Bitcoin is the most popular cryptocurrency in the world but it’s not the only one. With the crypto market gaining more popularity every day, there are new cryptocurrencies that are entering the market every now and then. In recent times, Bitcoin’s prices are breaking all records and reaching new heights, and other cryptocurrencies are also attracting more investors.
Many of us are already feeling that it’s time to look around and see if other cryptocurrencies can offer better returns in the near future. One such cryptocurrency is VeChain. Popularly known by the name of VET, VeChain is a new-age currency that comes with huge prospects. The currency is being discussed in the market due to its fast-paced growth and great potential in the future. Whether you are an investor in VET or if you are thinking about investing in VET, this article is for you. It contains the price predictions of the VET, which will likely help you decide whether you want to invest in this cryptocurrency or not.
What is VeChain?
Before you dive into the details, let’s first understand what it is, the technology it uses, and its current status in the crypto market.
Sunny Lu founded VeChain in 2015 as a subsidiary of Bites, which is the biggest blockchain company in China. It used to work on the Ethereum blockchain in its earlier days. In 2018, VeChain was relaunched with a new identity and a blockchain network.
The white paper of VeChain states that it wants to make the supply chain as transparent as possible by providing means for customers to track everything about a product. The product information includes a wide stretch of information ranging from its manufacturing to its delivery, including storage conditions, the temperature at which the product was kept, the means of transportation used, etc. The aim is to empower both product owners as well as customers by ensuring complete transparency of the information.
Now you must be wondering how it is made possible. The answer is smart chips or Radio Frequency Identification tags and sensors. These chips and sensors broadcast the information on the blockchain, which can be accessed by the users anytime.
VeChain already has a strong foothold in the industry, and the firm’s partnerships are making it even more noticeable. It has partnered with Jiangsu Electronics of China for the manufacturing of customized smart chips. Another big name that is associated with VeChian is the accounting firm PricewaterhouseCoopers.
VeChain uses the distributed ledger technology, which allows transparency and trust in every aspect of the business. As a customer, you will love it if you can access extra product information like where it is now, in which condition it has been stored, etc. It can be used in almost every business, and several companies have already collaborated with VeChain to use it. It will change the competitive scene and empower the customers by providing them with detailed information about the products they use.
When VeChain relaunched in 2018, the VeChainThor blockchain platform made it independent of Ethereum. There are two types of tokens that run on this platform – VET and VTHOR, i.e. VeChainThor Energy. Both tokens have different functions.
While VET is used to provide value to the transactions in smart contracts, VTHOR is used for using or uploading any information on the blockchain, i.e. the cost of using the blockchain is determined in terms of VeChain.
Ethereum operates on a similar model, but there was a problem. The user had to estimate the amount required for the transaction. If the estimate is wrong, the entire transaction failed. VET has overcome this problem as it allows Proof Of Work. The users can mine more VET if their initial estimate fails.
Current Status of VeChain
Currently, the currency is trading at $0.08231 with a market cap of $14,044,241,111. In the last one month, the prices have increased from 0.05 to 0.082.
It is very important to note that you cannot predict the future solely on the basis of past performances. There is a greater possibility that a currency that was skyrocketing may fall like a broken star. But it cannot be ignored altogether. If you look back to March 2020, the price was 0.0025, which raised to 0.009 in June 2020. In December 2020, the price was still 0.02, which was good. As of date, it is 0.08 and is expected to rise.
There is one more important factor that you need to consider and that is volatility. Every investor steps into the trading world or crypto world with an aim to earn the highest returns in the shortest period and that is completely possible. Earning higher returns in a bull market is possible, but there are high risks involved. Before you invest in any cryptocurrency, do assess its volatility. Now you must be wondering how volatility can be assessed. As the crypto market is expanding, so are the ways to maneuver it. CVI or Crypto Volatility Index is the tool that indicates the market volatility in the last 30 days. It will help you decide whether you agree with the fluctuations and want to invest in a particular stock or not.
As for 2021, there is an alt season predicted in 2021. Bitcoin is the king of cryptos, rules the market, and prices of altcoins are affected due to its price. Right now, Bitcoin is rising like crazy, and this phase will end with a fall. The Bitcoin prices are going to crash as per the pattern it has followed in the past. This is the time for the altcoins to shine. VET being an altcoin, is going to benefit from the price hike. The growing prices are already an indication.
VeChain Price Prediction: The Expert Opinion
The Crypto market is hard to understand for a newbie investor. It’s always better to refer to the expert’s opinion. Here is what experts have to say about the VET prices in the future:
They are crypto experts and regularly update their users on the cryptos. Smartereum believes that by the end of 2023, VET prices are going to touch $75. That’s huge.
Wallet Investor has a very pessimistic opinion about VET, and they expect to raise only up to $0.09 by 2025. They also expect a fall of $0.000001 in a year. The past predictions do not agree with this but let’s see what the future holds for VET.
Mega Crypto Price
Their forecast for VeChain is that it may reach $0.258 by the end of 2021. It is quite optimistic.
They expect VeChain to reach $2.58 by the end of 2021, while for VET, the prediction is $4.10.
The opinion of CoinSwitch is driven by the partnerships that the blockchain network is getting in with the big names like Renault and PwC. They expect it to become a leader in the supply chain space with its innovative thoughts. The price is expected to reach $0.38 in 2021. Experts also expect it to cross $1 in the future.
Overall, experts have a positive opinion about the VET. However, no one knows what is going to happen in the future. Experts assess VeChain’s strength is its partnerships.
The biggest partnership apart from Renault and PwC is considered to be with Travala.com, the large hotel platform with approx. 2.2 million hotels. VeChain is supposed to help Travala regarding its payment system. VeChain is also rumored to be working with luxury brand Givenchy, the giant in the luxury goods industry offering products like handbags, garments, etc. It is partnering to authenticate the goods.
Apart from PwC, VeChain has announced its partnership with another auditing giant, Grant Thornton Cyprus. Another partner of VeChain is China Animal Health and Food Safety Alliance (CAFA), which has several companies under its hand that will rely on VeChain in the future.
VeChain has also partnered with Amazon Web Services in 2018 to provide quick, secure, and reliable blockchain applications. It uses VeChain’s Blockchain-as-a-Service platform to help businesses build and deploy their blockchain applications.
If you are an investor of VET or want to invest in this cryptocurrency, the prediction of an alt season in 2021 makes it a good idea to trade VET. Being a new investor, if your strategies are incorrect, losing money is definite. So, it’s time to analyze the market and create strategists to reap maximum profit. Those who can see the change that VeChain can bring to the future are partnering with VeChain. Maybe it is an indication to invest in VET, though; you never know what is there in the future for VET.