THE price of VeChain has increased by more than 60% so far in 2021 – but investors will be hoping for another boost.
We explain what you need to know about the cryptocurrency – and how its price is expected to change in future.
But before we do, keep in mind that investing isn’t a guaranteed way to make money and you may actually lose all the cash quickly.
Cryptocurrencies are especially volatile, so their values can make large swings at no notice.
In other words, don’t invest more than you can afford to lose or into anything you don’t understand.
There’s scant regulation for cryptocurrency firms, so you won’t have protection in case things go wrong.
What is VeChain?
VeChain is a cryptocurrency and blockchain platform with an aim to streamline supply chain management.
The network has two tokens – the VeChain Token (VET) and the VeChainThor Energy (VTHO).
VET is the main cryptocurrency powering VeChain and can be used for holding, spending, sending or staking, Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun.
Meanwhile, the VeChainThor blockchain is built on existing technologies that the founders claim are created for achieving mass adoption.
VeChain launched in 2018.
What’s the price of VeChain?
The price of VeChain is currently sitting at $0.1186 – down by just over 1% over the past 24 hours, according to CoinMarketCap.
In comparison, it hit its highest ever peak on April 18 when it reached $0.2546.
Meanwhile, it was worth just $0.01878 at the beginning of 2021 on January 1.
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
VeChain price predictions for 2021
Whether the VeChain price will increase or fall in future isn’t possible to know for sure, but experts and investors have still made predictions.
Just make sure to take them with a pinch of salt, as they’re not guaranteed.
According to the sites, investors hoping for a $1 value will have to wait for a long time.
For example, WalletInvestor has set a one-year forecast for VET of $0.249 and a five-year forecast of $0.716.
Meanwhile, CoinPriceForecast expects VeChain to hit $0.16 by the end of 2021 and just $0.64 by the end of 2033.
Plus, LongForecast predicts the token to reach a range of between $0.23 and $0.29 in 2025.
The cryptocurrency markets are affected by a wide range of factors, including regulatory crackdowns and comments by high-profile individuals including Elon Musk.
Mr Jobson added that the “acid test” for VeChain is whether it’ll get enough capital to flow through the token – and in, turn drive up its price.
He said: “To achieve this, adoption to the VeChainThor blockchain needs to pick up and fast because there are similar cryptos on its flank seeking to eat its lunch.
“The workings behind VeChain, like most crypto, are difficult to understand and the crypto represents high risk.
“Whatever your approach to risk, crypto currency should be treated with caution.”
Danny Butler, investment specialist at Finder, added to The Sun: “VeChain will largely be led by the performance of Bitcoin which continues to dictate the price of altcoins.”
Big-name partners such as PWC and BMW have also backed the vision, which could boost its price in future.
However, VeChain may be hurt by the continuing influence of government and bank regulations, he said.
Mr Butler added: “There’s also the threat of much larger, traditional tech companies such as IBM and SAP creating similar blockchain technology which could squeeze VeChain out of the space and ultimately impact the price.
We also reveal price predictions for 2021 for other major cryptocurrencies including Ethereum, Dogecoin and Cardano.
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