Will VeChain (VET) Reach $1?

The VeChain, or VET cryptocurrency, is the VeChainThor Blockchain's native token. The chain, which seeks to assist businesses in developing Apps (blockchain-based software applications) that work with the Internet of Things, has recently received a lot of coverage.

VeChain is a blockchain-based network that keeps track of the truth at every point in the supply chain. It combines physical surveillance with Blockchain records to track real-world things from conception through delivery, reducing fraud and enhancing transparency.

High-end counterfeit items cost the luxury business $30 billion in 2017. That is why VeChain's anti-fraud technology is gaining popularity even in the crowded crypto space. It meets consumers' want for assurance that their purchases are authentic, and it aids businesses in achieving greater transparency during the manufacturing and delivery processes.

The native token of the VeChain network, VeChain Thor (VET), is a one-of-a-kind cryptocurrency asset designed to support an enterprise-focused system for supply chain management, traceability, and business process solution simplification.

VeChain's platform uses two tokens: VeChain Thor, which moves value throughout the network, and VeChain Thor Energy (VTHO), which works as transaction fees' gas, akin to NEO's Gas token or Ethereum's gas.

What is VeChain (VET)?

The VeChain platform uses distributed ledger technology to help retailers and consumers assess a product's quality and authenticity.

Sunny Lu founded the project in 2015 with the goal of creating a trustless and distributed business ecosystem platform that allows for transparent information flow, efficient cooperation, and high-speed value transfers. In some ways, this improves supply chain and product lifecycle management processes while also bringing Blockchain technology closer to the real world.

VeChai ToolChain, in particular, is a low-code blockchain-based software as a service (SaaS) platform that enables enterprise clients to construct and accelerate global digital transformation. Solutions are tailored to a company's specific requirements. PwC, Walmart China, and the BMW Group are just a few of VeChain's high-profile partners.

Smart contracts provide value to the token, VET. It means that VET will be used in decentralized application transactions on VeChain's network.

Through a unique blockchain-as-a-service (BaaS) paradigm, the VeChain project excels at enabling businesses to track their products and undertake quality assurance. It has the ability to save expenses for all parties involved while also making corporate collaboration easier and more efficient.

Global supply chain vendors, in particular, stand to profit from Blockchain integration because their systems frequently rely on tracking physical documents across siloed components of a transnational network.

There are five main sorts of participants on the VeChainThor platform:

All types of entities, including businesses, individuals, organizations, government departments, and regulators, are considered business owners.

Application service providers who assist business owners who lack the requisite human competencies to design and deploy necessary VeChai Thor Blockchain applications and services.

Enterprises or individuals capable of providing technical services to help business owners design and execute smart contracts in order to develop Blockchain applications.

Infrastructure service providers who generate and validate blocks to ensure the VeChai Thor Blockchain network's integrity.

The VeChain Foundation's members

The VeChain currency (VET) is used to carry value from smart contracts, which means that VET is utilized in transactions on VeChain'sBlockchain involving decentralized applications.

The VeChain Foundation has dispersed about 70% of VET tokens (including a fraction of burnt tokens) through various methods, including private sales, public sales, promotions, commercial partnerships, and marketing efforts.

VeChain (VET) Current Market Status

VeChain (VET) is currently trading at $0.03057, with a 24-hour trading volume of $100,684,755, according to CoinGecko. On the other hand, VET has risen by about 0.1 per cent in the last 24 hours.

VeChain (VET) also has a 72,511,146,418 VET circulating supply. VET is currently traded on Binance, Huobi Global, FTX, KuCoin, Bitfinex, Crypto.com, Gate.io, and MEXC, among others.

How Does VeChain Work?

VeChain's mission is to make it possible for any company to create new types of DApps.

The VeChain team produced a component called the VeChainToolChain, which is a software development kit to make it easier to create DApps.

Proof-of-Authority

To oversee the process of transactions between users being confirmed and published to VeChain's public ledger, VeChain Thor uses a consensus technique known as Proof-of-Authority (PoA). Users who validate and upload transactions to the Blockchainare known as Authority Masternodes. Individuals must stake a minimum of 25 million VET and provide identifying information to the VeChain Foundation in order to become a member. While using a PoA technique speeds up transaction processing, it has the drawback of requiring a central authority to inspect and approve individuals before they can participate in transaction processing.

Two Token Design

VeChain's software requires the use of two native tokens: VET, which is used for asset storage and transfer, and VTHO, which is used for Blockchain transactions.

This architecture intends to isolate the cost of network calculations from the price volatility of VET currency, allowing VeChain apps to charge predictable fees (since the VTHOR supply can be adjusted to maintain a stable price for transactions).

Miners receive VTHO fees for network calculations, similar to how the EthereumBlockchain uses ETH and gas. The more advanced the computation for a given application, the more VTHO is required. Finally, staked VET monies allow nodes to vote on network upgrades and are rewarded with VTHO per block.

Tokenomics

VeChain Foundation distributed around 133 million ERC-20 tokens to the community at the project's inception through private/public sales, promotions, marketing, and other methods. Including the burned tokens, this equated to more than 70% of the VET token. The Foundation plans to distribute these tokens in a variety of ways in the Future.

Roadmap

VeChain released the 2022 roadmap on their Twitter account in February 2022.

The NFT Market Data and NFT Marketplace are the most important aims for VeChain this year, where they plan to expand and develop their own NFT and NFT Marketplace. Another feature is the debut of their VCS Mobile App, which will keep you up to date on all things VeChain. The final feature is the launch of a Governance Token, which will reward all of their faithful users.

What Are the Risks for the VET Token?

While VeChain is a cryptocurrency that drives a network with revolutionary potential, it's critical to analyze significant dangers and the price before moving forward. VeChain is a relatively recent project, having been founded in 2015.

Furthermore, the PoA technique utilized in VeChainThor lacks blockchains' open, permissionless, and decentralized nature, raising the risk of centralization.

Is the VeChain Crypto a Good Investment?

Your specific circumstances and risk appetite will determine whether VET is a good investment for you. Cryptocurrencies are high-risk, high-volatility securities. Before investing, you should conduct your research and assess the level of risk you are willing to accept. Also, never invest money in an investment you can't afford to lose.

It's possible. VeChain had a strong year in 2021, but it is now selling at a significant discount to its all-time high.

However, you must exercise caution. Cryptocurrencies are incredibly volatile, and values can go up as well as down. You must conduct your research and never invest more money than you can afford to lose.

VeChain (VET) Price Analysis

VeChain (VET) was trading at an average price of $0.007 in 2018, according to CoinMarketCap. The price of VET in 2019 was roughly $0.003.

Until 2020, when it reached an all-time low of $0.001, this price stayed constant with minor increases. VET went on a positive run after this substantial price drop, reaching an all-time high of $0.27 in mid-year 2021. The market and price of cryptocurrencies are never stable due to their tremendous volatility. As a result, VeChain has steadily declined since its inception and is now trading at $0.05. When we compare the current price to the all-time high, we can see that the price has dropped by 81.04 per cent.

The VET currency began its journey in August 2018, and on April 17, 2021, it reached an all-time high of $0.28. VET had been trading for $0.134 just a week before, on April 10, 2021.

However, on April 25, the price fell to $0.156, and on May 23, it fell to $0.076. Given that the currency had just touched an all-time high 37 days prior, this is a significant decrease.

The VET price subsequently remained stable, fluctuating between $0.06 and $0.09 until August 7 2021, when it surged to $0.103, eventually reaching $0.156 on September 6 2021. The rise was short-lived, as the price fell to $0.0864 on September 29, 2021, reversing the trend.

It's now trading at roughly $0.053 (as of April 25).

With a market capitalization of $3.39 billion, VET is the 38th most valuable cryptocurrency. According to CoinMarketCap, over 64.32 billion VET coins are in circulation out of a total quantity of 86 billion.

According to CoinCodex's technical analysis, short-term sentiment on VET was unfavourable, with only two indicators flashing positive signs compared to 26 bearish signals.

According to TradingView data, the daily simple and exponential moving averages were showing sell signals, while the relative strength index (RSI) was at 36.76 on April 29. A reading of 30 or less on the RSI indicates that the market is oversold or undervalued. When the RSI falls below the 30 reference level, it is generally considered a positive indication.

We've listed our predictions for the next five years below.

VeChain (VET) Price Prediction 2022 by Top1 markets

In 2022, the price of crypto assets may climb slowly. VET is now trading at about $0.03 per unit. The company is quite enthusiastic and forecasts a maximum trading price of $0.18 for VET. The average price may be $0.15, with a minimum of $0.12. However, if the market continues to rise, VeChain's price might reach $0.20 by the end of the year.

VeChain (VET) Price Prediction 2023 by Top1 markets

In 2023, new alliances will propel VET to new heights. VeChain is on course to have another successful year as a result of it. We believe 2023 will begin on a positive note, with a price of roughly $0.25. However, the price will not remain stable, and it may fall to $0.20 in the year's first quarter. According to the maximum price, VET might trade at $0.33. If a bearish trend falls and the market falls, the VeChain Coin's minimum price might reach $0.22.

Top1 markets VeChain (VET) Price Prediction 2024

VeChain's Future looks bright, and the same might be said for 2024. The VET token may hit $1 this year. According to Top1 markets, the price of VET is expected to start at around $0.57 this year. Because of the market's unpredictability, the price may fall slightly in the second quarter. The average trade price is $0.89, with the highest price being $1.18. The maximum price is expected to drop slightly by the end of the year, hovering around $1.

Top1 marketsVeChain (VET) Price Prediction 2025

By 2025, VeChainis predicted to be a part of the Defi sector of the crypto industry. We estimate that VeChain will increase by 201.94 per cent from its current price of $1 to $2.01 by the end of 2024. VET's price could be valued at least $0.98, if not more, up to a $1.23 average trading price. If the market falls, the price of VeChain might drop to around $1.67 or even lower.

Top1 marketsVeChain (VET) Price Prediction 2026

Given how well VeChain's ambitions for market capitalization and Blockchain network acceptance are realized in the Future, the price estimate for VET in 2026 is extremely high. As a result, we believe VeChain's average price this year will be $2.13. However, the price may rise above $1.98, resulting in a profit for investors. Top1 markets expects that the maximum price will be quite bullish before the end of the year, reaching $3.70.

Will the VeChain Coin Reach $1 in Future?

The VeChain token was first released in mid-2017 at a price of $0.26, and it fluctuated until October 2017. During the overall crypto bull run from late 2017 to early 2018, it did, however, surge. During this time, VET climbed from $0.04 to $0.28. Aside from the bull run, the price increase was triggered by the launch of VeChainTHOR and the expansion of partnerships.

Prices declined from $0.28 to $0.10 in late 2018, and have since fallen further, currently selling at $0.03. Looking back at the history, will vechain reach $1? We are confident that the coin will continue to rise and even surpass its prior highs.

By the end of 2024, we expect VeChain (VET) to be worth $1. It will continue to increase from there, maybe reaching $200 by the end of the decade.

Possibly. None of the estimates we reviewed indicate that it will reach that level very soon, but Gov. capital believes it will be close in five years.

Forecasts, on the other hand, are not written in stone, so you'll need to do your study and be practical when it comes to investing and thinking forward.

Comparison of VET with BTC, ETH

Because the cryptocurrency sector is booming, more investors are contemplating cryptocurrency investments for their portfolios. But which cryptocurrency is the most suitable?

There are a few other significant distinctions between Bitcoin and Ethereum. 

"While Bitcoin aspires to be staid and stodgy, this feature makes Ethereum dynamic and expanding." The value of Ethereum comes from what its network can create, whereas the value of Bitcoin comes from what its network can safeguard.

Given their stronger fundamentals and longer track records than other cryptocurrencies, crypto investors frequently hold both Bitcoin and Ethereum. Despite their distinct positions, most observers agree that both will continue to drive the crypto industry for the foreseeable future.

The chart below compares the prices of Bitcoin (BTC), Ethereum (ETH), and VeChain (VEC) (VET).

The ETH, BTC, and VET trend is moving at the same level as the trend, as shown in the above chart. It means that if the price of BTC rises or falls, the price of ETH and VET rises or fall as well.

The Bottom Line

The VeChain token was first released in mid-2017 at a price of $0.26, and it fluctuated until October 2017. During the overall crypto bull run from late 2017 to early 2018, it did, however, surge. During this time, VET climbed from $0.04 to $0.28. Aside from the bull run, the price increase was triggered by the launch of VeChainTHOR and the expansion of partnerships.

Prices declined from $0.28 to $0.10 in late 2018, and have since fallen further, currently selling at $0.03. Looking back at the history of VeChain, we are confident that the coin will continue to rise and even surpass its prior highs.

By the end of 2024, we expect VeChain (VET) to be worth $1. It will continue to increase from there, maybe reaching $200 by the end of the decade.

We may say that 2022 will be a good year for VET due to continual developments in the VeChain network. As a result, VeChain's bullish price estimate for 2022 is $0.24807. The pessimistic VET price projection for 2022, on the other hand, is $0.0144.

Additionally, with the developments and updates to the VeChain ecosystem, VET's performance should soon allow it to surpass its current all-time high (ATH) of $0.280991. However, if investors believe VET is an intelligent investment in 2022, it might reach $0.2.