With the growing list of cryptocurrencies entering the cryptocurrency market, the crypto community has to continuously keep up with the increasing number of crypto coins they can trade. Additionally, crypto traders must do thorough research about the specific crypto asset they wish to invest in and especially do an accurate crypto market analysis to get accurate price predictions before deciding to invest or trade the crypto asset.
While most traders would be very conversant with the older cryptocurrencies like BTC, ETH, and Ripple relatively new cryptocurrencies like the VeThor Token (VTHO) are also catching the attention of traders.
In this post, we are going to look at VTHO price history, price analysis, and 2021 to 2022 price prediction.
What is VeThor Token (VTHO)?
VeThor Token (VTHO), is one of the two native cryptocurrencies of the VeChainThor blockchain network. Just like its partner cryptocurrency the VET coin, VTHO can be stored in hot and cold wallets that allow storage of ERC-20 tokens including ETH (ETH).
VeChain was launched in 2015 and at the time there was only one native digital coin by the name VeChain Token (VET) that was used in the VeChain ecosystem
After the rebranding, the VET coin was maintained to be the primary value-transfer token while the newly introduced token, the VeThor Token (VTHO) was adopted as the token for paying to use the VehainThor blockchain by facilitating transactions and processes and the use smart contract deployment.
What is the VeChainThor blockchain network?
VeChainThor is a public blockchain that allows members to participate by solving real-world problems. It was founded in 2015 under the name VeChain before being rebranded to VeChainThor in 2018.
The blockchain was established by Sunny Lu as a subsidiary of Bitse, one of the largest blockchain companies in China. However, Sunny Lu later parted ways with Bitse and Vechain platform stood on its own.
The VeChainThor blockchain uses a proof-of-authority (PoA) consensus mechanism, which depends on authority master nodes selected by the VeChainThor foundation to validate transactions and add blocks to the blockchain. The PoA mechanism enables VeChainThor to process transactions at record processing speeds. The blockchain also has an open-source design that allows blockchain technology developers to pool their efforts together towards upgrading the blockchain.
VeChainThor also has meta-description features that allow users to conduct multi-party transactions involving multiple tasks. The blockchain also allows the use of smart contracts, which are executed using the VTHO.
Why is VeThor Token (VTHO) unique?
The VeThor Token price is not directly related to the VeChain price. And just like the VET, it is a VIP-180 Standard token, meaning it is a special ERC20 token.
The dual-token design on the VeChainThor enables users, to trade using two tokens, thus diversifying their investment portfolios. However, this does not mean that if you want to purchase the VeThor token you will have to purchase the VeChain Token as well; you can purchase one and leave out the other if you so wish. But if you choose to invest in both, you will have to look at the VeChain price forecast to keep up with the VET price as you also look at the VeThor token price prediction to keep up with the VTHO price.
The two-token system further helps in separating the cost involved in using the VeChainThor blockchain from the market speculation. The governance mechanism stabilizes the cost of using the blockchain by destroying 70% of the VTHO that is paid for validating transactions on the blockchain and warding the 30% to the Authority Masternode Operator chosen by the VeChainThor foundation.
The most interesting part is that the supply chain of VeThor Token is actively tied to the VET. The VTHO is derived from the VET token. About 0.00000005VTHO is generated per VET for every block that is validated. This in connection with the destruction of the 70% of the VTHO that is destroyed keeps the circulating supply of VTHO at a low level at all times, which in turn keeps the demand of the token high.
In comparison to about 64 billion VET tokens currently in circulating supply, there are only about 38 billion VTHO tokens in circulation.
Where can you buy VeThor Token (VTHO)?
VeThor Token is available for trading on several crypto exchanges including Binance, Gate.io, MXC.COM, Crypto.com, Bitvavo, OceanEX, BitMart, and Hotbit.
To buy VTHO, you will require to open an account with any of these cryptocurrency exchanges, transfer ETH, BTC, or any other digital currency or fiat currency that the exchange allows, then perform a buy transaction to buy VeThor Token using the currency you deposited with the exchange, and then transfer the purchased VTHO tokens to a private crypto wallet or let them remain in the exchange wallet for trading.
VeThor Token price history
After VeChain was rebranded to VeChainThor in July 2018 and the VeThor Token (VTHO) was introduced, the token went ahead to register a very impressive price movement to hit its highest price of $0.04201 on August 01 the same year. The trend was however short-lived since it quickly turned to a bearish trend the day after. The bearish trend continued till October 2018, after which the token’s market price seemed to stabilize at about $0.0005 until January this year when there was some considerable bullish market movement that drove the token’s price to $0.0246 on April 16.
But the trend has since taken on another bearish trend and it is currently trading at $0.004765, which is 88.59% down from its all-time high three years ago.
Figure 1. VeThor Token (VTHO) price – history chart (Source)
Despite the bearish market that is resulting in the drop in the market cap, the trading volume of the cryptocurrency continues to increase every day.
It is important to note that the price of the VeThor Token correlates with the VeChain price all along. If you look at the VeChain price chart, you shall realize that the charts seem to resemble each other with the only difference being that the Vechain price is higher than that of the VTHO. The VeChain price is currently at $0.06286.
Figure 2. VeChain price – history chart (Source)
Due to this correlation, it would also be important to look at the VeChain price prediction as a trader goes through this price prediction of VTHO. since the two tokens have maintained a close correlation for over two years, it is very possible that that will continue into the future; meaning VeChain price prediction would also offer an insight into the price prediction of VHTO.
VeThor Token price technical analysis
According to walletinvestor.com’s technical analysis, the VTHO is currently in a bearish trend.
Figure 3. VeThor Token price market trend
Figure 4. VTHO token Support and resistance levels and market trend (source)
VeThor Token Price prediction 2021 2022
According to the wallet investor website, the VeThor Token price forecast indicates that it shall continue with its bearish trend in the coming days and weeks before turning into a bull market.
Figure 5. VTHO price forecast for the upcoming days according to walletinvestor.com
Figure 6. VeThor Token price prediction chart according to waletinvestor.com
According to the VeThor token price prediction by walletinvestor.com, the currency would have appreciated to trade above $0.005 by end of 2021 and then continue with the bullish trend and get above $0.15 by July 2022.
Trading beasts website also predicts that the current VTHO bearish trend will change to bullish before the end of 2021 and drive the prices to an average of $0.0074394 with an expected minimum price of $0.0063235 and a maximum price of $0.0074394 by end of December 2021.
Figure 7. 2021 VeThor token price prediction according to trading beasts
Trading beasts website then continues to predict a continued bullish trend in 2022 that could drive the price of the VeThor Token to around $0.0083239 by the end of 2022 with an expected maximum price of $0.0104049 and an expected minimum price of $0.0070753. And although this is a slightly lower price compared to what the wallet investor predicts for the maximum price, minimum price, and average price, the bottom line is that the two websites indicate a bullish VTHO price prediction.
Figure 8. VTHO 2022 price prediction according to trading beasts
According to the bullish VeThor Token price prediction, VTHO can be a profitable investment in the long term. If a trader purchased VTHO tokens using $100 at its current price of $0.00477, he or she would acquire about 20, 964.36 VTHO tokens. If the price of the token appreciates to $0.0159 by July 2022, as per walletinvester.com price forecast, the tokens would be worth $333.33, which would be a profit margin of over 200%.
As mentioned above, as traders look at the VeThor price prediction, it is also good to do a technical analysis of the Vechain price to know the VeChain price prediction.