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VeChain Price (VET/USD)

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TYPE Crypto
GROUP Majors
BASE VeChain
SECOND
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Trading Feed
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About VeChain (VET)

VeChain is a type of blockchain platform that streamlines the flow of information and various business processes for complicated supply chains. Using Distributed Ledger Technology (or DLT), VeChain is meant to enhance the way the supply chain businesses are managed. This platform was initially designed as a way to handle some of the problems that come up in supply chain management, making business practices more transparent and efficient while at the same time lowering costs.

The token for the VeChain platform is also called VeChain (VET), and it facilitates the operations of the supply chain management technology. VeChain is used by several major companies for their supply chain logistics, including Walmart, LVMH, and BMW, which means the digital token is backed by real-world usefulness.

The VET coin is one of two coins on the VeChain platform, along with VTHOR. VET is used to vote for any changes to the protocol, ensuring user control of the platform. The VET coin also stores and transfers value. The reason for having two separate coins is to ensure that any volatility in the VET coin would not affect the viability of the larger network.

VEChain Breakdown

VET has a current volume of 1,032,175,040, with a market cap of 5.396 billion. It has already reached its maximum supply of 86,712,634,466 coins.

The VETcoin is ranked #23 out of all cryptocurrencies, making it one of the most traded cryptos. It retains its ranking and value partly because the token stems from the useful VeChain platform.

The VET price held fairly steady since 2018, until about the middle of 2020. Before then, it was a respectable but low performing digital token that had never moved past the $0.20 mark (VET/USD). The VET price has since skyrocketed, as has much of the cryptocurrency market.

Changes made to the VeChain protocol are decided by votes. VET token holders can cast their votes, but the value of an individual’s votes changes based on how much VET they are holding and whether they have any know-your-customer (KYC) credentials for the platform. This keeps users invested in the platform and ensures a healthy activity for the VET token.

VEChain History

In 2015, VeChain was founded by Sunny Lu. He had formerly worked as the Chief Information Officer for Louis Vuitton China, and this new venture started off as an arm of Bitse, the Chinese blockchain.

The initial VeChain token was called VEN but then rebranded in 2018 as VeChainThor (VET). It moved from the Ethereum blockchain to the VeChainThor blockchain. The platform initially existed as a way to challenge the way the supply chain industry works with greater transparency and more actionable data. It was poised to be an intermediary for Internet of Things and lead the way in dApps as well.

To accomplish all of this, VeChain partnered with PricewaterhouseCoopers and Renault, among others, improving the viability of its VET token along the way. Its anti-tampering technology made it a good fit for a number of businesses.

The VeChain price really took off in July of 2020, when it hit $0.17 (VET/USD) for the first time since 2018. It has stayed above that mark since then, proving its long-term viability.

The VET rate dived in April 2021 from $0.252 to $0.168. In May, the price went back up to $0.24 briefly before falling under the $0.18 resistance level, where it has stayed since then.

VEChain Price Factors

The VET chart is affected by many of the same factors that have an impact on other cryptocurrencies. These factors can include both economic events and changes related to the VeChain business.

The Economy

The massive spike that affected the VET price in 2020 was entirely economic. As covid-19 hit major world powers, governments released stimulus packages that funneled money into the economy. A lot of people who received these stimulus checks did not need them and were able to invest that money into promising financial ventures, including cryptocurrencies. The VeChain price benefited from stimulus checks, and the price has seen spikes almost every time the US government has sent out stimulus checks.

Business Factors

VeChain has managed to hold onto one of the top spots in the cryptocurrency market because of its viability as a blockchain platform. The VeChain Company has done quite well for itself over the years, thanks to key partnerships with major companies that use its technology to help with their supply chain needs and logistics.

Trading VEChain

VeChain can be traded on a number of different cryptocurrency exchanges, including Binance, but isn’t available on Gemini or Coinbase. It can be purchased directly from the VeChain website as well and stored in a digital wallet there.

When trading a digital asset like VeChain, there are inherent risks, particularly its volatility. The VeChain price can change drastically in a short period of time, as evidenced by its history. Because of the extreme volatility of cryptocurrencies, potential investors are advised to use proven investment tools like those available on FX Leaders.

To help people avoid losing a lot of money very quickly, it's advisable for investors to watch the VeChain chart and stay up to date on any news related to this digital asset. Investment tools can help them avoid making costly errors and guess with some accuracy the movement of the digital token.

VET can be traded between different cryptocurrencies on exchanges that offer multiple cryptocurrencies for buying and selling. It may also be cashed out in a local fiat currency, and VET is most often paired with USD for determining its value and tracking the VET price.

VET/USD - FAQs

What is VeChain?

The digital currency VeChain (VET) is one of two digital tokens on the VeChain platform. It holds no real-world value because it is not backed by a central bank, but its value is dependent upon the economic factors and the reputation and value of its proprietary platform. A lot of VET’s value is driven by the supply chain technology of the VeChain protocol.

How can I trade VeChain?

VeChain can be purchased on the VeChain website as well as on several cryptocurrency exchange platforms including Binance. VET can be traded between other cryptocurrencies or stored until the owner is ready to cash out or trade the digital token.

How can I store VeChain?

VeChain can be stored in a digital wallet on the VeChain website or on the exchange where it was purchased. These digital wallets do not protect the value of digital coins, and the VET rate can change while it is in storage. The price could go up or down substantially, and while the number of tokens in the wallet would stay the same, their value on the cryptocurrency market could have changed drastically.

What can I buy with VeChain?

VeChain is used primarily to trade with other cryptocurrencies, buying them at a low rate, ideally, in order to make a profit. Buying VeChain tokens can also increase an individual’s influence on the VeChain platform, giving them more voting ability to make changes to the protocol.

Is it legal to buy VeChain?

Most countries do not prohibit the buying or selling of VeChain and other cryptocurrencies. Some countries prohibit the use of cryptocurrency for buying and selling goods or services, including Russia, China, Vietnam, Bolivia, Ecuador, and Colombia. However, Bitcoin may be allowed as an investment in Russia and a few other countries that have placed some restrictions on cryptos.

Is VeChain regulated in the UK?

The only current regulation for the chain or any cryptocurrency within the UK is in regards to money laundering. There are new laws being developed by UK lawmakers that may have an effect on cryptocurrency in the near future, so its status as an unregulated digital currency could change in the near future.

What are the risks in trading VeChain?

Trading with any kind of cryptocurrency is inherently risky because these digital currencies are known for being very volatile. They don't benefit from the backing of a central bank, which means that any kind of impact on the economy or the reputation of the business that owns the digital token can severely affect the token’s value. It is very easy to lose a major cryptocurrency investment due to unexpected and sudden change in the market, and that means it is also possible to enjoy a huge windfall in the same market.