Ravencoin gained 54% in one week
The Ravencoin blockchain is a Bitcoin fork
The token is boosted by speculation on the change of PoW miners
Ravencoin RVN/USD is alongside Terra Classic, making parabolic moves. In the last 7 days, RVN has added 54.42%. The gains do not stop as the token has jumped 20.36% in 24 hours at the time of writing. So what determines the price of the 79th ranked cryptocurrency by market capitalization?
Let’s first dissect what Ravencoin is and its role in the crypto ecosystem.
Ravencoin is a Bitcoin brainchild, the blockchain being only 4 years old since its launch in April 2018. The blockchain has most of the features of Bitcoin. As such, it undergoes periodic halvings and operates on the Proof-of-Work consensus mechanism.
The Ravencoin whitepaper states that it is a blockchain-based ecosystem. It allows users and developers to offer tokens for any asset of their choice. The ability to create a token from virtually anything is the core value proposition of the network. Users can then transfer the tokens to third parties through the Ravencoin network.
Ravencoin Price and Predictions
While RVN has been bullish lately, it is nothing close to its former self. At press time, the cryptocurrency was trading at $0.044, the highest since May. While crypto recoveries boosted RVN, increased speculation is also driving the latest surge. PoW miners are looking for alternatives ahead of Ethereum’s move to Proof-of-Stake consensus. Investors view Ravencoin as a superior alternative to Bitcoin in the PoW miner shift. This is because the network is offered at lower cost and faster speeds. To some extent, RVN investors are reading the same script as Ethereum Classic enthusiasts.
Source – TradingView
Technically, RVN managed to break above the $0.04 resistance. We will remain interested in the level as Ethereum Merge approaches. Greater volatility could see the token continue to rise. The next level is $0.05.
Ravencoin is on the rise due to growing expectations that it could attract PoW miners from Ethereum. The token remains largely sensitive due to volatilities. $0.04 is the level to watch if you are looking to buy.
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