While last week’s price downturn did hurt market liquidity quite a bit, the crypto market has shown signs of life, with capitalization creeping back to over $210 billion. One such altcoin that performed well is the China-based Internet of Things (IoT)-focused crypto, VeChain, which rose in value by over 50 percent.
A Surprising Performance
Financial analysts point at the many partnerships VeChain secured this year as having a positive impact on their tokens on the worldwide crypto market.
May saw PricewaterhouseCoopers, better known as PwC, grab a stake in the Chinese crypto firm with the aim of using the VeChain IoT network to serve multi-billion dollar clients that rely on the firm’s services.
VeChain has also aggressively expanded it’s international services, grabbing a coveted contract with the Chinese national government to help develop a vaccine tracing solution.
The price surge VeChain experienced may have been fueled as well by the general recovery of the crypto market, with Bitcoin regaining some lost ground. However, the valuable market partnerships VeChain gained this year will still continue to impact the token’s long-term growth.
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