Today is not the most exciting days for cryptocurrencies. With all prices still in the red or marginally in the green, the lack of excitement is very tangible. It would appear the VeChain price is noting some positive momentum today, as its value successfully surpass $5 earlier this week.
With all top cryptocurrencies stuck in sideways trading, one has to look beyond the top 10 every now and then. The first currency on the list to make any meaningful positive impact in this regard is VeChain. Its value has risen by 7% in the past 24 hours. Not the most impressive gain, but VEN holders will be pleased to see the VeChain price hit $5.36 during these somewhat boring trading times.
As is always the case, the VeChain price momentum tends to be somewhat erratic. More specifically, this altcoin has seen many ups and downs since the crazy end of 2017, but it appears the uptrend these past few weeks has been slow and steady. There have been some dropbacks as well, though, with the VeChain price hitting a low of $4.61 at one point.
Even so, the VeChain price has risen thanks to solid gains over both Bitcoin and Ethereum. VN gained 6.45% over Bitcoin and 5.55% over Ethereum. Both percentages are pretty impressive but nothing out of the ordinary either. Whether or not the VeChain price can remain at this level for long, remains to be determined.
With $113.1m in 24-hour trading volume, VeChain is doing what one would expect from a cryptocurrency outside of the top 10, There is sufficient volume to keep the price momentum going, but not necessarily enough volume to keep things going. Only time will tell how the VeChain price looks a few days from now.
Looking at the exchanges ranked by trading volume, Lbank is the place to be for VEN trading right now. It generates over 55% of all trades, indicating VeChain is not exactly the most popular currency in the world right now. Binance’s BTC pair and Bithumb KRW market complete the top three. An interesting composition, and one worth keeping an eye on moving forward.
Speculation is the name of the game in the cryptocurrency world. As such, it is safe to say the VeChain price is currently mainly driven by speculation and perhaps some manipulation on the Lbank platform. That is not necessarily a bad thing at this stage, but it’s not a solid basis for price stability either. It does provide some excitement on this otherwise dreary day.
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