VeChain (VET) appears to be headed for a promising future as the digital currency has recently shown a positive trend reversal. This draws a lot of attention to what the project can achieve in November.
After eight days of declines, the VET price reached a low of $0.021. However, the downtrend was broken, with VET rising 2% to a value of $0.022 at the time of writing.
The optimism around VeChain is further fueled by the recent rise of Bitcoin (BTC), which has risen above $71,000 for the first time in a long time. VeChain can benefit enormously from the enthusiasm surrounding BTC. Analysts predict strong growth for VET if Bitcoin’s rise continues. Should Bitcoin break its previous all-time high (ATH) of around $74,000, there is a good chance we will see new highs for VET as well.
A new all-time high for VeChain?
Analysts at the crypto exchange Changelly predict that VET could rise 10.5% by the end of November. While this may seem like modest growth, it means that a $1,000 investment can grow to $1,105 in just one month. If the Bitcoin price continues to rise, VET could increase even further.
In the longer term, VET could even break its all-time high of $0.28. If this happens, it would mean an increase of at least 1,172%, which would grow a $1,000 investment to as much as $18,020.
Unique use case of VeChain
VeChain distinguishes itself from many other crypto projects by its focus on supply chains. The platform allows companies to track and transparently manage their goods using blockchain technology. VET tokens then allow users to conduct transactions and verify data.
Source: https://newsbit.nl/vechain-herstelt-en-kan-in-november-sterke-groei-boeken-door-bitcoin-rally/
