- VeChain hits new 2020 high in the recent rally
- The digital asset broke its major resistance position
- VeChain’s collaboration with Bayer is responsible for the recent hike
VeChain News Today – the price of VeChain (VET) recently recorded a surge that allowed it to move to a new YTD high position. It also managed to break a major resistance area. What sparked this recent rally for the coin is still unknown, although there have been many positive developments within the network. The project recently teamed up with pharmaceutical giant Bayer China.
VeChain got a positive review from Early Metrics as well. VeChain is currently the 24th largest crypto project by market cap. Its market cap reached $591 recently after a major rally. The coin’s price has skyrocketed by 8.57% over the weekend. Which has allowed the coin to reach new highs via the YTD chart.
VET/USD Records Major Price Surge
The recent price rally initiated by VET allowed it to breach the major resistance position at $0.01. $0.01 is reportedly the same level that it tried to surpass only one month ago. Precisely June 12. At the time, the position was VeChain’s new YTD high point. However, at press time, it has now been surpassed. The price of VET has replaced that major resistance with its current price of $0.010660. The main reason for the recent price surge of VeChain was initially unknown.
Although the price rally curiously came following one recent Early Metrics’ review of the VeChain project. The report investigatedinvestigated the project’s potential as a reliable entity. In the end, it led to much praise of its technology. The rating firm named VeChain as one of the fastest-growing digital currency networks. It gave VeChain many positive reviews in terms of growth logic, market position, operational implementation, and much more. VeChain is undoubtedly up there among the best in terms of development.
VeChain’s Collaboration With Bayer May be Behind its Recent Good Fortune
While such praise is highly welcome, helpful, and wholeheartedly appreciated, it isn’t the main reason why the price VET saw a serious price increase. Recall that the Blockchain project also powered Bayer China’s drug traceability platform recently. Bayer is reportedly one of the biggest pharmaceutical firms around the world.
This is probably the real reason behind the price of VET rising in recent weeks. Especially in an era where traders expect major digital asset firms and projects to use Blockchain tech. Any project that has a solid reputation, and major partners, plus many positive reviews, like VeChain will likely attract attention. They will potentially be able to team up with the major players. This would likely launch the coin’s price. And as expected, buyers will increase the coin’s value.