VeThor (VTHO) has outperformed nearly all cryptocurrencies in the market, surging 199% on Tuesday and adding another 22.9% on Wednesday.
Cryptocurrency VeThor (VTHO) has seen a remarkable surge in its value, outperforming almost all other cryptocurrencies in the market. The token surged by 199% on Tuesday and added another 22.9% on Wednesday, making a total gain of 287.81% in 24 hours. This surge brought VTHO to its highest price in four years, reaching $0.00833 at the time of writing.
With a market capitalization of $711 million, VTHO had a 24-hour trading volume of $2.91 billion. This marks a 78,121% increase in trading volume, putting VTHO in the spotlight as it aims for a top 100 rank and a $1 billion market cap.
A major factor contributing to VTHO's price momentum is its listing on Upbit, South Korea's leading cryptocurrency exchange. Upbit reported a 24-hour spot trading volume of $6.35 billion, ranking fifth globally on CoinMarketCap. Notably, $1.9 billion of VTHO's trading volume originated from Upbit, highlighting the exchange's significant impact on the token's growth.
The VeThor (VTHO) token is a part of VeChain's dual token structure, with the other cryptocurrency being VET. The transactions on the VeChainThor are settled using the VTHO token, while VET is the main token of the VeChain ecosystem, which has also shot up by more than 15% in the past day.
A glance at the daily chart from TradingView reveals a bullish divergence for VTHO, supported by a strong MACD indicator. The MACD line (blue) continues to move upward, diverging from the signal line (red). However, analysts warn of a potential correction after the token's sharp rally.
The Relative Strength Index (RSI) stands at 86.50, indicating that VTHO is currently overbought. A slight decline in buying pressure suggests the possibility of a cool-off period in the near term.
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