This One Cryptocurrency Is Up 100% Since Bitcoin Lost Over 12% Of Its Value

In the past 15 days, Bitcoin has lost more than 12% of its value. On Oct. 28, the leading cryptocurrency was trading at $9,865, falling from the high of 10,500 on Oct. 26 which was the 4th largest bull run in Bitcoin’s history.

At the time of writing, BTC has been trading at $8,655 with 24 hours loss of 0.88% while managing the daily trading volume of about $205 million.

Source: Coin360

VeChain: Today’s Biggest Gainer

While Bitcoin has been making its way to the downwards, altcoins have been seen surging. One such altcoin is VeChain.

The 28th largest cryptocurrency VeChain is enjoying significant gains. On Oct. 28, VET was trading at $0.003716 after hitting $0.004393 on the same day. Since then, the digital asset has been making a new high almost every day.

Currently, VET is trading at $0.006593 on Bitfinex, today’s highest level that was last seen in July. It is also today’s biggest gainer, up 12.30% in past 24 hours.

In the past month, VET has increased by almost 65% against BTC.

“VET is up 100% in the last 16 days and all I see are discussions about whether bears are stupid for shorting $8800 or if bulls are idiots for longing $9000,” wrote analyst DonAlt on Twitter.

These gains on the back of positive news starting with Binance.US announcing the listing of VET. The exchange began trading for VET/USDT on Nov. 7 at 9:00 pm EST / 6:00 pm PST.

VeChain is an enterprise-focused blockchain ecosystem that focuses on enhancing supply chain management. Just recently, it announced a partnership with ASI Group with its existing partner DNV GL to enable food tracking on the blockchain.

Powered by VeChain Thor public blockchain, FoodGates is first of its kind solution that was announced at the China International Import Expo (CIIE) 2019, attended by China’s President Xi Jinping and France’s President Emmanuel Macron.

Time for Altcoins to Rally?

If we take a look at the past 7-days change in altcoins’ price in the USD market, the top 50 cryptos are in red but in the BTC market, they are in green except for a few digital assets, as per Coincordex.

The third-largest cryptocurrency XRP is down by 3.60%, XEM 0.96%, and BTM 6.04%, in the BTC market.

Trader Moon Overlord also shared a list of altcoins that are trading in green against BTC with, “what if… probably not.. but.”

Trader CryptoWolf has already called out the start of alt season. He said the first phase has kicked in with altcoins increasing against Bitcoin. But “if your alt isn’t following this trend then you’re in the wrong alt,” he said.