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This year has been a tough sail for VeChain since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of VET.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for VeChain to reclaim its all-time high in 2023? Continue with the article to learn about VeChain price analysis and prediction by Coinpaper.
Read also: What are the (not so) different types of crypto tokens?
What is VeChain?
VeChain is a blockchain platform that aims to improve supply chain management and support blockchain-based business applications. The platform also has the ambition to become the leader in initial coin offerings (ICOs) and dApps. With the help of the VeChain network, manufacturers and customers can track the quality, authenticity, and storage temperature of any item throughout its journey from the factory to the consumer. To collect such data, VeChain uses tags and sensors that send information to the blockchain, where authorized users can access it. Its native token VET is used as a payment in VeChain's system, and also entitles holders to vote on protocol changes. There’s also another token called VTHO, which is primarily used to pay gas fees on the blockchain.
VeChain (VET) price
Currently, VeChain Price is USD. VET has a circulating supply of coins and a total supply of . If you are looking to buy or sell VeChain, Binance is currently the most active exchange.
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VeChain price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish VeChain 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see VeChain price at $0.026 to $0.038. On the flip side, a fading interest in the new meme coin may push the price of VeChain to $0.016-$0.011 lows.
VeChain price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to VeChain (VET) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of VeChain to climb as high as $0.052, with the more distant prospect of reaching $0.068 in 2024. The bearish scenario is likely to see VeChain (VET) trading between $0.037 and $0.029 in 2024.
VeChain price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our VeChain (VET) price analysis and prediction is based on pure speculation and observation of VeChain historical price movements.
Our VeChain 2025 price forecast expects VET to rally towards $0.079 and reach $0.11 by the end of the year. The bearish scenario would see VeChain at $0.056 to $0.042.
VeChain (VET) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for VeChain is neutral. In 2026, we expect VeChain to reach at least $0.15 before climbing higher to $0.19. In case of a bearish scenario, VeChain may fall to $0.091.
Is VeChain (VET) a good investment?
VeChain’s promise to integrate all business processes on one platform, thus greatly improving logistics, is indeed a solid use case. For that reason, VET token can be an attractive addition to your altcoins portfolio. However, keep in mind that investing in any cryptocurrency carries a high degree of risk, so make sure to do your own research before investing in VET.
Bottom line
Are you ready to invest in VeChain? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy VET from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created VeChain?
VeChain was created in 2015 by Sunny Lu, an IT executive and former CIO of Louis Vuitton China.
What was the all-time high for VeChain (VET) ?
The all-time high price of VeChain is $ on 2021-04-19
