Gauging the popularity of the many different altcoins cannot be done by looking at just one indicator. Thankfully, there are a lot of metrics at our disposal today. Based on those, VeChain is very likely to continue its bullish trend with ease.
VeChain is Heating up
Looking at the current VET price, it is evident that the past week has been very bullish. Becoming a very prominent asset in terms of market performance alone is not easy.
Continuing such a steep uptrend will often come at a cost sooner or later, but for now, that is not necessarily on the agenda just yet.
Several statistics are working in favor of VeChain and its ecosystem. Looking over the metrics provided by LunarCRUSH, there is green all over the board.
The only “downside” is how the bullish sentiment on social platforms has decreased by 1.8% compared to a week ago, but it is a minute change. Roughly 78% of the community still expect bigger and better things to materialize.
Speaking of social platforms, VeChain has generated plenty of buzz last week. Over 38,100 social posts pertaining to VET have been recorded. This is an increase by over 129% in just seven days.
Granted, the ongoing price rise will certainly have something to do with this particular trend. An ongoing increase in social contributors and engagement further confirms this uptrend.
Aiding the rise of VeChain is the news coverage. With a near 100% increase in weekly articles, it is evident that this altcoin isn’t being ignored. In fact, it is getting more attention than it usually does.
Part of this stems forth from ongoing developments behind the scenes, as well as several Reddit posts highlighting what is on the horizon.
Looking to the Future
In terms of blockchain development, VeChain is at the forefront of the entire industry. Key partnerships have been formed recently, with potentially more to come throughout the second half of 2020. All of that momentum will impact the VET price in one way or another.
Another interesting factor is the lack of overall volatility for VeChain. Despite noting a 72.4% increase in VET price, there hasn’t been all that much pushback from traders.
This is rather rare in the cryptocurrency space, which is notoriously volatile. Whether this hints at a proverbial calm before the storm, has yet to be determined.
Disclaimer
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
