VeChain Rockets to a New High, Overtaking Cronos

• VeChain has seen a significant spike in price in the last month.
• The altcoin’s price now sits at its highest level since the year began.
• It has also surpassed Cronos in terms of market capitalization.

VET, the coin that powers the smart contract blockchain VeChain, has seen remarkable growth in the last week, pushing its price to a new yearly high of $0.38. 

According to data from CoinMarketCap, in the last week, the altcoin’s price rallied by 12%. During the same period, its market capitalization rose from $2.41 billion to $2.69 billion, causing it to replace Cronos (CRO) as the 35th largest crypto asset in terms of market cap.

VET Logs Rise in Open Interest

In the coin’s futures market, open interest has risen steadily since December 1. At $46.05 million, VET’s futures open interest was spotted at a high last observed in April 2022, data from Coinglass showed. 

For context, the coin’s open interest was less than $20 million when the month started, showing that it has grown by 142% in the past 25 days.

When an asset’s open in…

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