VeChain Now Up 938% Over Past 30 Days, Still Undervalued?
While a majority of investors’ favorite cryptocurrencies plunged on Thursday, VeChain continued to shoot up in value, now trading at $6.89 as of 12:30 p.m. CST. The cryptocurrency is now up 938% over the last 30 days from $0.57 per coin, reaching a market cap of $1.91 billion.
Source:coinmarketcap
VeChain is designed as a blockchain ecosystem for businesses and governments, but how it differentiates itself from similar platforms is that it actually takes the best parts of the Ethereum blockchain and combines them with its own radio-frequency identification (RFID) and Internet of Things (IoT) technologies. Basically, this is an amalgamation of the most transformative technologies in the world right now.
VeChain — Revolutionizing the Luxury Market
As part of its main application, VeChain uses RFID technologies and sensors to authenticate wines and luxury goods, providing a solution to fighting counterfeits. The platform has the capability to identify how the products are made and where they are from. This is just the “tip of the iceberg” in a variety of market problems VeChain is able to solve in the future.
Following its token sale, VeChain (VEN) is now considered by analysts as one of the most undervalued cryptocurrencies out there just for its revolutionary effects it could have on the luxury market. Its recent price jump is a testament to that.
Key Partnerships
What makes VeChain really intriguing right now is not how much its value has gone up, but it’s the partnerships that it has secured in a very short period of time, and these are quickly expanding. Current partners include:
PriceWaterhouseCoopers (Private)
Renault (OTCMKTS:RNSDF)
DNV GL
Healthcare Co. Ltd. (SHA: 603313)
BitOcean
This is not all. VeChain has been involved in national partnerships in China — It is now mandated to be the blockchain technology partner by the government for the Gui’an New Area smart city project. Its ambition in participating in national level projects is what drives the business forward.
Still Undervalued?
With its unique platform and the high-profile partners it has under its belt, there are legitimate reasons to believe that VeChain is still an undervalued asset. Wallet Investor has given VEN a one-year price forecast of $11.39. Many investors and analysts are still bullish on the cryptocurrency, with billionaire Jim Breyer showing major interest. Given that it still went up on a day where most cryptocurrencies are in the negative, combined with the China factor, VeChain still has room for growth.