VeChain (VET) Smashes 3-Month High With Stunning 14% Surge as Broader Cryptocurrency Market Stands Still

November 5, 2019 19:36 UTC
  • VeChain (VET) approaches $0.005 on Tuesday for the first time since Aug. 12.
  • VeChain co-founder and CEO Sunny Lu will deliver a keynote address at The Capital, an upcoming industry conference hosted by CoinMarketCap.
  • The broader cryptocurrency market consolidates slightly higher as the majors reported modest gains.

VeChain’s token value surged on Tuesday, reaching its highest level in almost three months after CoinMarketCap confirmed that the supply-chain management company will headline its upcoming industry conference in Singapore.

Although the news is two days old, market participants are finally catching wind of VeChain’s potential to gain more mainstream exposure at the inaugural conference. There’s no telling whether The Capital will be a hit or a failure, but the fact that it’s being hosted at one of Singapore’s oldest performing arts venues is a good indicator that people are interested.

VET Price Surges

The value of VET on Tuesday peaked at $0.004940, its highest in almost three months, according to CoinMarketCap. The coin has gained nearly 14% over the past 24 hours, far outpacing most other cryptocurrencies.

By comparison, the broader cryptocurrency market appreciated by just 1% on Tuesday.

VET also outperformed bitcoin (BTC), gaining 12.7% against the flagship cryptocurrency to trade at 0.00000053 BTC.

VeChain is outperforming the broader cryptocurrency market when measured against the U.S. dollar and bitcoin. | Chart: coinmarketcap.com

At current values, VeChain has a total market capitalization of $271.8 million, where it ranks 31st among active cryptocurrency projects. VET’s value has appreciated 22% this year. The token peaked north of 0.0075 in early April.

Sunny Lu to Deliver Keynote Address at CoinMarketCap Event

CoinMarketCap is hosting The Capital, its “inaugural global event,” in Singapore next week. | Image: shutterstock.com

VeChain announced earlier this week that co-founder and CEO Sunny Lu will deliver a keynote address at CoinMarketCap’s upcoming conference in Singapore. Nov. 12-13. His speech will delve into the real-world utility of blockchain technology, focusing on VeChainThor’s integration with Fortune 500 companies.

Lu’s name appears alongside other influential people from within the crypto community, including Binance’s Changpeng Zhao, Peercoin founder Sunny King and Jeremy Allaire of Circle. Paul Atkins, the former commissioner of the U.S. Securities and Exchange Commission, is also listed as a keynote speaker.

VeChain aims to disrupt the multi-trillion-dollar supply chain management industry through blockchain technology and IOT integration, which allow manufacturers to assign and track unique product identifiers on the platform. The company has largely flown under the radar this year but is widely regarded as one of the most promising blockchain startups.

VeChain’s growing list of partners include several departments within the Chinese government, Walmart, Haier, Group Renault and BMW. The technology being developed by VeChain can be applied to virtually any industry where supply-chain management is necessary.

Disclaimer: The technical analysis above should not be considered trading advice from CCN. The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in different cryptos but does not engage in short-term or day-trading.

This article was edited by Josiah Wilmoth.

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@hsbourgi

Financial Editor to CCN Markets, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi. Sam is based in Ontario, Canada and can be contacted at sam.bourgi@ccn.com