The exchange rate of VeChain (VET), one of the leading blockchains for tracking shipments
With VeChain, consumers of some brands, such as H&M, can track shipments of goods from manufacturer to point of sale. This provides protection against counterfeiting, as the data cannot be altered or deleted in the blockchain. The VeChain project itself has become one of the leaders in its segment.
Early stage of formation and crypto winter(2018 — 2019)
In August 2018, the VET token was issued and listed on exchanges. At the time of listing, VeChain's cryptocurrency exchange rate was $0.015. The token existed during an unfavorable period for cryptocurrencies, known as "crypto winter," which began in January 2018.
During this period, the exchange rate of leading cryptocurrencies declined until at least the end of 2018, and following them, the quotes of less-capitalized altcoins, including those such as VeChain, also corrected. By the end 2018, the VET cryptocurrency exchange rate reached its first historical low at $0.0033. Throughout 2018 — 2019, VeChain's price varied between $0.003 and $0.008 — there was no significant rise or fall.
DeFi boom and new global correction (2020 — 2023)
In March 2020, the value of the cryptocurrency VET reached an all-time low of $0.0016. This was due to the sharp collapse of cryptocurrencies amid the WHO's announcement of the official start of the pandemic. However, immediately after that, the crypto market began to recover, and the quotes of many cryptocurrencies, like VeChain, went up.
By July of that year, the value of the VeChain cryptocurrency rose more than 10 times to $0.018; in August, it grew to almost $0.02, reaching a new all-time high (ATH). However, the VET exchange rate corrected and fell to $0.01 by November.
Soon, the VeChain exchange rate began to recover again amid the general rise of the crypto market, and by the end of 2020, it had already risen to $0.019. The first half of 2021 was the most active phase of the DeFi boom. Quotations of many cryptocurrencies accelerated their growth against the background of the declining key rate of the Federal Reserve, and investors searched for alternative assets for investment.
This led to a rapid increase in liquidity in the cryptocurrency market. Already in February, the rate of cryptocurrency VeChain reached a new ATH at $0.054. By April, the VET rate increased more than five times, with a market capitalization of $14.74 billion, reaching an absolute maximum of $0.27, which is still in place as of December 2024.
In May of the same year, VeChain quotes approached its ATH again, but after that, it began to fall rapidly and in July fell to a local minimum of $0.057. Further, the crypto market rebounded amid the news that El Salvador legalized cryptocurrency as a means of payment. The VET cryptocurrency rate rose to $0.014 in early September and November. To a local maximum of $0.016, the crypto market again went into the correction stage, and the prices of many digital assets began to fall rapidly.
By the end of 2021, the value of VeChain cryptocurrency dropped to $0.091, and by March 2022 — to $0.045. After that, there was a slight rebound and a rise to $0.08 in April. This rise could be attributed to the launch of VeUSD stablecoin pegged to the U.S. dollar exchange rate and a partnership with central Amazon Web Service (AWS) to create a SaaS service targeting the Asian market.
However, the VET cryptocurrency soon began to decline again, exacerbated by the collapse of Terra, one of the largest blockchain ecosystems at the time. By the end of June, the value of VET fell to an annual low of $0.022, and by the end of the year, it fell even lower — to $0.015.
After a slight rebound and growth to $0.031 in February 2023, the VeChain cryptocurrency rate continued to fall until October of the same year, when the price again reached a local minimum of $0.016.
New growth phase (2024)
In October 2023, the crypto market started to recover. By the end of 2023, the VeChain exchange rate more than doubled and reached $0.034. After a minor correction and a drop to $0.026 at the end of January 2024, the value of the VET cryptocurrency began to grow rapidly and reached a two-year high of $0.05 in February.
In March of the same year, cryptocurrency quotes began falling rapidly amid negative U.S. market data. The VeChain cryptocurrency rate declined until early November 2024, when its value reached $0.02. The fall was exacerbated by other factors such as:
- The German government's sale of 50,000 bitcoins seized from Silk Road;
- The distribution of assets by bankrupt Mt. Gox and Genesis Global;
- Keeping the Fed's key rate unchanged;
- Uncertainty over the outcome of the U.S. presidential race.
However, in November, after Donald Trump's victory in the U.S. presidential election, the value of cryptocurrencies began to skyrocket as the politician planned several favorable initiatives for the crypto industry. Already in early December, the VeChain exchange rate reached $0.065. However, after a slight correction, as of December 2024, the VET cryptocurrency exchange rate is $0.047, with a market capitalization of $3.83.