VeChain (VET) Price Rallies 7% to a 1-Month High

Voyager
Voyager

The latest surge in the crypto market has helped numerous altcoins break out of multi-month downtrends that followed the Christmas market surge near the end of 2019.

One such coin, VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, is up 24% in the last week after breaking out of a 2-month falling wedge — a sign that a reversal is in the works.

VET is currently up 7.4% on the day to $0.004810 on $19 million in volume. The altcoin’s volume has steadily been on the rise over the last week, helping it to hit a 1-month high.

The News Hasn’t Been Bad Either…

While the breakout is likely driven by technical factors, the project’s recent appearance in a news segment on RAI1, a major Italian TV show that is viewed by millions daily, certainly didn’t hurt the altcoin’s momentum.

Prior to the latest rally, VeChain introduced a new tokenization system for its VeChainThor Nodes that allows for greater economic flexibility. VeChainThor nodes can now be represented by non-fungible VIP-181 tokens, allowing node holders to easily maintain and transfer their nodes between addresses, in addition to simpler integration of these nodes into third-party applications.

VET currently sits at a $266.6 million market cap, making it the 23rd largest cryptocurrency in the AltDex 100 Index (ALT100), a benchmark index for the 100-largest coins and tokens.

More: VeChain (VET) Introduces Thor Node Tokenization
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
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