VeChain Records 7% Profits And It Could Outperform ETH, Here’s Why
February 23 2022 - 12:00PM
NEWSBTC
VeChain has been trading in the green during the last day as the
crypto market shows signs of a potential recovery. The
cryptocurrency could be benefiting from positive developments
around its most recent partnerships. Related Reading | VeChain
(VET) Sends Bearish Signals? Analyst Points Key Levels At the time
of writing VET records a 7% profit in the last 24-hours
outperforming larger cryptocurrencies, such as Bitcoin (BTC) and
Ethereum (ETH) which record a 3.3% and 4.9% profit, respectively,
over the same period. In an official post, the VeChain Foundation
revealed its involvement at establishing the “Shanghai Association
Standards For Blockchain Service” certification. Created to
“expedite” the growth of blockchain based products and services,
this certificate became effective in early February 2022. The
Foundation partnered with the Shanghai Municipal Administration of
Market Supervision and the Shanghai Certification Association to
propose the standard. In that sense, VeChain “provided key
technical input” based on the project experience, the post claimed.
The project Chief Scientist Dr. Peter Zhou in collaboration with
other senior blockchain experts also provided guidance to
facilitate the creation of this standard. The post added: The most
important objective of the standard is to provide a robust and
proven assessment structure of present blockchain-enabled
enterprise services. The certification has outlined the
requirements for entities attempting to provide blockchain as a
service products and application including their technical,
regulatory, and management obligations. In addition, it provides
the necessary evaluation tools and “approaches” to certificate
potential companies looking to build their own blockchain based
application or use case. The VeChain Foundation claim the standard
is “widely applicable”, while adding the following: It also
contains universal guidance for technology providers looking to
offer blockchain-based business services, while providing a
valuable reference standard for enterprises looking to define
premium, credible blockchain-based digital services. Why VeChain
(VET) Might Continue Recording Profits This standard and its
certification initiative has the ultimate objective of driving
VeChain into the mainstream. As the Foundation said, the project
has been involved in several initiatives with a similar goal and
has attempted to showcase its “technical capabilities and ability
to develop standardized, scalable designs”. In addition to the
above, VeChain has been implementing improvements to its mainnet to
become the hub for corporate use case of blockchain technology. The
Foundation efforts have been seemingly translated into the growth
of its ecosystem. As NewsBTC reported, the network saw the launch
of a new decentralized exchange (DEX) called ZumoSwap and hinted at
the launch of a new stablecoin. Related Reading | VET Breaks Major
Trend Line, Why VeChain Could See Massive Explosion VeChain’s
recent bullish price action could become the new normal for the
coming months, according to a pseudonym analyst. As seen below, in
the monthly chart for the VET/ETH trading pair, VeChain has entered
a critical support area which has historically been follow by
bullish price action, the analyst said: We have been
underperforming $ETH for 10 months. In 2019, 2020 & 2021, after
green zone retest, each time it only took 3 months to break the old
ATH. Assuming we have a retest this month or next, $VET ATH is in
May/June 2022.
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