In this guide, we will voice our own and market’s opinion on VET future while discussing Vechain price forecast for 2021 and beyond.
Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a novel, highly volatile financial asset like VET.
Now, let’s head into it.
Before we delve deep into the Vechain price prediction and answer questions if Vechain is a good investment or not, why will VET succeed or fail or why will VET price rise or drop, let’s quickly throw a glance at what is Vechain and its to date history.
You can buy and trade VeChain on many exchanges including the leading platforms like Cex.io, Coinbase and Binance.
What you’ll learn 👉
VeChain is Asia-based project that is expanding its IoT and supply chain focused platform through the creation of the VeChain Thor network.
VeChain Thor’s goal is to be an enterprise geared blockchain ecosystem focused on governance and ease of use. The project plans to operate a native blockchain that will enable businesses to easily use various smart contract applications. VeChain focuses primarily on exchanging and storing data through the blockchain and has run live applications in the supply chain space.
Check out our guide on the best VeChain Wallets.
VeChain (VET) Roadmap for 2021
There is no official roadmap for VeChain, the only info you can find on their website is that 2021 is reserved for “VeChain Ecosystem Expansion”.
The Foundation wrote that its mission in the New Year is to “grow the transactions with business value and build infrastructure services around the VeChainThor blockchain to facilitate mass adoption.”
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VeChain will be focusing on enterprise applications and dApps for real-world business activities.
The Vechain Foundation intends to provide SDKs, developer documentation, tools and smart contract templates along with turnkey package templates.
These could be directed towards tokenized asset issuance, digital asset management wallets, and data storage.
It will also work towards expanding its partner network and help them become experts in VeChain technology.
Captain Altcoin’s Vechain Price Prediction 2021
VET, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, VETcan hope for one as well. Bitcoin usually has a cool-off phase after its mega bull runs and that is when the altcoins take over and have a field day with the bulls, often doubling or tripling their price within days.
With the pandemic breakout, the world was sent into hybernation for couple of months and it reflected negatively on the cryptocurrencies, sending bitcoin downhill as we witnessed even 40% daily losses. However, situation quickly stabilized and bitcoin as the flagbearer took the crypto market back up. We are in a major bull run since the summer and, if we are listening to the analytics from social media and journalistic desks, we are far away from its local zenith.
What this means for Vechain price in 2021?
As long as bitcoin is in the main role and pulling upwards, there is little room for VET to shine. It will, however, increase its USD denominated value thanks to the overall rise in crypto prices. Nevertheless, VET to BTC ratio will probably slump, possibly to all-time lows. This means that it is best to keep your funds in bitcoin until it reaches its provisional peak, opening the doors for the altcoins to enter the scene. Vechain will be among the top candidates to record big gains, as the money usually flows from bitcoin profits to bluechip altcoins and big cap coins before trickling down to the less known and smaller projects.
VeChain long-term price prediction
Finally, let’s lift our looks a bit farther and give a long-term outlook and Vechain price prediction.
As a result of ICO mania from 2017, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will VET be among those 5%?
Good probability of that happening.
First and foremost, VeChain has built a broad and ardent community that is more educated and patient than most of other “get rich quick” altcoin’s communities where holders only discuss price in a hostile and ill-bred manner.
The Vechain Foundation is very balanced in their approach to the 3 most important dimensions of every crypto project: technology development, forging business partnerships and community fostering.
VET has a chance to be one of the first broadly used blockchains in one of the most realistic use cases for a decentralized ledger: supply chain management. All of this instills holders with justified hope that their token is worth holding through the bear dominated times.
VET-BTC Price Correlation
The vast majority of trading that occurs in the crypto markets are between BTC and altcoin trading pairs. Since most altcoins do not pair with fiat currencies (and only a few are paired with stable coins like USTD), Bitcoin is the next best option. Therefore, when Bitcoin is stable, it forms as the ideal base currency for buying altcoins (which is why altcoins tend to do well when Bitcoin goes sideways).
Correlation is measured on a scale from -1 to 1. Values above 0 shows the degree to which altcoin is moving in the same direction as BTC prices (either up or down in tandem), and values below 0 shows the degree to which altcoin moves in the opposite direction of BTC prices (so when BTC goes down, altcoin goes up, or vice versa). Values around 0 shows that when BTC price moves, altcoins stays steady, or alternatively that when altcoin moves up or down that the BTC price is staying steady.
Based on the correlation analysis, BTC and VET have a negligible relationship in the last 100 days. The correlation coefficient of their prices is 0.11, which was calculated based on the previous 100-days’ price dynamics of both currencies.
Market prediction for VeChain price 2021
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the VeChain (VET) price, which will give us another point of view to consider:
Wallet Investor VeChain price prediction
Walletinvestor is a popular website that does technical analysis-based price forecast of various cryptocurrencies. According to their VeChain price prediction, VET is expected to go down to $0.000001 in one year. This price forecast is very bearish pessimistic and it might not fall that much.
Trading Beasts also gave a very neutral prediction saying that by 2021 end, VeChain might be in between $0.01 to $0.02, which is a wide range, so this prediction is given neutrally, without a showcase of any optimism.
Mega Crypto Price price forecast for Vechain
Mega Crypto price predicts that VeChain might reach $0.258 by the end of 2021 and $0.612 by the end of 2023. (VeChain Forecast)
Smartereum is a site that regularly publishes cryptocurrency predictions. They believe in their Vechain price prediction article that the price of Vechain tokens could go up as high as $75 by the end of 2023.
Cryptoground predicts that VeChain might reach $2.58 by the end of 2021. They even added their version of VeChain price prediction 2021, where they stated that VET might reach $4.10 by 2021.