In this guide, we will voice our own and market’s opinion on VET future while discussing Vechain price forecast for 2020 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.
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.
Year in Review
According to the company, 2018 was a phenomenal year for Vechain despite the crypto market condition. Since it launched mainnet, it has enjoyed continuous growth in the number of transactions, mainly due to third party developers on its VeChain Thor blockchain and the rise of enterprise adoption.
They said they had witnessed a growth of mainnet transactions and due to increased enterprise adoption and third-party developers on their VeChainThor blockchain.
In April, VeChain introduced their MPP concept while in May their alpha testnet went live. They also announced partnership with Shanghai eGrid Consulting and Inpi Asia. In May they entered into collaboration with PwC Hong Kong and PwC Shanghai and DNV GL, which is one of the most fruitful partnerships they concluded to date. Almost every month of the year had one or two similar business cooperation deals announced, with companies predominantly from Asia.
Vechain mainnet was launched in June followed with a slew of upgrades and features geared at bootstraping their developers pool and ecosystem. In July their released their mobile wallet, which got updated several times during the year. Most significant change was the token swap where the 1 old token got you 100 new tokens and it also saw it renamed from VEN to VET.
At the end of the year, Comet went live – Comet is the MetaMask of Vechain – the most important window into the VeChain ecosystem. It will enable developers and users to communicate with the VET blockchain via Web3 framework and Connex, a Vechain developed Web3 alternative.
As for the launched projects on VeChain’s blockchain, some of the most notable ones are Plair, DecentBet, Totient, OceanEx, Safe Haven and many more.
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VeChain (VET) Roadmap for 2020
There is no official roadmap for VeChain, the only info you can find on their website is that 2020 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.”
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.
Our VET Price Prediction for 2020
VET, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, VET can hope for one as well. Since that is very unlikely, don’t expect much to change for Vechain price-wise in this year. So 2020 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
VET will stay within the current levels and its price in 2020 won’t cross above $0.010 per token.
So before we drill down on our VET price prediction, let’s explain this correlation in more detail.
The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.
When Bitcoin goes up swiftly, it will likely:
- Suppress or depress altcoins as money flows into Bitcoin;
- Or, take altcoins along for the ride
In cases when Bitcoin plunges, it will likely:
- Depress altcoins as money flows into fiat;
- Or, cause altcoins to boom as money flows into them, but this is rarely the case.
When Bitcoin moves sideways, it will likely:
- Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
- Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.
To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.
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.
Vechain Price Prediction 2020
Finally, let’s fire away with our 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.
Market prediction for VeChain price 2020
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 2020 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 2020. They even added their version of VeChain price prediction 2020, where they stated that VET might reach $4.10 by 2020.
Vechain Price Prediction 2021
Having a first mover advantage in one of the most reasonable applications of blockchain – supply chain management, VET is positioned optimally to make a leap into the top 10 cryptocurrencies by 2021. With a potential bitcoin-induced bull run, reaching $.10 is achievable.
VeChain (VET) Future: 2023, 2025, 2030
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com