- VTHO token shot up 199% on Monday and is up 280% in the past 24 hours.
- The cryptocurrency reached a peak of $0.012, a price tag not seen since 2021.
- South Korean exchange Upbit announced the listing of VTHO on Monday, causing the price surge.
VeThor (VTHO) has outperformed nearly all cryptocurrencies in the market, surging 199% on Tuesday and adding another 22.9% on Wednesday. In 24 hours, the token has jumped 287.81% in all, reaching its highest price in four years.
At the time of writing, VTHO is trading at $0.00833, with a market capitalization of $711 million and a 24-hour trading volume of $2.91 billion. This represents a 78,121% increase in trading volume, placing VTHO in the spotlight as it aims for a top 100 rank and a $1 billion market cap.
Upbit Listing Drives VTHO Momentum
A major driver of VTHO’s price surge is its listing on Upbit, South Korea’s leading crypto 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.
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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.
VTHO Price Analysis
The daily chart from TradingView shows 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.
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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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