The current price of the VeChain fluctuates around $0.005356; the total market capitalization is $297,008,111 or 40,800 BTC, which makes VET one of the 30 most popular digital currencies as of January 2020. The circulating supply is 55,454,734,800 VET, while the total amount is 86,712,634,466 VET. The daily trading volume is around $64,458,962 or 8,855 BTC. The most active exchange that trades VeChain is Binance.
The all-time high of VeChain, $0.019775, was reached on September 4, 2018 – outside the most famous cryptocurrency bull-run of winter 2017. On the other hand, the all-time low of VeChain, $0.002934, occurred not long ago on October 24, 2019. Currently, the estimated ROI (return on investment) of VET is -64.39%, which means that $100 worth of VET bought at the time of the VeChain launch would not yield any profit today.
VeChain started trading on the cryptocurrency market on August 22, 2017, at a price of $0.24. The price history of VET has been highly volatile since the time of its launch; it has proven to be highly dependent on the news about cryptocurrency-related laws, policies, and regulations. For instance, a dramatic decrease in VET price from $0.018 to $0.003 took place in 2018. Just prior to that, VeChain Thor moved to a dedicated blockchain, which made it impossible to store VET in ERC20-only wallets.
All things considered, there are good reasons to believe that VeChain token (VET) is only going to strengthen its position in the future. Various industries – including, but not limited to, agriculture, food and medicine, logistics, luxury goods, and even governments – have already adopted the VeChain technology. As one of the first and most trusted Blockchain-as-a-Service platforms, VeChain is attracting more interest from businesses worldwide.
Some of the factors that may positively affect the price of VET in the nearest future are the use of advanced technologies (blockchain and IoT – Internet-of-Things) that provide solutions for relevant industry problems such as counterfeit, high network security and well-thought opportunities for scalability.
Depending on the market trends, the VET token has the potential to reach the level of $0,5 in 2020, according to Changelly. Read more
What is VeChain (VET)
VeChain is a Blockchain-as-a-Service (BaaS) blockchain platform designed specifically for the enhancement of business processes such as information flow, supply chain management, and efficient collaboration. For the whole range of services provided by the company, a silver line is to make data transparent and actionable for customers and businesses (both B2B and B2C).
VeChain was launched as an Ethereum-based platform back in 2015 by a team of developers led by Sunny Lu. The project has moved to a dedicated VeChain Thor platform in 2018, which significantly broadened the functionality and enabled the issue of an internal currency – VET token.
VeChain runs on the Proof-of-Authority (PoA) consensus mechanism. It is also not fully decentralized, which, according to the team, is a way to ensure network security.
As a BaaS platform, VeChain offers various business solutions such as supply chain process control, data deposit and certification, product lifecycle management, and process certification.
Some of the prominent features of VeChain which may strengthen its future position on the cryptocurrency market include:
A remarkable idea that is very likely to bring real profit in the future: identification of counterfeit goods with the help of a smartphone is a real technological breakthrough;
A combination of some of the most prominent technologies of today – blockchain and Internet-of-Things (IoT) – employed to achieve the established goal;
An exceptional level of security: VeChain is the first blockchain to employ the Cryptocurrency Disaster Recovery Plan (CDRP);
Real opportunities for network scalability: with the help of side clean technology, VeChain Thor network is readily scalable.
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