The cryptocurrency market rebounds today as it closes out the working day in the green, despite many top coins starting this morning in the red. Bitcoin (BTC) is still trading above $11,400 and is up 7.74%, in 24 hours time. Currently, the digital token holds 37.9% of the entire cryptocurrency market.
Most of the top 20 coins are all now seeing positive gains. Ethereum (ETH) is trading at $950 a coin, up 2.49%. Many analysts anticipate ETH to reach above $1,000 before the end of the week. Some anticipate Ripple (XRP) to soar on the market shortly thanks to its new partnerships. The coin did have a bull run on Saturday but it has since simmered off – only the week will tell us how it fares.
NEO is a coin that has dominated the market recently. This week alone, the coin is up 22.9%. This Friday, the Chinese New Year of the Dog kicked off, and the project has been called “China’s Ethereum.” Gifts are given to the younger generations on Chinese New Year, and it is speculated that many had purchased the digital currency with the money given to them. At press time, the coin is trading at $139.67 a coin, up 8.88%, in 24 hours.
However, the coin that is dominating the market the past few days has been VeChain. Year-to-date, the coin is up 196.9% and for the day the coin is currently up 23.22%, trading at $6.71 a coin. The project is set to rebrand next week and will be called “VeChain Thor”. The technology is currently being used by many different businesses worldwide. VeChain Thor is aimed at becoming a blockchain-as-a-service to build a trust-free distributed business ecosystem.
In simple terms it allows businesses to track their products throughout the supply chain cycle to ensure quality and authenticity. It is and can be used in various sectors such as high-end luxury goods, food/drug companies, and many different governments. It remains unknown as to why the project felt it was necessary to rebrand, especially since they have a working product. However, the buzz around the rebranding has propelled the coin, and it doesn’t look like it will stop until the re-branding date of Feb 26th, next week.
Featured Image: All4