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VeChain (VET) Gains Momentum, But Will It Sustain?

December 9, 2019 No Comments
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The crypto sphere is going through a fair share of trouble at this point in time and many tokens have seen their prices crash in the last few days, but VeChain (VET) has emerged as an exception of sorts. This week, the VET token enjoyed an excellent rally and rose by as much as 18% to hit $0.00786 per token on most exchanges.

What’s Next?

That being said, experts believe that the rally might not be entirely stable, and hence, investors or traders should tread a bit carefully. However, there is no doubt that VET is now in the middle of a rally, and crypto investors should definitely take note.

One of the most important things to keep in mind about VeChain is that as a project, it has a lot of promise. The project is one of the most popular sources of news in China, and unlike many other cryptocurrencies, VET has a definite use case. That being said, the current rally could be tied to other reasons.

The token is not listed on Coinbase, one of the largest crypto exchanges in the world, which gives people in the US access to a wide range of coins. There has been chatter that VeChain could soon be listed on Coinbase if it manages to display satisfactory volume and price action.

>> Binance Announces Tezos Support and Acquisition of Dapp Platform

However, that is not all. The rally in VET has also been attributed to the possibility of ‘whale action’ or trades by market participants who deal in massive trades. In other words, traders who have the ability to move the market, and over the years, many altcoins have benefitted from such trades.

Last but not least, by any stretch of the imagination, are the actions of the VeChain Foundation, which bought as much as $25 million worth of VET tokens recently. That is definitely one of the other triggers behind the recent rally in the token.

Featured image: DepositPhotos © kentoh

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Ethereum Gets Solid Support from Ernst & Young

December 8, 2019 No Comments
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The past few days have been quite difficult for the crypto space due to the continuing poor performance by some of the leading tokens; however, major cryptocurrency Ethereum received some boost today. In a new development, consultancy giant Ernst & Young announced a new source code that could make the ETH blockchain far more efficient and secure.

How Important is This?

The development comes at an interesting time since ETH is all set to upgrade its network in order to control costs significantly and promote efficiency. This is a development that could have a far-reaching effect on the project and eventually on the crypto token.

It needs to be mentioned, though, that despite the significant technical improvements that have been made to the network, Ethereum has not seen positive price movements so far. That is something that should be at the back of the mind of most ETH traders and supporters. However, at the same time, it cannot be denied that the ETH network has slowly but surely made great strides in the real world.

Some of the biggest names in the world, including Ernst & Young use the network for a variety of purposes. The ultimate aim is to make life easier for the biggest companies, and E&Y is also looking at the way to introduce the usage of ETH for big businesses.

Earlier on this year, E&Y had released a minor update in Ethereum technology that was supposed to enable ETH transactions in privacy. The firm made a small update to the technology that is known as Nightfall. However, according to the latest development, the consultancy firm has upgraded the scope of the tweak and now allows as many as 20 transactions at one go with zero knowledge.

>> Poloniex Delists DigiByte (DGB) After the Founder Criticizes TRON

The announcement stated, “This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team.”

Featured image: DepositPhotos © Syda_Productions

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