The vechain price (VET) exploded by 30 percent on Thursday, headlining a widespread recovery that raised the cryptocurrency market cap by more than $5 billion over the past 24 hours.
The cryptocurrency, which serves as the native token of the smart contracts and supply chain management-focused VeChain blockchain, had traded below $0.008 during Thursday’s early morning hours but began to shoot upwards shortly after 7:00 UTC.
By 8:00 UTC, vechain had crossed the $0.10 threshold, and the token ultimately rose as high as $0.012 during intraday trading before settling back to a present value of $0.01 on Binance.
Even after the surge, though, VET is still down seven percent against the dollar over the past week. Nevertheless, this makes it one of the better-performing altcoins ranked in the top 100, with seven-day returns comparable to monero (XRM) and ethereum classic (ETC) — the latter of which has embarked on a surge of its own due to its impending listing on cryptocurrency exchange giant Coinbase.
Vechain now has a market cap of $571 million, propelling it to 20th in the cryptocurrency rankings. The token now sits approximately $74 million 19th-ranked zcash.
Vechain trading is overwhelmingly centralized on Binance, the world’s largest cryptocurrency exchange. At present, Binance’s VET/BTC, VET/USDT, VET/ETH, and VET/BNB pairs account for approximately 92 percent of all vechain trading, with the remainder distributed between smaller platforms such as LBank, Gate.io, and Kucoin.
There does not appear to be any specific organic factor driving the rally.
Kucoin reopened deposits and withdrawals following the vechain mainnet token swap, but — given that Kucoin is only the 58th-largest exchange and VET is listed on several larger platforms — this announcement is unlikely to have caused such a profound change in the vechain price.
Absent any clear triggers, it’s likely that a significant portion of the rally may be attributable to a pump-and-dump.
Featured Image from Shutterstock.
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