Things continue to look rather bleak in the world of cryptocurrency as of right now. Most markets are still in the red, although we see a few altcoins pushing back. The VeChain usually does well in times of market adversity, and this time around is no different. With a solid 5.62% VeChain price increase, it is the first top 20 market to note solid gains over Bitcoin and Ethereum as of today.
VeChain Price Starts Mounting a Comeback
It is always interesting to see how altcoins perform when the going gets tough for Bitcoin. Although Bitcoin will remain the world’s leading cryptocurrency for quite some time to come, it is also facing stiff competition from a few altcoins right now. With the Bitcoin Dominance Index dipping slightly, it is evident things will get very interesting in this whole industry over the coming days and weeks. The VeChain price is an interesting example of how things can turn around rather quickly.
More specifically, the VeChain price is rising by over 5%, even though most of the top 20 markets are still suffering from losses as of right now. While it has become evident both Bitcoin and Ethereum are slowly recovering some of those losses, it will take a lot of momentum to send either of these markets into a bullish spiral. Until that happens, we’ll see the VeChain price – as well as the values of other top altcoins – surge against both Bitcoin and Ethereum.
Thanks to the 8.76% gain over Bitcoin and a stunning 11.52% gain over Ethereum, we are now looking at a VeChain price of $4.57. Although that is a lot lower than some people might like at this point, it is still more than solid for a currency which was worth less than $0.20 just a few months ago. A remarkable growth in the cryptocurrency world is not difficult to find, albeit it seems the top currencies struggle to note any sort of major momentum as of right now.
With just $159.88m in 24-hour VEN trading volume, VeChain is still a partially liquid market. Although this trading volume is still higher than a fair few altcoins ranked above VeChain in terms of market cap, it also shows breaking that $1bn milestone will be very difficult, if not nearly impossible. Even so, the overall VEN trading volume has been on the rise for some time now, which can only be considered to be a positive development for this currency.
The way things stand right now, Binance is still the go-to place for VeChain trading. The exchange has three of its trading markets in the top 7, with Bitcoin leading the way well ahead of Ethereum and BNB. LBank is in second place, although their volume is $22.6m behind Binance right now. We also see Huobi in the top six three times, which is rather interesting. All of their markets generate medium volume for VeChain right now.
For the time being, it remains anybody’s guess as to how the VeChain price will evolve in the coming hours and days. Given the volatile nature of all cryptocurrencies, anything and everything can happen in the blink of an eye. Reaching a VeChain price of $5 seems pretty much out of the question right now, although stranger things have happened in the past. For now, the profit taking takes precedence over waiting for another big jump, as that will not materialize until both Bitcoin and Ethereum hit their stride again.