VeChain Analysis: What to expect from VET in 2020?
VeChain was long considered one of the hottest cryptocurrencies. The project exists since 2015, and the current goal is to score above all with actual applications and partnerships. After positive news and new announcements made the round in the last weeks, VeChain is again in the spotlight. Well-known customers and partners like PWC, BMW, LVMH, or DB Schenker use the services of VeChain.
VeChain is one of the leading blockchain platforms for companies. In comparison to many other projects which have been on the market for a long time, the team around VeChain has actually managed to convince established companies to use VeChain Blockchain.
Independent of the real performance, the following is clear: VeChain has a real application purpose, real partnerships and solves existing business challenges.
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VeChain price analysis
The price of VET share from September 2018 until March of this year has been in an absolute downtrend. While in September 2018 the project was still quoted at a price of $0.019, the VET price in March this year was just $0.0025.
The project, therefore, remained under the radar for a long time. In the period from August 2018 to March 2020, short-term successes and newly established partnerships were able to give the coin a slight boost. However, the big break from the negative trend failed to materialize for a long time.
In March of this year came then the break-in with all cryptocurrencies. All the same whether Bitcoin, Ethereum or evenly VeChain (VET): High two digit exchange losses shift the market into a deep red.
VET course: Over 400% growth since March 2020
It will be particularly exciting to see how VeChain has recovered from this low point.
After it came with nearly all cryptocurrencies to substantial corrections, many investors used the opportunity to buy undervalued Coins. The VeChain share price recovered enormously well in the period from March to June.
In the period from June to July VET rose again. In August this year VeChain reached an annual and at the same time all-time high with a price of $0.021.
Partnerships and real application
One of the great strengths of the project is its actual use for real existing challenges. If fundamental aspects of a project are right, the price will follow in the medium to long term.
Well-known customers and partners like PWC, BMW, LVMH or DB Schenker use the services (for example Blockchain-as-a-Service) of VeChain.
What to expect from VeChain?
Just in the last weeks, VeChain has announced some new products and partnerships. For example, with Grant Thornton Cyprus the project could win another auditing company and management consultancy as a partner.
In addition to the strategic partnership with PwC, the recently announced partnership with Grant Thornton Cryprus ensures further trust and above all an increased reach.
Based on the partnerships, it can be seen above all that the project covers a wide range of industries. Whether it is the automotive industry, retail, luxury goods, pharmaceutical industry, logistics or agriculture – VeChain can score with its solutions in many areas.
A current example is an entry into the so-called China Animal Health and Food Safety Alliance (CAFA). The organization comprises several hundred companies, which will rely on VeChain’s blockchain in the future.
This is what the public statement said: ”All members of the alliance will, with the help of VeChain ToolChain™, store the most important processes in the production of food on the unchangeable and safe Blockchain of VeChain. Thus we guarantee all end customers safe, high quality and healthy food with a transparent origin.”
(Featured image by Hitesh Choudhary via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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