VeChain (VET): Does this recent bump in prices across the cryptocurrency signal an upcoming bullish momentum in Q4? Few tend to think so after the market witnesses, for first time since December, cryptocurrencies hitting the 100% increase in price across a bullish trend. Bitcoin is 1.1% up, Ether 3.2%, XRP at 7.65% and the shock across the board, VeChain, ticker symbol VET, is up 42.52% in the last 24 hours.
In the world of cryptocurrency, the price volatility works either against you or for you as an investor. A typical representation of the saying “when it rains it pours”. Since Bitcoin price shot back above $6,000 on August 15th after a short moment of massive selling, VeChain (VET) has seen its price rise from $0.007118 USD to over $0.014686 USD today. The 100% increase in VET price against the dollar has seen an increase in mentions of the coins on various social platforms pushing the demand higher.
The world’s leading enterprise-level blockchain solution provider, VeChain Foundation has continued to rise after its migration to the VeChain Thor main network, mainnet. Shortly after the rebranding and migration of VeChain, the company partnered and adopted BMW. The latest move by the Chinese government to adopt the blockchain to solve vaccine tracing problems, has pushed the coin further up in price and value.
Vaccine traceability IoT solutions in China
Earlier in the month of August, the VeChain Foundation posted a blog post announcing their interaction with some of the Chinese government agencies to deploy scalable and efficient IoT to improve systems. The latest partnership with the food and drug agency comes as the increase in storage disasters and wrong vaccination cases poses a great challenge for China’s government health industry.
The highly sensitive IoT devices from VeChain (VET) blockchain solution aims to enable the users to capture and record data to be stored on the mainnet, VeChain Thor. This data is involved in the vaccine manufacture and transport operations of these vaccines from the manufacturers, storage facilities, cold chain distribution, hospitals, and to the patients. The platform allows the vaccination process to be efficient and prevent the confusion seen by giving wrong vaccination or poor storage systems. Built on an immutable blockchain platform, these records remain in the system and cannot be changed or tampered with.
China has long been known for its hostility against the blockchain projects that have been started in the country. Nonetheless, this acceptance of VeChain blockchain solutions to solve the problems in sectors of China’s economy spells hope for these technologies.
Is a $0.02 mark possible in 2018?
The recent 100% increase in price of VeChain (VET) to trade above the $0.014 USD mark places the coin in the top 20 positions at 19th according to Coinmarketcap. The soar in price has in turn increased the market cap of VET to $800,541,066 USD with the highest daily volume recorded on top exchanges since migration to the market at $85,495,224 USD. Will we see the coin break the $0.02 mark in the coming months? This recent consideration by the Chinese government should be a sense of bigger partnerships to come.