The majority of cryptocurrency markets are in a bullish state again today. VeChain is one market to keep an eye on, as the project has some prominent trading volume. There are significant improvements behind the scenes, too, indicating this uptrend may not be over just yet.
VeChain Price Rises Again
When the top cryptocurrency markets go bullish, all other assets will follow sooner or later. However, some altcoins can do their own thing, regardless of what Bitcoin or Ethereum dictates. VeChain is one of those currencies, as the VET price has been bullish for a while now. However, the monthly uptrend has not been broken yet, and there is still a 127% gain in the past 30 days.
Fueling this price explosion are the overarching market conditions, but also significant developments for VeChain. Additionally, the $1.2 billion in daily trading volume will help move things along. Thanks to solid pairings against USDT, BTC, KRW, and USD, it is relatively easy to acquire VeChain exposure these days. VET trades on the most prominent exchanges except Coinbase, although that situation may change in the future.
Further Push Into China
The technology that powers the VeChain ecosystem is rather adaptive. It can be used in a variety of settings and use cases. Targeting the multi-billion dollar Chinese pet food traceability market, for example, is one of the opportunities that has arisen. Although it may take a while to make inroads, the technology is useful for any Chinese pet food manufacturer looking to introduce transparency.
Moreover, China has shown a growing interest in blockchain technology over the years. Both regulators and consumers acknowledge there is a tremendous opportunity to explore. For pet owners, the extra transparency can help put their minds at ease. VeChain is in talks with multiple companies in the pet food industry to explore the opportunities. The VeChain ToolChainTM will play a crucial role in these proceedings.
The Mastercard Collaboration
In a somewhat surprising turn of events, VeChain and Mastercard are joining forces. Together, they aim to support the Asia Pacific Provenance project. While Mastercard is tapped for the payments side of the equation, VeChain will provide the technology to track goods. Blockchain technology can be used to identify and monitor the quality of goods, storage, temperatures, and even the transportation medium. Thus, numerous opportunities are ripe for exploration.
Growing Ecosystem of VeChainThor Partners
As an ecosystem that focuses on all types of businesses, VeChain’s technology is of great interest to many partners. More specifically, the VeChainThor solution is making inroads among third-party professionals, sustainability, retail, telecom, logistics, and other industries. With the help of over half a dozen research partners and community builders, there is a lot to be excited about.
More importantly, VeChainThor is now home to a handful of enterprise dApps. Again, a big step in the right direction, although there is always room for future improvements and more collaborations. It is refreshing to see partners leverage and build viable enterprise tools on a blockchain rather than talk about this technology’s opportunities. VeChainThor is an actively used network and will continue to be for a while to come.
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