VeChain (VET) hits new 2020 high during the recent rally

Written by: Ali Raza
July 4, 2020
  • VeChain (VET) recently saw a price surge that allowed it to hit a new YTD high, and break a major resistance.
  • It is unknown what sparked the rally, although there has been plenty of positive development surrounding VET.
  • The project teamed up with Bayer China recently, and it got a very positive review by Early Metrics.

VeChain (VET), currently 24th-largest cryptocurrency project with a market cap of $591 million, recently saw a major price rally. The coin’s price skyrocketed by 8.57% this Friday, July 3rs, finally allowing the coin to hit a new high on its YTD chart.

VET sees major price surge

The new rally allowed VET to breach a major resistance level at $0.01, which is the same level which it tried to surpass less than a month ago, on June 12th. At the time, this was the token’s new YTD high, but now, it was surpassed and VET replaced it with a current price of $0.010660.

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The reason for the price surge remains unknown at this time, although the rally curiously came after a recent Early Metrics’ review of VeChain. The report investigated the project’s potential as a startup, which resulted in the praise of its technology.

The rating agency named VeChain one of the fastest-growing startups, and it viewed it with a lot of positivity in terms of growth logic, operational implementation, market positioning, and more.

VeChain teams up with a massive pharmaceutical firm

However, while such a praise is certainly welcome, helpful, and undoubtedly appreciated, it is not the only potential reason why VET saw a price increase. The project also recently powered Bayer China’s drug traceability platform, which is one of the largest pharmaceutical companies around the globe.

All of this likely contributed to the VET’s rise together, especially now, when traders expect major firms and projects to start using blockchain technology. Any projects with such a solid reputation, major partners, and positive reviews, is likely to attract attention and team up with major players. That would undoubtedly launch its coin’s price, and by expecting that, buyers are increasing the coin’s value themselves.