A sudden spike in trading price and trading volume was seen in the past 24-hours. It is believed that recent developments in the FTX case is the reason for this price movement.
VeChain (VET) Token Price Analysis
VeChain (VET) token price has shown an impressive surge over the past few days, when writing, the token was trading at $0.02011 with an intraday surge of 7.17%. In the 52 weeks time frame, VET token price peaked at $0.03243900 and its lowest traded price was $0.01339000.
At publication time, VET token was trading above 20, 50, 100 and 200 days exponential moving averages. The MACD and signal line reflect bullish momentum. The RSI has entered the bullish region.
VeChain has a market capitalization of $1.465 Billion and its FD market cap is $1.747 Billion. A sudden surge in the trading price was observed in October and since then the surge has continued.
According to Vechainstats, the platform’s overall address count was 2,282,873 on Friday, November 3 at 14:20 pm ET. New wallet addresses on the VechainThor blockchain were up by 51,123 last week, while active wallets with transactions increased by almost 17,600.
Did VeChain Recent Alliance Backed VET Surge?
The VeChain network’s significant bump in wallet addresses and transactions in the past 24 hours comes as the platform announced a new partnership with Venum Brazil. The collaboration involves Venum’s incorporation of VeChain’s blockchain technology, NFTs and NFC into its apparel collection.
Why Crypto Token/Coins are Suring Suddenly
As per market analysts, a sudden spike in the trading prices of dozens of coins/tokens was observed after SBF pleaded guilty to wire fraud and other charges.
A slight boost in FTT token’s price was seen in the past 24 hours, and its entire market capitalization grew over 2.50%. Apart from FTT, VET, Dogecoin, XRP, Ethereum and some others also showed a 2-10% increase in the past 24 hours.
When writing, the global crypto market has a market capitalization of $1.30 Trillion with a 1.88% surge intraday. The total crypto market volume over the last 24 hours is $35.59 Billion, which suggests that a 24.83% decrease and total volume in DeFi is currently $4.09 Billion.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/04/vet-token-grew-7-17-intraday-crypto-market-cap-rose-1-88/