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VeChain [VEN] the second biggest loser this week but introduction of VeChain Thor to propel prices?

Sthuthie Murthy

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VeChain introduces VeChain Thor
Source: Public Domain Pictures

VeChain [VEN] has been spinning around $5 for quite a long time, continually dropping and rising. VeChain is the second biggest loser this week, losing around 19% of its value when compared to Ethereum Classic that lost 23%. The entire markets, in general, has been bearish in nature, VEN was not an exception to it either.

A Twitter user by the name, kelvo3008 comments:

“If I had only one company in Crypto to invest based on industry, potential, partnerships and working product Vechain is it.”

VEN is currently priced at $4.63 USD with a market cap of $2.2B USD and a circulating supply of 475,305,592 VEN.  After a gradual fall in the prices down to 19.57%, VEN is now currently up by 2.41% after the Vechain Thor news.

VeChain is also a token operating within a BaaS (Blockchain-as-a-service) system. The main idea is to speed up the transactions with transparency and affect the way business supplies are being monitored.

Since blockchain is an open and distributed ledger and VEN is based on this technology, the business supply is assured to be genuine. This ensures the consumer to get exactly what was ordered and paid for. Another important advantage of this blockchain is it avoids dependency on any third parties.

VeChain Foundation tweeted recently:

“VeChain is thriving and we are using our resources to match the demand.”

The Future of VeChain – VeChain Thor:

VEN recently rebranded their project VeChain THOR as a backup to their idea. This will mainly focus on promoting and providing Dapps as a solution for various enterprises to keep their primary idea revolving around business.

VET tokens will serve the purpose of making different payments options that come in handy to companies while THOR will fuel Dapps and smart contracts. In the future, VeChain THOR platform should work like the ones hosted on Ethereum.

VeChain Tokens and THOR, these two different currencies will be hosted by VeChain which will be a fully operational and decentralized platform. With new crucial changes implemented and VeChain turning into VEN THOR decentralized platform, users have a mixed opinion on where this currency is headed.

Twitter user Arubacrypto comments:

“Honestly this whole dark vader theme is utterly ridiculous and doesn’t help you to be considered a serious developer. And that’s too bad as you have an awesome thing going on. If I was a serious company I wouldn’t want to be associated with themes like these.”

Positively, username robbysmiler comments:



“Vechain is easily my favourite coin/project. Pure quality in all aspects.”

Elijah Mandy, a blockchain developer from Chicago spoke to AMBCrypto and says,

“The fundamental trust of a good blockchain based company is how good their tech team is struggling to keep up good work. The VEN team is right up there with the most hard-working teams in the blockchain space. THOR has substance, markets should turn positive soon”

Jerome Lion, a 21-year-old cryptocurrency investor from Nashville says,

“Here’s a tip – Everyone knows ‘invest in the dip’ but when everything is dipping, which one would you choose. Look at the team, philosophy, the hard work, if everything checks, then invest. It [VeChain] is big, now I think we have hit bottom”





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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