VeChain Records 7% Profits And It Could Outperform ETH, Here’s Why

Reynaldo Marquez

Last Updated: February 23, 2022 6:00 pm

2 mins read

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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.

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.

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.

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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