With all cryptocurrencies going through a terrible weekend, the next week may prove to be very crucial. So far, it seems this Monday is off to a decent start, albeit it is still too early to get our hopes up. The VeChain price, for example, has noted a strong 21.72% gain over the past 24 hours, which is more than respectable given the current market sentiment.
VeChain Price Suddenly Turns Bullish
Even though all cryptocurrency markets are starting to show signs of recovery, the VeChain price is leading the pack as of right now. Thanks to a solid 21.72% gain over the past 24 hours, this altcoin is well ahead of all other “competitors” in the top 20. This major gain pushes the VeChain price back over $2.75 for the first time in a few days, which will be music to the ears of VEN speculators.
While such gains are pretty impressive, there is no real reason to get overly excited about short-term gains right now. Just last week, any small gain was immediately squished and turned into an ant loss. If this week proves to be different, there may finally be some course reversal for all cryptocurrencies. With all of the bearish pressure still visible across the markets, a positive trend may not materialize anytime soon, though.
It is also interesting to note how VeChain is gaining a lot on both Bitcoin and Ethereum. Thanks to a 15.94% gain in BTC value and an 18.87% increase in ETH value, things look pretty solid for the VeChain price right now. There is some negative one-hour chart momentum building for all markets, which may spoil the party before it even got started properly.
The 24-hour trading volume for VeChain is anything but impressive. With just $95.7m in trades over the past 24 hours, VEN is not the most liquid market by any means. On the upside, it is good to see the overall cryptocurrency trading volume rise to nearly $12bn again, after hitting single-digit billion figures last night. It is still a long way removed from the $30-40bn trading volume we saw in late 2017.
As of right now, Binance is still dominating the VeChain trading volume charts. The exchange’s BTC pair is clearly in the lead, with its ETH pair and BNB market all in the top seven as well. Lbank comes in second place, with Huobi taking up the three remaining spots. An eclectic mix of exchanges and trading markets, even though it remains to be seen how much liquidity all of these offerings will generate moving forward.
Whether or not the VeChain price can maintain this momentum, is very difficult to predict. If the previous weeks are any indication, this massive uptrend will cool off in a few hours as all markets go through another correction. Assuming that will indeed be the case, the VeChain price may drop below $2.55 in quick succession. All markets will prove intriguing to keep an eye on over the next few hours, as there may be some fireworks after all.