VeChain (VEN) Rises on Real Estate Partnership Announcement

The market price of VEN staged a strong recovery in February.

The VeChain project (VEN) continues the strong recovery this February. VEN has almost gained all the lost ground against Bitcoin, and is on the mend again, after positive news of a business partnership.

VEN is in fact another example that China is not outright hostile to domestic blockchain projects, and that those projects easily cooperate with local businesses. After the Chinese New Year celebrations were over, assets started their climb again, together with the BTC price making a recovery.

VEN grew by more than 14% in 24 hours to $6.76, and is up 63% this week, the strongest gainer in the top 20 of CoinMarketCap. At those prices, VEN is not anywhere near its peak, and volumes remain much lower compared to the activity in December.

But VEN has established itself as one of the more prominent crypto assets, and trading should remain liquid enough. At this point, however, VEN has been around for a short time, and remains a volatile proposition.

The activity around VEN is concentrated on Binance, with more than 49% share of the trading volume.

Rebranding Coming Up

Many coins fared better after a rebranding of the early project. VeChain may be the next one to receive a new image. It is possible that the news ahead of the February 26 rebranding are lifting the price.

However, the news may in fact have no effect on the price. VeChain is yet to launch its main net, and the rebranding event is merely cosmetic. The hype for a project that still expects to launch a main net in June may be excessive, and the price is yet to show a point of stability. Yet VEN is comparatively younger, and some expect it may repeat the success of NEO.


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Author; Christine Masters
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