Vechain (VEN) is the cryptocurrency to watch. As all other cryptos take a hit from the ongoing bearish trend in the crypto market due to the Coinbase hack and the follow up scrutiny of cryptocurrencies and crypto exchanges in South Korea and Japan, Vechain (VEN) is still going strong.
Vechain has maintained a bullish trend for over a month now and it is getting more and more determined to go higher. It has a lot of good thing lined up for it in the coming future with some major announcements as well as releases and upgrades.
Actually, it has made one of the largest moves in the last one month and analysts are confident it will complete correcting the retracement it witnessed in the first quarter of 2018. The current value of a single VEN token is $5.10 just $4.35 shy from December’s all-time high. And with the momentum that the coin has, it will soon get past December’s all time high to even break the $10.
Vechain (VEN) market cap currently stands at $2,684,002,181 USD with a daily trading volume of $107,578,000 USD making the crypto coin to be raked at position 15 according to coinranking.com, meaning it has passed the likes of Ethereum Classic and STEM. With the current daily trading volume, it is just a matter of time before Vechain (VEN) climbs to top 5. Once the value of VEN rises, the market cap will improve drastically.
Reasons why Vechain (VEN) will go even higher
First and foremost, Vechain (VEN) users are eagerly waiting the much hyped VeChain THOR mainnet rebranding, which is scheduled to take place before the end of June this year. All eyes are fixed on this major development and it is one of the reasons as to why the VEN has appreciated this much.
The VeChain THOR mainnet will help Vechain users to appreciate the use of smart contracts. It will be a great breakthrough for the DApps developers who would like to use the Vechain network. With Vechain THOR, they will be able to develop and distribute DApps. Once the Vechain THOR mainnet is designed to use two tokens: VeChain Tokens (VET) & Thor Power (THOR). The VET will be for companies while the THOR will be for individuals.
Apart from the VeChain THOR mainnet launch, there are also speculations that there is a possible partnership between Vechain and the Circle crypto exchange. It may come sooner than expected especially following the similarity of the colorsthat Vechain chose to use for their Consensus meeting. During the consensus meeting, Vechain used Circle colors on at the back of the consensus mag and this is a big pointer that something is about to happen.
There is also the recent breakthrough with Bitfinex crypto exchange after they allowed VEN deposits.