News just in indicate that popular Cryptocurrency exchange from South Korea, Upbit, was not at fault with respect to cooking its books. The breaking news is currently being internalized as more details are to come with the initial outcome of the investigations. Looking at the markets, one can only see VeChain (VEN) as one of the few cryptocurrencies doing double digit gains on this fine Tuesday.
VEN is currently up 13% in 24 hours and trading at $5.17. Other notable coins doing well are Dash (DASH), ICON (ICX) and Zcash (ZEC).
With respect to DASH, the coin is up 13.56% and currently trading at $451. ICX is up 10.34% and currently trading at $4.30. With respect to Zcash, the cryptocurrency has received a major boost when the Winklevoss twins announced that their co-founded exchange, Gemini, will be listing Zcash and with it, prominent trading pairs with the United States Dollar (USD), Bitcoin (BTC) and Ethereum (ETH). This has then led to a 45% price spike of ZEC to current levels of $351.
Looking back at VEN, the token was recently listed on popular cryptocurrency exchange, Bitifinex, and its sister exchange, Ethfinex. The latter exchange focuses primarily on ERC20 tokens that are paired against ETH, BTC and USD on the exchange. The announcement to list VEN on both platforms came on the 10th of May, which is 5 days back. The current market rally might be a delayed response to this listing as the rest of the crypto-verse catches onto the announcement that was made by the exchange.
VEN is also carrying out a Public Alpha Test for the VeChain Thor blockchain. This activity consists of several reputable third party cyber security and code auditors who will be vetted to make up an initial test group of 100 public testers. The VEN community is being encouraged to nominate or share names of plausible testers of the TestNet. From this May to early June, the doors will be open for applications for the Public Alpha Test process.
After the Alpha Test is complete, the VeChain foundation will open its code base to the public and initialize the Public Beta Test which will be open to all VEN community members.
The VeChain Thor blockchain is the next evolution of Blockchain following in the footsteps of its predecessors of Bitcoin and Ethereum. The time line to the launch is as follows:
- 2017 – Mid April 2018: Development Completed
- Mid April – Mid May, Alpha 1.0
- Mid May – Early June, Alpha 2.0
- Early June – End of June, Beta/Public testing, Source Code Open
- End Of June – Mainnet Launch
In conclusion, there is a lot going on in the Crypto-verse to stir some very needed gains in the markets for VEN. One thing that has not been mentioned is the ongoing Consensus Summit in New York that has been noted to always increase the value of the crypto-markets each year it is held. Many traders expect 2018 to be no different with respect to the markets. VEN could then be assumed to also be responding to the Summit in New York City.