There is a renewed global attention on all cryptocurrency markets as we speak. So far, this momentum has yielded some positive dividends for most of the top currencies. The VeChain price, for example, has risen by a solid 18.39% over the past 24 hours. Thanks to these gains, the VeChain price now sits at $5.18, which is a solid improvement compared to just a few days ago.
VeChain Price is Moving up Swiftly
With all cryptocurrency markets turning green again, there is a lot of positive momentum in the overall industry as of right now. As we have we seen in the past, however, such momentum cna turn around rather quickly. With solid increases being recorded for the third day in a row, it would appear as if the entire industry is slowly recovering. Do not be fooled by this temporary reprieve, though, as it is possible we will see some wild volatility over the coming weekend once again.
Even so, the VeChain price is noting some solid growth over the past 24 hours. Thanks to an 18.39% increase in USD value, the VeChain price is back above $5 for the time in nearly a week. With this value of $5.18, things are looking pretty good for this altcoin, even though nothing has been set in stone as of yet. Things are always subject to change in the world of cryptocurrencies, and the VeChain momentum may effectively turn against the coin at any given moment.
It is also worth noting this VeChain price increase is the direct result of solid improvements in the Bitcoin and Ethereum department. More specifically, the VEN/BTC ratio increased by 10.62%, whereas the VEN/ETH ratio improved by 12.97%. It is evident Ethereum is struggling a bit to follow Bitcoin’s price momentum right now, even though it seems to be a matter of time until everything explodes in value. When that happens, things will get quite interesting in the VeChain price department as well.
Thanks to $106.72m worth of trading volume in the past 24 hours, there appears to be some solid demand for VeChain as of right now. Although this volume may not necessarily be all that impressive, the current trend further confirms we may see the VeChain price increase a bit more in the next few hours and days. With this current market sentiment, anything can happen, but that doesn’t necessarily mean it will be a positive change in the future.
The way things look right now, LBank is the largest market for VeChain trading. Considering most people have never heard of this platform, that is rather surprising. Binance is also in the top three with both their BTC and ETH markets. Huobi takes spots 4 to 6 with their BTC, USDT, and ETH markets as of right now. All of this shows some interesting demand for VEN as of right now, even though that doesn’t necessarily mean things will remain this way. With just three trading pairs generating over $10m in 24 hours, the volume is not exactly impressive.
Whether or not the VeChain price will continue to increase in the coming hours, remains to be seen. As of right now, it seems we may have reached a glass ceiling for a day or two. If the market continues this uptrend, a new all-time high can be reached by March of 2018. That will mainly depend on how the Bitcoin price evolves, though, as that particular market is making some big gains without too much opposition. Rest assured that trend will not continue unabated for much longer.