The last few weeks have seen Vechain (VET) drop, not just in price, but in market rankings as well. In this period, Vechain (VET) has dropped a few spots on market cap rankings and was getting close to dropping below 30. However, after the market-wide pump that started 24-hours ago, this trend is reversing for Vechain (VET). It is now up not just in value, but in market cap rankings as well. This is an indicator that Vechain didn’t just gain in price, it did so at a faster rate than several of the coins above it, something that can be linked to its strong fundamentals.
That’s because, while bearish sentiment has pushed down all crypto prices, it created an extreme mismatch between the price and true value of fundamentally strong cryptos. As such, now that the feeling of crypto having hit the bottom is taking hold in the market, fundamentally strong coins are bound to attract more buying pressure. This may explain the rankings jump for Vechain (VET) in the last 24-hours.
One thing that makes Vechain (VET) a fundamentally strong cryptocurrency is the scope of the problems it intends to solve. This is a crypto that has a solution to most of the problems facing global trade. Trillions of dollars’ worth of goods move across the world every year, but it is not without challenges. A huge portion of the products being shipped globally are counterfeits. This not only creates trade imbalances, but also leads to companies losing a significant portion of their revenues to low-quality counterfeits. Vechain solves this problem using proprietary RFID devices that allow companies to track their goods, and for consumers, to easily verify the authenticity of the products they are purchasing.
This could see Vechain transform business operations in industries as diverse as fashion and the alcohol industry. This is a massive use case that makes Vechain heavily undervalued, and explains the higher buying volumes, during the latest crypto pump. It’s an indicator that once sentiment turns bullish, Vechain could face even higher buying pressure. As such, it comes across as a very attractive investment for anyone looking to go long, in anticipation of a new crypto Bull Run.
But that’s not the only use case for Vechain (VET). It also has the potential to make it big in IoT, a market that is projected to hit $10 trillion by the year 2030. Vechain’s IoT capabilities give it competitiveness in the automobile industry, an industry where IoT will play a major role in Vechain’s growth in the long-run. This could be reflecting in Vechain’s rise both in market cap ranking and in value.
Long-term, Vechain (VET)’s fundamentals have what it takes to push it even higher, possibly into the top 10s. The next crypto Bull Run will be fundamentals driven, and Vechain’s price action indicates that it is one of the cryptos thatstands to benefit the most. The future is definitely bright for Vechain (VET).