After a strong Saturday, the global market has dropped by over 10%. Bitcoin (BTC) is down 8% to US$11,500, and over 75% of the top 100 coins have also declined against Bitcoin in the past 24 hours.
However, there are a handful of strong contenders that have overcome this dip. Among these are Waltonchain (WTC) and VeChain (VEN). VEN is up 2%, currently trading just above US$8, or just under 70,000 satoshi. WTC is down by a meager 2% and trading around US$29.
Today’s performance of both coins is emblematic of their sizable gains recently, even in the wake of the major bear trend over the past week. Both Walton and VeChain strive to utilize their blockchain infrastructures to enhance performance and efficiency for businesses.
Waltonchain offers revolutionary technology that combines blockchain architecture with RFID technology. Waltonchain claims to have created a “Value Internet of Things” ecosystem where RFID hardware is combined with blockchain software to create a highly secure, fully traceable, and counterfeit-resistant approach to supply chain management.
VeChain, like Walton, provides solutions meant to revolutionize commerce and aid businesses. Unlike WTC, however, VEN is geared toward aiding consumers by providing quality assurance and verifying that products are genuine.
Since the beginning of December, WTC has appreciated over three times from just over US$7 to its recent high of over US$30. VEN has proven far more impressive, seeing growth of over 31x, from US$0.25 to its current price of US$8.09. The recent VeChain surge has also elevated the coin to new all-time highs. Just today, the coin appreciated to a record US$8.31.
Both coins have risen exponentially since their inceptions, as more and more investors recognize the potential behind these China-focused cryptocurrencies. While both provide impressive technology, much of the value is likely due to speculative purchases in response to monumental partnerships. Both coins have countless top-tier partnerships involving billion dollar partners. Most significantly, both coins are partnered with different divisions of China’s government – Waltonchain with China’s Mobile IoT Alliance, and VeChain with the state-owned China National Tobacco Corporation.
Vechain currently ranks #20 on CoinMarketCap, with a market capitalization of almost US$2.25 billion. Waltonchain sits at #43 with a market cap of over US$700 million. While both coins have grown dramatically from prices in the pennies, they both have the potential to have even more explosive futures. If the coins’ teams can carry out the objectives outlined in their respective road maps, both have legitimate opportunities to enter the crypto top 10.