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Is VeChain Thor a Better Choice for Investment Than Bitcoin?

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VeChain Thor

The world of cryptocurrencies is envisioned to be led by the only giant crypto, Bitcoin but smart traders and investors support altcoins because they know its untapped potential. Bitcoin was introduced as ‘The digital asset’ which is decentralized with a purpose to replace the traditional currency and revolutionize centralized banking & financial sectors. But bitcoin’s platform still hasn’t achieved its goal. Its fees are still very high, and it can handle merely 7 transactions per second. It’s exciting to observe the success of other blockchain projects which are based on a nearly-perfected Bitcoin technology such as VeChain. Its one of the best performing crypto of 2018 till now and offers some serious improvements on Bitcoin tech.

What Makes VeChain Better?

Unlike bitcoin and other blockchain based projects, VeChain has positioned itself neatly in the market doing what it does best and perfecting itself with time. It can handle supply chain management process and ensure that every customer is fully aware of the product’s background history, quality, and credibility. The VeChain platform was recently all over the news due to their rebranding to VeChain Thor. As VeChain Thor, it’ll function as a blockchain-as-a-service and employ blockchain to keep a track of product data in order to provide users with completely scalable and credible experience. VeChain thor will continue to function as an Ethereum-like decentralized App as well as an ICO network. It has already begun hosting various platforms from various commercial sectors such as retail, agriculture, food and luxury items.

Recent Achievements

Recently VeChain announced forming an alliance called ‘Shanghai Wine and Liquor Blockchain Alliance’ along with several other government bureaus and enterprises under the guidance of Municipal commission of commerce and Shanghai liquor monopoly administration. The purpose of this alliance is to improve Shanghai’s liquor industry with enhanced logistics, management, quality, and safety systemization and create a distinguished and flawless wine industry in 2020. This alliance aims to present Shanghai as the leading innovator and the center of blockchain tech and liquor traceability in all of China. Including blockchain technology in such a high-level government-based alliance gives a positive indication and leaves an even positive effect on VEN markets.

3rd Quarterly VeChain Foundation Financial Executive Report

Before entering the VeChain Thor mainnet, the VeChain foundation released their 3rd quarterly financial executive report which extends from February to April. The report made did not consider the coin split as it was finished before releasing Thor mainnet and declared that as of now the VeChain foundation is holding 39% of the total supply while the remaining 61% is currently in circulation. VeChain’s financial executive report indicates their commitment to transparency between the foundation and its dedicated community. The report included detailed information regarding enterprise investors who have invested while indicating the fact that VeChain is slowly becoming influential in the public industry. The report states that around 2.3 million VeChain tokens have been acquired by their strategic partners and an approximate of 9.5 million tokens were paid out as rewards to the VeChain team, all of which their team has locked for 2 years. The entire report is actually a record of recent VeChain achievements and events where the foundation has spent VET. In the said report, the team has mentioned their expansion of markets to South Korea as well as Japan.

Current Market Position

The present devastating situation of bitcoin has shaken each and every cryptocurrency. With BTC trading below $6800, traders and crypto enthusiasts are suffering throughout the markets. VeChain like all other top blockchain projects is presently facing a downward trend which has brought it down to $3.36 per VEN. The price seems to dip more at the rate of 10.51%. It is currently ranked as the 16th largest crypto which has a total market capitalization of $1.84 billion according to the data on CoinMarketCap at the time of writing. Almost $112 million worth of VEN has exchanged hands within the past 24 hours even at a hard time like this.

Conclusion

VeChain’s growth potential cannot be ignored because of the real-world use-case that makes it a solid and smart investment. It’s on the brink of major adoption because it offers smart contracts, ICOs, dApps, data transfer, IoT, logistics, and supply chain. VeChain has already begun providing services with the help of its recent partnerships whereas Bitcoin hasn’t given even the market even the faintest clue regarding its improvement or major adoption. Even though lightning network will soon appear on bitcoin, it’s hard to tell whether it would improve BTC’s commercial throughput and transaction speed. There’s no denying that Bitcoin is still the reigning king of all crypto but VeChain has proved its worth in the past few days. It’s definitely one of the coins which you might want to keep under your radar.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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