The Cryptocurrency ‘VeChain’ after performing well in this weeks market downfall also encountered the same down trend yesterday when it fell more than 13% in just one day.
VeChain is listed at the 19th rank with market capitalisation of $760.8 USD as per market data provider CoinChangelly. The price of the digital currency fell sharply to todays price of $0.014 USD which accounts for more than 10% drop than yesterday. This percentage loss in the VeChain price is among the highest drop’s observed and accounts within the list of top looser’s.
Recently on Tuesday, the value of the China-based, IoT cryptocurrency jumped to around more than 10 PerCent within the downtrending market.The Investors and traders were made to believe and motivated, intended by Palm Beach cluster to buy for the VeChain token in hopes of seeing price rise to around $0.28 USD by this months end.
The previous success of the VeChain token was seen due to the company’s recent partnership’s with well known companies such as PriceWaterhouseCoopers and other Global accounting firms as they expressed their keen interest using VeChain’s IoT network for their users. Previously this year, VeChain also additionally secured a contract of deed with the Chinese Government in the medical sector.
The overall market has seen a market volume decline of more than 26 Percent this month along with more than 65 Percent decline in bitcoin futures trading. However, at this current time of reporting the crypto market seem to be stabilising with bitcoin trading at a price of $6,434.5 USD, Ethereum at 271.8 USD and Ripple at $ 0.321 USD.