Vechain [VET] rockets past expectations – witnesses more than 70% surge

The week started out to be a traumatic one for all the cryptocurrency enthusiasts in the market. The main reason being that the price of the coins in the market hit its lowest for the year and the altcoin dominance saw a steady decrease while Bitcoin [BTC] dominance saw an increase. This also led to a gigantic dip in the cryptocurrency market capitalization as it touched below $200 billion and more than $20 billion was wiped off the market.

On the contrary, the fag end of the week saw a polar shift in the price dynamic. All the cryptocurrencies in the market saw a marked rise yesterday. Although the rise was not marked as a significant rise for most of the coins, the top coin which turned out to benefit the most was VeChain [VET].

VeChain [VET] is the only coin among the top 20 to gain more than 70% in the past 24 hours. According to CoinMarketCap, at press time, the coin was also the biggest gainer in the past 1 hour with a rise of more than 14%. The coin was trading at $0.014 with a market cap of $825.54 million. On 16th August, the token shot up from $0.008 to $0.10 within an hours time frame. After the initial rise, the coin continued to rise in the market.

Moreover, Binance, the biggest cryptocurrency exchange platform in the world in terms of transactions, has the highest trading volume for the coin. The leading pair of the token on the exchange platform are Bitcoin [BTC], Tether [USDT] and Ethereum [ETH]. The trading pair with the highest volume on Binance is VET with BTC which is about $35,224,507.

Sven S. -Der Malaka, a Twitterati says:

“#VeChain #VET another 60+% up, the price doubled in the last 2-3 days … the magic of the crypto”

Van$hilla Ice, another Twitterati says:

“This makes waking up for a 9-5 job a lot less hard. The VETrain is on its way. I hope you got a ticket for this one.”

In addition, VeChain has also gone through substantial changes in the past few weeks. The VeChain X-Node binding services were closed and the VET token swap has been initiated by the team. The token also received support from LedgerHQ with X-Node binding. The VeChain team also released an optimized version of their source code.