The price of the vechain (VET) has exploded by 30 percent on Thursday, highlighting a general recovery that has increased the cryptocurrency capital cap by more than $ 5 billion in the last 24 hours.
The cryptocurrency, which serves as the intelligent token native token and VeChain's blockchain focused on supply chain management, had traded below $ 0.008 during the early morning hours of Thursday, but began to rise upwards shortly after 7:00 UTC.
By 8:00 UTC, the vechain had crossed the threshold of $ 0.10, and the token rose to $ 0.012 during intraday trading before returning to a current value of $ 0.01 on Binance.
Even after the wave, however, the VET is still down 7% against the dollar in the past week. However, this makes it one of the best performing altcoin ranked in the top 100, with seven-day returns comparable to monero (XRM) and classic ethereum (ETC) – this last one took a major impetus due to the its forthcoming listing on the giant of cryptocurrency exchange Coinbase.
Vechain now has a market capitalization of 571 million dollars, bringing it to 20th place in the ranking of cryptocurrencies. The token is now about $ 74 million zcash classified 19.
Vechain's trading is overwhelmingly centralized on Binance, the world's largest cryptocurrency exchange. At the moment, Binance's VET / BTC, VET / USDT, VET / ETH and VET / BNB pairs represent about 92 percent of all vechain business, while the rest is distributed among smaller platforms such as LBank, Gate.io and Kucoin.  price vechain cryptocurrency "width =" 898 "height =" 324 "srcset =" https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/vechain-price-cryptocurrency- aug16 .jpg 898w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/vechain-price-cryptocurrency-aug16-300×108.jpg 300w, https: // 248qms3nhmvl15d4ne1i4pxl-wpengine. netdna -ssl.com/wp-content/uploads/2018/08/vechain-price-cryptocurrency-aug16-768×277.jpg 768w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018 / 08 / vechain-price-cryptocurrency-aug16-640×231.jpg 640w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/vechain-price-cryptocurrency-aug16-360×130. jpg 360w "sizes =" (maximum width: 898 pixels) 1 00vw, 898px “/>
There seems to be no specific organic factor to drive the rally.
Kucoin reopened deposits and withdrawals following the token exchange mainnet vechain, but – since Kucoin is only the 58th – last trade and the IFP are quoted on several larger platforms – it is unlikely that this announcement caused such a profound change in the price of vechain.
Absent any clear initiation, it is likely that a significant part of the rally can be attributed to a pump-and-dump.
Close-up image of Shutterstock.
Follow us on Telegram or subscribe to our newsletter here.
• Join the CCN crypto community for $ 9.99 a month, click here
• Do you want exclusive analysis and in-depth analysis encrypted by Hacked.com? Click here.
• Open positions on CCN: sought-after full-time and part-time journalists.