The post VeChain Price Drops 29% Amid Bearish Pressure: Here’s What’s to Come appeared on BitcoinEthereumNews.com.

In the past three weeks, VeChain (VET) price fell by nearly 29%, most likely influenced by Bitcoin’s deterioration to $61500.  The entire crypto market was in a red sea, which also led its global market cap to plunge. The global market cap reached $2.2 Trillion, with a 4.5% 24-hour loss.  A look at VeChain Impotant Stats VeChain (VET) TVL has declined to $534.7K over the last few months. This showed a decline in the project investment and the investors’ confidence. Meanwhile, the token’s total supply was 85.9 Billion VET, of which 93.3% was circulating in the market (at press time). As per the rich list, VeChain’s top 10 holders held 41.43% of the total floating supply. VeChain Token Total Derivatives Liquidation Chart | Source: Coinglass The bearish dominance facilitated higher long liquidations. As of writing, the recorded long liquidation was worth $77.10K. On the other hand, only $1.78K shorts were liquidated in the last 24 hours. Moreover, VeChain’s market cap dominance was 0.08%, which exhibited its strong presence. Also, the token’s market cap rank was 42, according to CoinMarketCap.  The VeChain token’s market cap witnessed a slight decline of 4%, which resulted in a market cap value of $1.986 Billion. Recorded ATH & ATL in VeChain(VET) According to TradingView, VeChain (VET) hit its all-time low (ATL) of $0.001495 in mid-March 2020. Since then, its current price has surged by 2000%. On the other hand, the all-time high (ATH) for VET was $0.2664, recorded in mid-April 2021. The current market price (CMP) has dropped by nearly 90% compared to this peak. VeChain Price Behaviour Over the Daily Chart Over the last five months, VeChain (VET) has experienced consistent profit-taking, which resulted in a 56% decline in its price. Meanwhile, this downward trend has led to a spree of lower lows, followed…

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Filed under: News - @ August 5, 2024 6:10 am