Vite crypto price surged to the highest level since April this year as demand for the coin jumped. The coin surged to a high of $0.055, which was about 222% from the lowest level this year. This rebound brings its total market cap to more than $25 million, making it a relatively small blockchain platform
What is Vite and why is it rising?
VITE is a relatively small zero-fee, lightning-fast blockchain for the decentralized economy. It is a fast-growing project that makes it possible for developers to build quality decentralized applications. By reducing the amount of fees in its ecosystem, the developers hope that Vite will become the platform of choice for developers.
Vite solves the fee challenge using the asynchronous model in which the network divides the contract call into Request and Response. There is almost no cost when a user initiates a request. Instead, the network charges a cost to the service providers.
Some of the top DeFi apps in Vite are VITCStake, Vita Inu, Viterium, Vite Together, and Viva. Its NFT projects are 51aliens and VitePunks while its DAOs are ExperimentDAO and Vitamin Coin among others.
Vite price jumped sharply after the launch of the ViteX Exchange. The launch means that anyone can provide liquidity on the exchange. Traders can only receive $VX tokens for trading and placing limit orders for selected pairs.
Still, Vite’s business model phases several key challenges. First, the network is competing with other super-fast and super-cheap blockchains like Bitgert and Kadena. As such, scalability could be an issue. Second, the layer-1 industry is getting competitive and crowded.
Vite crypto price prediction
The daily chart shows that the VITE price surged to the highest level since April. It rose to a high of $0.055 and then pulled back to the current level of $0.040. The coin moved slightly above the key resistance level at $0.036, which was the highest level on July 18. It has jumped above the 50-day moving average while the Relative Strength Index (RSI) jumped to the overbought level.
Therefore, the coin will likely continue rising as bulls attempt to retest the intraday high of $0.055. A drop below the support at $0.033 will invalidate the bullish view.