend. In just 24 hours, the 31st largest cryptocurrency by market cap has been able to add more than 5% to its value. 32% value addition was also recorded within the last 30 days, much higher than all crypto above it on the table except for Cardano.
The growth can also be found in the market capitalization of the cryptocurrency. Within 7 days, the market cap of VeChain spiked from $257 million to $308 million.
Even though many followers of the cryptocurrency, including critics, understand that VeChain has tangible use cases that speak for it, the tremendous value growth bewildered many. However, certain reasons may be behind the huge added growth recorded by the cryptocurrency.
Possible Reason Behind VeChain’s Growth In The Market
The RSI of the cryptocurrency suggests that the VeChain’s VET is witnessing high buying pressure. Also, the trading volume of VeChain within 24 hours – $197 million, attests to the fact that the cryptocurrency is witnessing high buying pressure.
No doubt that VeChain’s blockchain solution is traveling far and wide across the world solving cogent problems within the supply chain industry. VeChain signed numerous partnerships across Asia and beyond in recent times.
VeChain Partnered with Global Pharmaceutical Firm Bayer China to Develop CSecure
As earlier reported by News Logical, VeChain collaborated with one of the world’s leading pharmaceutical company, Bayer China, to develop a blockchain traceability platform named CSecure to supervise the clinical trials of drugs.
Such collaboration, in this era where the world is making moves to digitize the medical industry, has placed VeChain as a leading technical solution in the world of supply chain.
The partnership however is beneficial to Bayer China as well, as it will help it solve internal problems and help the company grow to become an updated medical firm with digital trend.
VeChain Collaborates with I-Dante to Launch COVID-19 RT-PRC and Antibodies Tests Records App
Latest, VeChain also signed a deal with leading tech company I-Dante to launch a COVID-19 records app name E-HCert. The App will be based on the VeChain blockchain
The app is expected to be instrumental in conquering the ongoing COVID-19 pandemic across the globe. Hence, a huge opportunity for VeChain as COVID-19 remains a tangible matter the world is dealing with.
VeChain Partnered with Republic of San Marino to Develop Low Carbon Ecosystem
VeChain blockchain technology in another report partnered with the world’s oldest republic, San Marino, to digitally transform and develop the country’s community to become a sustainable city.
All these among other are significant enough to help push the price of the cryptocurrency to the mantle. However, while the cryptocurrency space is known for its volatility, the partnerships may not be enough to make the price of the cryptocurrency continue to trend upward.