Despite the volatility of the crypto market, VeChain (VET) has been able to grow exponentially because of its strong fundamentals. The developers have recently partnered with Haier to integrate VET’s Thor Network with Haier’s Cosmoplat system. During recent times VeChain (VET) remained dominant among virtual currencies in the value-added token market. Besides, VeChain’s price has substantially increased relative to other tokens, and the team is in the process of building a platform based on Blockchain that is compatible with the actual business environments. The ultimate goal is to assist companies in controlling their functions using Blockchain.
VeChain also carries tremendous potential for future applications due to its ability to work with third-party resources. The data storage system is fully distributed, which means the data is completely secure. Furthermore, the upgrade to VET mobile wallet version 1.3.0 includes functionality to ease and accelerate the transfer process.
Table of Contents
- 1 What is VeChain (VET)
- 2 Market prediction for VeChain price
- 3 Our VeChain Price Prediction Analysis
- 4 VeChain price forecast 2023
- 5 VeChain price forecast 2025
- 6 Conclusion
What is VeChain (VET)
VeChain is a blockchain-enabled system with the focus of improving the supply chain management processes. It gives retailers and consumers the ability to determine the authenticity and quality of products by using tamper-proof and distributed ledger technology (DLT). Every piece of information about the supply chain movement of a product can be recorded and checked to create a system that is secure for all stakeholders.
This includes product source materials, servicing history, and replacement parts. VeChain uses VeChain Identity (VID) to mark and monitor a product. VIDs are created by the SHA256 hash function that generates a random VID-related hash value.
Market prediction for VeChain price
Many unpredictable and complex factors contribute to the rise and fall of cryptocurrency values. Keeping this in mind, many crypto enthusiasts have shared their thoughts regarding the Vechain price prediction at different platforms. Let’s discuss some of them in detail.
Vechain Price Prediction by WalletInvestor
WalletInvestor is a popular website that predicts the performance of various cryptocurrencies based on technical analysis. According to their research, the price of VeChain is likely to drop to $0.00463 in 2020. This is a very bearish prediction regarding the performance of Vechain.
Vechain Price Prediction by Trading Beasts
Trading Beasts states that VeChain could reach anywhere between $0.01 and $0.02 by the end of 2020.
Vechain Price Prediction by Mega Crypto Price
Mega price Crypto predicts that in 2020 VeChain will hit a value of $0.258 by mid-2020. Ir further states that the coin will reach $0.612 by the end of the year. However, these price levels are a lot optimistic, and Vechain will likely no be able to achieve such highs by 2020.
Vechain Price Prediction by Cryptoground
Cryptoground forecasts that by the end of 2020, VeChain will hit $1.58. It also added that by the end of 2021, VeChain (VET) could hit $2.10.
Our VeChain Price Prediction Analysis
In collaboration with DNV, which is a risk management and quality assurance company, VeChain has announced the use of shared blockchain technology to promote drug-traceability, security, tracking, and auditing. This year, VeChain (VEN) was rebranded to VeChain THOR (VET). The team also announced that it would be entering a partnership with the international automotive manufacturer BMW. The VeChain ecosystem is already being used by several luxury goods stores, food/medicine, and logistics companies.
VeChain THOR recently confirmed its partnership with Oxford University, which will help in strengthening the platform. Coinnest, a South Korean cryptocurrency exchange, has also added VeChain THOR to its trading platform. Such collaborations shall contribute to the massive growth of this digital currency and we predict that it will reach $0.02 by the end of 2020.
VeChain price forecast 2023
The team has announced many partnerships since the VeChain project went public. Some of VeChain’s leading partner companies include PWC, DNV GL, and Audi, but these are only the most significant international brands from a long list. As shown by VeChain’s broad alliances, the Blockchain network aims to bring the benefits of decentralized apps and smart contracts to several industries.
If all things go as expected, the coin could hit a value of $0.38939 by 2023 and will reach new milestones over a span of five years because of the team’s experience and vision. It should see higher highs thanks to good connections with startups and major companies.
Vechain Price Prediction for 2023 by Smartereum
Smartereum is a platform that publishes cryptocurrency price predictions regularly. It believes that by the end of 2023, VeChain’s price will touch $5.
VeChain price forecast 2025
VeChain is creating a decentralized network that companies can use in conjunction with the real business environment, as well as digitally linked networks and applications. This would mean that businesses would monitor different functions with the aid of its Blockchain. Vechain is also set for new partnerships, and if things go as per the roadmap, the price could likely hit $0.1 by 2025. The possibility of it working with programs from third parties also improves its chances of success in the future.
VeChain is heading in the right direction, and by making further progress in the field, it will be able to improve its ranking in the cryptocurrency market, which shall follow higher adoption rates. If this happens, the price of VeChain can grow substantially in the future. Additionally, the majority of market experts carry bullish predictions regarding its performance, and it will likely prove to be a good long-term investment.