Cryptocurrencies Market Analysis: VeChain (VEN) Takes Flight Among The Biggest Intraday Gainers

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The cryptocurrency market is recovering from trading in the red on Monday 7. Most of the coins and Altcoins began the week with downside corrections. The bulls have however put their best foot forward and subtle upward corrections can be seen on the charts as they momentarily turn green again. VeChain (VEN) is among the biggest gainers.

Market Overview

The total market capitalization in the market has gone up slightly from $438 billion on Monday to $446 billion at the time of writing. The appetite for cryptocurrencies is rising to correct the slide that took place during the intraday trading on Monday. Similarly, the trading volume is also on the rise with an increase from $25.33 billion recorded at the close of trading on Monday and $24.9 billion in the last 24 hours on Tuesday at the time of writing. Bitcoin continues to dominate by 35.9% of the total trading volume, followed by Ethereum (ETH) by 17.10% and Ripple (XRP) by 7.41% among the top ten cryptocurrencies. The rest of the coins and altcoins take up 25.91% of the market trading volumes.

Top Ten Cryptocurrencies Roundup

Among the top ten cryptocurrencies by market capitalization, EOS is the biggest gainer with over 8% increase in price in the last 24 hours. EOS has been on a different path lately, even making a new all-time high, at the same time, it is trading at $18.48. IOTA (MIOTA) is the second-best gainer with 6.67% followed by Tron (TRX) at 5.08% rise in the last 24 hours. The scientific research focused coin, Cardano (ADA) is recording a rise of 4.09% while Stellar (XLM) is up 3.42%. Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) have gone up in the range of 1 – 2%. The king of the cryptocurrencies, Bitcoin is up by a subtle 0.82% and is exchanging hands at $9,429.

VeChain (VEN) Price Analysis

VeChain is among the biggest gainers in the market today with a 9.17% increase in price. The digital asset tested the key support during the trading on Monday at $4.6 before bouncing to trade above $5.0. VeChain has managed to maintain its daily trading volume above $100K in the last one week while its market capitalization has stayed above $2.5 billion in the last 24 hours.

The majority of VeChain trading takes place on Lbank exchange commanding about 62.69% of the total trading volume in the last 24 hours. The largest cryptocurrency exchange, Binance takes up 14.26% while Bithumb recorded 9.08% of the entire VEN/USD trading volume.

VeChain (VEN) price is currently trading at $5.05, which is a slight correction from the intraday high of $5.22. A look at VEN/USD charts shows a bearish momentum that is seeking to cancel the gains that have been made in the last 24 hours. An immediate support is presented at $5.00, but if it fails to hold, the crypto will be supported at $4.9. On the upside, the buyers are targeting $6.00, however, they must overcome the selling pressure at $5.22 and $5.5 respectively.

Recently, VeChain partnered with MOBI Alliance, besides, the network announced via a tweet to the community that they are in talks with PwC HK which will enable the company to offer trust-based services on the VeChain platform. The announcement went ahead to say that this partnership will require the use of VeChain (VEN) Tokens to access and perform transactions on the platform.


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