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Ravencoin is up 54% in a week
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Ravencoin Blockchain is a bitcoin fork
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Speculation of PoW miners shift gives token boost
Ravencoin RVN/USD is with Terra Classic, which is making a parabolic move. RVN has increased by 54.42% in the last 7 days. The gains are not closing in as the coin is up 20.36% in 24 hours as of the time of writing. So, what is the price of the 79th ranked cryptocurrency by market cap?
Let’s first look at what Ravencoin is and its role in the crypto ecosystem.
Ravencoin is the brainchild of Bitcoin, the blockchain being just 4 years old since its April 2018 launch. Blockchain has most of the characteristics of bitcoin. As such, it is periodically halted and runs on a proof-of-work consensus mechanism.
Ravencoin’s whitepaper indicates that it is a blockchain-based ecosystem. It allows users and developers to come up with tokens for any asset they like. The ability to create tokens out of virtually anything is the core value proposition of the network. Users can then transfer tokens to third parties via the Ravencoin network.
Ravencoin price and prediction
While RVN has been bullish lately, it’s nothing close to its former self. At press time, the cryptocurrency was trading at $0.044, its highest since May. While the crypto recovery was fueling RVN, there is also heightened speculation behind the latest surge. PoW miners are exploring alternatives ahead of Ethereum’s proof-of-stake consensus move. In the shift to PoW miners, investors are seeing Ravencoin as a better alternative to Bitcoin. This is because the network comes at a lower cost and faster speeds. To some extent, RVN investors are reading from the same script as Ethereum Classic enthusiasts.
Source – TradingView
From a technical point of view, RVN has successfully surpassed the $0.04 resistance level. We will continue to be interested in the level as the Ethereum merge nears. More volatility could lead to the coin continuing to rise. The next level is $0.05.
summary
Ravencoin is on the rise due to rising expectations it could attract PoW miners from Ethereum. The token remains largely susceptible to volatility. The $0.04 level is there to watch if you want to buy.
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