Why is Vechain’s Value Going Up? — Here Are 4 Possible Reasons By

• VeChain is gearing up for the release of POA2.0, which combines Byzantine Fault Tolerance and Nakamoto
• Analysts have forecasted a surge for VeChain, as SMA aligns with strong bullish momentum
• The VeChain Foundation announced that it is the first public blockchain to answer the call of international organizations
• It has also received a certificate from China Association for Standardization

VeChain is one of the uniquely positioned crypto projects. It was created to disrupt the traditional supply chain models, an industry that before blockchain had remained little changed over the decades.

VeChain employs transparent, decentralized technology to achieve greater security, efficiency, and ease of tracking products in a given supply chain. As a result, VeChain (VET) has recently enjoyed increased popularity for topping crypto performance charts.

In October, the price of VET experienced several jumps, as the global crypto market set a new all-time valuation. The price of VeChain is at a dynamic position, steadily rising solidly above the 50-period simple moving average, which signals strong bullish momentum. So, what is behind the possible rise of VeChain?

Global Crypto Bull Market

Like most other cryptocurrencies, the most recent rally of VeChain resulted from the approval of the first ETF. The global crypto market enjoyed a significant bull run in October.

Since then ETFs were approved, the crypto markets have rallied, topping $3 trillion in cumulative valuation for the first time. The outlook for the global crypto market remains bullish, with more ETFs, a spot ETF, and an ETF waiting to be approved.

The VeChain Network Upgrade

As is almost always the case, positive announcements and hype around a crypto project can trigger a bull run. VeChain has had a lot of that, with recent upgrades to the VeChain blockchain as new accomplishments.

The VeChain Foundation recently announced the completion of the VeChainThor v1.6.0. The launch of the VeChainThor v1.6.0 prepares the VeChain blockchain for the upgrade POA2.0 Phase 1 activation.

The network upgrade, POA2.0, is described as the first protocol of its kind in the world. POA2.0 combines Byzantine Fault Tolerance and Nakamoto consensus mechanisms to eliminate their weaknesses but benefit from their strengths.

The Testnet of POA2.0 was launch on November 5, while the mainnet is scheduled to go live on November 16 on block #10653500. The successful launch of POA2.0 on the network could lead to more gains for VeChain (VET).

Increasing Real-World Usage of VeChain

While VeChain has enjoyed remarkable growth in its NFT space and in its network at large, it has also excelled in its adoption in the real world. VeChain enjoys growing adoption because it was explicitly designed to solve problems.

The VeChain Foundation recently announced that it had become the first public blockchain to answer the call of international organizations…