VeChain Among Top Performers, Price Doubles In a Month
After a parabolic rally that has brought vechain (VET) up among the top-performing cryptoassets over the past month, the coin today saw strong gains once again after correcting heavily on Sunday.
As of press time on Tuesday (10:25 UTC), the 26th coin by market capitalization, VET, was up by 15% over the past 24 hours, trading at a price of USD 0.0091 per coin, after reaching as high as USD 0.0094 earlier in the morning.
Today’s rally comes on the heels of what has been an exceptionally strong month for the Shanghai-based blockchain platform, with a gain of more than 100% over the 30 days. The price rally, which has taken shape of a parabola in June, corrected somewhat lower on Sunday, but has since gained in price again to its current level.
Furthermore, in the past 7 days, among the top 30 coins, VET is one of only three coins that have seen their price appreciate. VET has gone up 21% in the past week, while other two coins (maker (MKR) and zcash (ZEC)) are up around 2%.
The latest gains for the coin also come after major crypto trading platform Coinbase last week said it is “exploring the addition” of VET among several other cryptoassets. The peak of the current parabola-shaped market structure coincided with the announcement from Coinbase on June 11.
Besides the recent Coinbase listing, a report from the German Federal Office for Information Security (BSI) that became known last week may also explain part of the bullishness the coin has experienced as of late. In the report, VeChain was recognized as one of 8 blockchain platforms for its potential for practical applications in the field of supply chain management, as well as for its cooperation with “a high number of large companies.”
The gains today also happened on a strong day for the broader crypto market. Specifically looking at the coins currently being explored by Coinbase, including altcoins such as MKR, ren (REN), and siacoin (SC) - the majority are seeing gains in the range of 2% to 30% in the last 24 hours, as of press time, as well as high double-digit increases in the last week. Livepeer (LPT) dropped 8% in the last 24 hours, but it too appreciated over 35% in the last week.