Xīn nián kuài lè, Happy New Year. It is the year of the dog but the bulls seem to be dominating the markets this morning in Southeast Asia. Most cryptos are trading higher today with the exception of Litecoin which has cooled off a little from its two day surge. Bitcoin has broken through the $10k barrier and its siblings are hanging on for the ride. One coin is of course trading higher than the rest this morning and that is VeChain.
According to stats from Coinmarketcap VEN is up 15% on the day. The token is currently trading at $5.82, up from $5 this time yesterday, over the week it has shown a 42% climb from just over $4. VEN spiked to an all-time high of $9.37 on January 22 and has been falling ever since until a turnaround on February 14.
VeChain claims to be a product based crypto which has implemented blockchain solutions across various industries such as luxury goods, liquor and agriculture. The concept is to ensure quality and transparency for luxury brands and products to battle against a growing black market of counterfeit goods. Customers can use the system to claim ownership of luxury items which will be entered into their distributed ledger.
The company is set to rebrand on February 26 at a flamboyant event in Singapore. VEN tokens will be converted into VET tokens to reflect moving to a new advanced blockchain called VeChain Thor. This is likely to have spurred greater interest in the altcoin which is currently outperforming all others in the top 25.
VeChain is largely traded on Binance which has over 50% of the volume, $135 million of which has passed hands in the last 24 hours. VeChain is currently at 17 in the market capacity charts with a total cap of $2.7 billion. There is a total supply of 873 million tokens with 470 million currently circulating.
The only other altcoin enjoying double digit increases in Asia this morning is Bitcoin Cash, up an impressive 13.7% on the day.
More on VeChain can be found here: https://www.vechain.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.