No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Ravencoin gains 54% in one week
The Ravencoin blockchain is a fork of Bitcoin
Tokens are boosted by PoW miner shift speculation
Ravencoin RVN/USD sits alongside Terra Classic, making a parabolic move. Over the last 7 days, RVN has added 54.42%. Profits have not stopped as the token surged 20.36% in 24 hours at the time of writing. So what drives the price of the 79th largest cryptocurrency by market capitalization?
First, let’s analyze what Ravencoin is and its role in the crypto ecosystem.
Ravencoin is the brainchild of Bitcoin, and the blockchain is only four years old since its launch in April 2018. Blockchain has most of the features of Bitcoin. As such, it undergoes a periodic half-life and runs on a Proof-of-Work consensus mechanism.
Ravencoin’s whitepaper indicates that it is a blockchain-based ecosystem. Users and developers can come up with tokens for assets they like. Being able to create tokens from virtually anything is the main value proposition of the network. Users can then move their tokens to third parties through her Ravencoin network.
RVN has been bullish lately, but is far from its former self. At the time of writing, the cryptocurrency was trading at $0.044, its highest since May. Cryptocurrency recovery has driven his RVN, but the recent surge is also due to increased speculation. A PoW miner is looking for alternatives before Ethereum moves to his Proof-of-Stake consensus. Investors see Ravencoin as an excellent alternative to Bitcoin in his PoW miner shift. This is because networks are cheaper and faster. RVN investors are reading the same script as Ethereum his classic enthusiasts to some extent.
Source TradingView
From a technical perspective, RVN has cleared the $0.04 resistance. As the Ethereum merge approaches, we will remain interested in that level. Increased volatility could cause the token to continue to surge. The next level is $0.05.
Ravencoin is on the rise due to growing expectations that it can attract PoW miners from Ethereum. Volatility still leaves the token vulnerable. $0.04 is a level to watch if you are looking to buy.
Binance is one of the largest cryptocurrency exchanges in the world. Suitable for more experienced investors, with over 600 cryptocurrencies to choose from. Binance is also known for its low trading fees and multiple trading options that users can benefit from. Peer-to-peer trading, margin trading, spot trading.
Buy RVN now on Binance
CoinGate is a Lithuania-based fintech company founded in 2014. Payment gateways provide cryptocurrency payment processing services to businesses of all sizes. Permission-based account management, fiat payments to bank accounts, and all-new email billing capabilities are just a few of the reasons Coingate has become the go-to payment processor for many.
Buy RVN now on Coingate
