VeChain (VET) Posts Records After Token Swap, Market Cap Crosses $1 Billion
After the latest market recovery, VeChain has posted new price records and is now looking at $1 billion market cap assets.
VeChain (VET)is seeing its price grow continuously, and the project already has a market capitalization above $1 billion. VET grew by more than 12% in the past 24 hours, reaching $0.018, or the equivalent of $1.80 for the old token’s price. But for VET, this position is yet another in a series of records, as the newly swapped asset went through a price discovery phase.
The Bitcoin (BTC) price is also on the increase, growing above 267 Satoshi over the past month, which places VET up among the better-performing assets. Since August 14, the VET price has almost tripled, sparking speculations of an end to the bear market.
In the meantime, VeThor (VTHO), the reward asset of the VeChain network, has lost around 90% of its value since it started trading, and is down to $0.003. Many believed VTHO had a higher potential to grow, as it was scarcer and more valuable, but for now, low-volume trading and incomplete staking have led to the asset’s slide.
With the latest developments, VeChain has a market capitalization of $1.03 billion, which places it at 17th on CoinMarketCap, and displaces NEM (XEM). VET has joined the “billion club”, as the NEM market capitalization sank below that range.
Additionally, the VET token swap has been completed on yet another exchange, namely Bitfinex:
https://twitter.com/bitfinex/status/1034423439912779776
VeChain is seen as one of the most bullish assets, especially given the relatively low market price. Even before the addition of VET to Bitfinex, the asset saw more than 44% of its volume set against Tether (USDT). With its relatively low price and a concentration on Binance, VET is an asset at risk for speculative or bot trading.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
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