The booming cryptocurrency industry is loaded with many Altcoins, but there are just a few projects that stand out. VeChain is one such project with great potential. In this cryptocurrency guide, we will voice our opinion on the Vechain price forecast and what to expect from it in the future.
Before proceeding, please bear in mind that these predictions are solely for educational and observatory purposes. Do not rely on these predictions for your future investments as financial assets like VET are highly volatile.
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What is Vechain?
Vechain (VET) is a next-generation blockchain-enabled platform designed to expand its IoT and supply chain management and business processes. This Asia-based smart-contract project was founded by Sunny Lu in 2015 to enable businesses to easily use various smart contract applications.
The goal of VeChain is to run an enterprise geared blockchain ecosystem that focuses primarily on exchanging and storing data, ease of use, and better governance. The protocol utilizes a tamper-proof and distributed ledger technology (DLT) that enables the retailers and consumers to determine the authenticity and quality of products.
VeChain Historic Prices
As Vechain (VEN) has officially re-branded itself to VeChain THOR (VET), there is little to no historical price action for the new token called VET. The token started in late 2018 which marks the peak of the bear market. For this purpose, VET did not experience significant growth with its price action mostly bearish.
Initially, the rebranding news took VeChain price to $0.015 which was not a bad start. However, the coin price later dropped to $0.0002 in March 2020. Later on, it bounced back to $0.02 per token, which is the all-time highest in the VeChain history.
As of today, the VeChain price is at $0.0128 per VET coin, which can significantly change tomorrow. Anything can be expected given the unpredictable nature of the crypto market. Let’s discuss if the wild VeChain price projections will be reached in the future and what are the reasons this could happen.
Reasons why VeChain price could reach $1 in the near future
With the VeChain getting more and more attention and building upon more partnerships, it would not be wrong to anticipate that it will reach new heights of success pretty soon. Some analysts predict that the VeChain price could reach $1 if it keeps moving forward with this momentum. Also, the wide adoption of VET in the crypto ecosystem has lead experts to anticipate a nice momentum of VeChain price growth.
New partnerships and support
Ever since the VeChain project was publicly launched, VET has been reportedly getting a lot of attention. It is one of the very few altcoins in the ecosystem to have experienced wide support and adoption. There is news on ongoing partnerships and support that has forced analysts to come with new price predictions. Some notable companies that have partnered with VeChain are PWC, DNV GL, and BMW, and more. Hence, they are hoping that VET will reach $1 in near future.
Recent positive trends
Secondly, it can be seen that the VET price did amazingly well in 2020 and is still on it. Owing to the gains and hitting new positions, it can be safely said that the token price has got the potential to rise in the future.
A service to industries
The mass adoption of VeChain by industries all around the globe is believed to revolutionize a lot of business-level transactions through the digitization of assets. Currently, VET is trading at $0.0088 against the US dollar and if this momentum sustains, the VET price could soon reach $1 territory.
Will Vechain Ever Reach $1?
It is very unlikely to predict an accurate estimated growth rate of Vechain but given the successful ascending trajectory of its price, we are in a position to anticipate a positive value in the future. Among all the virtual currencies that gained value in the crypto market, VeChain (VET) remained prominent by adding in price significantly.
According to experts and technical analysis signals, if VeChain manages to maintain its price trajectory, it can go as high as $0.05 in near future. According to the co-founder of Blockfyre Simon Dedic, VET would experience an increase of approximately 14,000 percent and reach $1. Although he did not give any timelines, so it can be in the near or far future. However, this is only possible if Bitcoin reaches $150,000, which may take some time.
In the longer run, VeChain price predictions are overly optimistic and are believed to reach around $70 in five years. This is only possible if things keep going uphill in an ideal scenario.