Quick take:

The market action surrounding many altcoins is giving the impression of an altseason. This was explored in an earlier analysis that explained how an altseason could be upon the crypto-verse as a result of Bitcoins social dominance reducing significantly.

Furthermore, Ethereums gains against Bitcoin on the ETH/BTC pair is indicative of altcoins soon having a chance to thrive in the crypto markets. Evidence of an altseason was also demonstrated by a new All-time high of the ShitCoin perpetual contract on FTX.com.

One of the altcoins doing particularly well in the crypto markets is VeChain (VET). According to the team at Binance research, VeChain has had a phenomenal month of June delivering over 40% in gains.

The team shared this observation in the June edition of the monthly Binance trading report where they explained that large-cap coins were experiencing some sort of stagnation in the crypto markets.

Most large-cap cryptocurrencies delivered negative returns, while mid and small-cap cryptocurrencies such as LINK, ADA, BAT, VET, and IOST delivered positive returns. In particular, VET had a phenomenal month, delivering more than 40% return in June.

The impressive performance of VeChain in the month of June is also very much evident two weeks into the month of July. Taking a look at the daily VET/USDT chart courtesy of Tradingview.com, VeChain is clearly in a parabolic run at its current value of $0.0177.

From the daily VET/USDT chart, the following can be observed.

As with all analyses of altcoin such as VeChain (VET), the use of stop losses and low leverage is highly advised when trading VET on derivatives platforms such as Binance. Additionally, keeping an eye out for any sudden Bitcoin moves could be a good way of gauging the market environment for altcoins such as VeChain.

Disclaimer:This article is not meant to give financial advice. Any additional opinion herein is purely the authors and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Binance Report: VeChain (VET) Delivered More than 40% Return in June - Ethereum World News