VeChain (VET) Doubles Price in a Month on Chinese Optimism
Quietly, VET staged a rally to a higher valuation, as Chinese traders returned to pump a selection of altcoins.
VeChain (VET) stood out as one of the biggest winners in the past month. The asset moved up from $0.003 to $0.007, also doubling its price against Bitcoin (BTC) from the 40 Satoshi range to above 87 Satoshi.
VET is one of the assets that benefits immensely from the recent opinions of the Chinese government on blockchain adoption. However, skeptics remind that VET has been subject to hype in the past.
The network, which also pays out a VTHO asset for holding onto VET, has managed to withstand bear markets in the past and rise against trends. Another reason is that a lot of VET is locked within Masternodes. The VET circulating supply is just 55 billion coins, with more than 30 billion locked.
The recent price spike coincided with some “whale” sized purchases, activating volumes as well.
The rally expanded also after the news of a preliminary agreement with Walmart China for goods tracking and food safety monitoring. VeChain has always touted its achievements and partnerships, despite the still tentative use cases of blockchain for tracking supplies. But the project remains dedicated to development.
Hype piling up also boosted the trading of VeChain on Binance, where more than 54% of trades are concentrated. This means the behavior of VET recalls that of ChainLink (LINK) and Cosmos (ATOM), where Binance is a boost to price action. VeChain also has more than 56% of its trading activity happening against BTC.
The price of VeThor Token (VTHO), which predicts future usage, is also up more than 29% in a week, though slowing down in the past day, to $0.0006. Despite a long period of flat performance over nearly two years, VTHO is reviving in November.
The spike in VTHO and several other assets is still not seen as a signal of an altcoin season. However, the price of BTC has lagged sinte the end of October, stagnating and dropping while altcoins managed to rally.