Upgrade season continues to push on in the cryptocurrency realm. With Ethereum (CCC:ETH-USD) priming itself for its Merge upgrade, as well as Cardano (CCC:ADA-USD) and Dogecoin (CCC:DOGE-USD) preparing for overhauls of their own, investors want to see developers up the ante. VeChain (CCC:VET-USD) is a crypto that is rising to the occasion. As the network prepares for its newest main network upgrade, investors are getting bullish, and VET is on the rise. VeChain price predictions are a topic of interest as well. Indeed, many are wondering what’s in store for the coin down the line.
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VeChain is a sizable cryptocurrency with its $1.2 billion market capitalization. It also presents quite an interesting model that sets it apart from its peers. The network seeks to solve a number of real world problems, and it uses blockchain ledgers to assist. Primarily, it is known for its supply chain monitoring capabilities; businesses can use VeChain ledgers to monitor the supply chain process with ease. Its many offerings, from software to backend support to a front-facing platform, allow for a variety of other services as well. It caters not only to businesses themselves, but the end-users of these products.
Plans have been in place for some time now for a VeChain upgrade. Developers announced plans to transition VeChain to a new version of its unique proofing mechanism it dubs proof-of-authority. This proof-of-authority 2.0 upgrade, called Surface, will combine both committee-based governance and random number generation in order to more securely process transactions.
VeChain Price Predictions Have VET Bulls Looking Toward the Future
October saw the vote for the upgrade, which easily passed. Early this morning, the first step of the upgrade took place, with the proof-of-authority 2.0 upgrade landing on VeChain’s test network. Node operators are preparing now by upgrading their nodes for the new algorithm, and given that there are no bugs on the testnet, the main network upgrade will occur on Nov. 16.
This is a huge step for a unique blockchain network, and VET bulls are seeing the announcement pay off already. VET is up 9% this morning, moving to a price of 16 cents on the news. Trading volume is also doubling, with over $1.5 billion in VET swapping hands today. Let’s take a look at some VeChain price predictions and see where analysts think the coin is bound in the future:
- CoinPriceForecast sees VET surging another 10 cents before 2021 closes out, ultimately reaching 26 cents. By 2023, the site expects VET to reach a value of 44 cents.
- PricePrediction is forecasting an end-of-year price of 17 cents for VET. Its 2023 prediction targets a value of 35 cents.
- DigitalCoin says that come December, VeChain’s coin will be worth 24 cents. In two years, it predicts VET to be at 34 cents.
- The Economy Forecast Agency says that if it keeps with its bullish trend, VET could see highs of 25 cents by the close of 2021. By 2023, that price is set to be 52 cents.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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