VeChain has been at the fore of cryptocurrency news recently. Rightly so, at the time of writing, VeChain resides in 17th place according to CoinMarketCap with a total market capitalisation of $1,497,813,695.00. VeChain is of course a growing project, not too long ago the team also announced their involvement in a mobilities project named MOBI, and of course, a huge partnership with PwC Hong Kong and PwC Singapore. In short, the future is very bright for VeChain.
We wish to track back and take a look at how positive markets have affected VeChain in the past. Notably, during the cryptocurrency boom in December, VeChain made movements from average prices of $0.50, up to an all-time high of $9.45, narrowly missing the prime $10.00 spot. Granted, the current progression of VeChain won’t see it reach $10.00 just yet, nor should we expect to see a percentage increase in the thousands anytime soon, but, based on the performance of VeChain and three more recent market surges, it’s not bad taste to assume that VeChain could breach $6.00 soon enough.
Importantly, we should note that at the time of writing, VeChain is valued at $2.74. A 136% increase today, would see VeChain reach $6.45. You might ask, where does this 136% figure come from, it seems pretty random? As a matter of fact, it isn’t;
Historically, VeChain has made three big upward surges (after the 2017 boom, we are discounting the initial surge as it is an anomaly). First off, we saw VeChain progress from a value at around $3.95, up to $9.45 (all-time high), this saw a percentage rise of around 139%.
Next, after a big retraction, we saw VeChain shoot up from a value around $2.98, to $7.07. Similarly, to last time, this saw a percentage increase of 137%.
Finally, and most recently, VeChain climbed up to $5.49, up from $2.35, in a percentage climb of 133%.
On average, that means, since the start of 2018, market surges have allowed VeChain to climb by 136%. Therefore, justifying my initial claim that VeChain could reach $6.00, with ease, should the markets allow for expediential growth in this way. Of course, we do expect a surge to happen, we just can’t be too sure when it’ll take place.
Overall, bear in mind that this is not investment advice. We are simply highlighting that VeChain could take on a rise of 136%. Based on the historical evidence, it is indeed likely that a market surge would push VeChain up to $6.00. The big thing to consider is both when and if that surge will happen. This is something that we are all expecting and indeed that we are all hoping for, yet realistically, we have no idea when it might occur and of course, we are unsure as to what sort of impact it will really have on the markets.
For now, just keep an eye on VeChain, it’s got a lot of promise at the very least.