VeChain (VET) tripled its price in 2021 as it inches closer to the $0.1 milestone. What’s next for VeChain in March, and should you consider buying some VET now?
Fundamental analysis: strong use cases push the price of VET up
VeChain (VET) is a blockchain-based platform that uses IoT and distributed governance to solve problems in the supply chain management ecosystem. The platform uses two tokens, VET and VTHO, to manage its VeChainThor blockchain.
The project already has many partnerships all across the globe, including car manufacturers BMW and Groupe Renault, or the likes of DNV, PWC, and BIOS. VeChain is one of the rare blockchains that has seen a fair amount of use, which made the VET bulls even more bullish. On top of that, solid market conditions and increasing demand for altcoins brought VET closer to the $0.1 milestone.
There are many public blockchain platforms out there claiming to be "next in line" to transform the world.. then there is #VeChain
— CREAMethod (@CREAMethod) March 1, 2021
Multiple billion dollar companies are already using #VeChain. $VET $VTHO $ADAhttps://t.co/7j80fbkoMP
VET posted week-over-week losses of 31.88%, outperforming both BTC‘s week-over-week gain of 25.31% and ETH‘s 19.73% gain. Chiliz is currently the 20th-largest cryptocurrency by market cap, boasting a value of $4.44 billion.
At the time of writing, VET is trading for $0.0685, which represents a price increase of 28.94% when compared to the previous month’s value.
VET/USD technical analysis: VET bears hiding, bulls not strong enough yet
VeChain’s VET token has been trending up ever since 1 March. The cryptocurrency currently shows no
