While the bears remain in control of the entire cryptocurrency markets at the moment, some altcoins like VeChain (VET) and Lisk (LSK) are gaining 47 percent and 18 percent respectively at the time of writing this report on August 17, 2018.
Crypto Market Outlook
On Thursday, August 13, 2018, the price of vechain (VET) the native cryptocurrency of the VeChain distributed ledger technology solution for the supply chain ecosystem, gained 30 percent, hitting the $0.012 price region, before retreating to the $0.01 price area.
However, at press time, it appears VET is getting ready for another bullish move as its price sits comfortably at the $0.02 region, with a market capitalization of just above $829 million.
Possible Bullish Triggers
On August 16, 2018, Kucoin cryptocurrency exchange announced the re-opening of VET deposits.
“We are delighted to inform you that the update of VEN into VET is complete, and the deposit services for VET are now available. We will open the withdrawal services of VET at 14:00 (UTC+8) on August 17, 2018,” the Kucoin team stated.
While there is an excellent chance that the Kucoin announcement is fueling the VET surge, we can’t be a hundred percent certain at the moment as the exchange is ranked 55th on the CoinmarketCap exchange table with $447.47K 24-hour trading volume for VeChain.
Interestingly, on August 3, 2018, the VeChain project announced it had been tasked to formulate a fail-proof traceability system based on blockchain technology for China, the same way it did for Shanghai. This also is positive news that can influence the price of VET.
Lisk on the Move
Lisk, the blockchain project focused on making it easy for developers to create and deploy distributed ledger technology (DLT) applications, is also experiencing an 18.01 percent gain at press time, with the price of Lisk comfortably sitting at $4.01.
Currently ranked 22nd on the CoinmarketCap top 100 cryptos list, with a market cap of $438.22 million, the price of Lisk has been dramatically influenced by the project team’s announcement on August 15, 2018, that Lisk Core 1.0 will migrate to Mainnet on August 29, 2018, at block height 6,901,027 at the end of round 68327.
At press time, the price of bitcoin is at the $6,497 region with the price of ether down below $296.56
From all indication, the bearish trend is still very much alive, and it remains to be seen how long it will last.