VeChain [VEN] the only token in the Top 20 in green – Effect of VeChain Thor?
VeChain, currently ranked at 16th with a market cap of $2 billion was trading at $4.91 at press time. VeChain was the only token in the Top 20 coins (according to market cap) to be in green, gaining 6.51% in the past 24 hours.
Most of the VeChain trading happens through Binance with both a BTC and ETH pairing. VeChain was in the news a lot in between December and January after it went up by almost 37 times. On November 22nd, VEN was trading at $0.25 to a token and within just two months on January 22nd VEN hit its all-time high at $9.45.
Just four days ago, VEN was the biggest loser among the Top 20 losing close to 19% in value that week. The introduction of VeChain Thor, some analysts said, could propel the prices again. They believed that VeChain was already at its bottom and the prices could only go upwards from here.
Aaron Bell, a VeChain investor says,
“I’m happy to see when Bitcoin is going down, VEN is going up. Now this is what you call going against the trend. People are slowly believing in the philosophy. Very much possible that it will break through to the Top 10 soon”
VeChain is a token operating with a BaaS (Blockchain-as-a-service) system. The main agenda is to speed up transactions with transparency.
Michel Morgan, a veteran cryptocurrency investor says,
“The ungodly rise of XRP and VEN during the early part of Jan is what investors wait for. VEN like all other coins will be dependant on Bitcoin’s performance. The current gain is just temporary. Today there has been rumors that Bitcoin will dip to $10,400, if that turns out to be true then everything else will drop as well.”