Ravencoin has gained 54% in every week
Ravencoin blockchain is a Bitcoin fork
The token is boosted by speculations of PoW miners’ shift
Ravencoin RVN/USD is alongside Terra Traditional, making parabolic strikes. Within the final 7 days, RVN has added 54.42%. The positive aspects aren’t stopping because the token surged by 20.36% in 24 hours as of the time of writing. So, what’s driving the worth of the 79th-ranked cryptocurrency by market cap?
Let’s first dissect what Ravencoin is and its position within the crypto ecosystem.
Ravencoin is a brainchild of Bitcoin, with the blockchain simply 4 years outdated since its April 2018 launch. The blockchain has many of the options of Bitcoin. As such, it undergoes periodic halvings and runs on the Proof-of-Work consensus mechanism.
Ravencoin’s whitepaper signifies that it’s a blockchain-based ecosystem. It permits customers and builders to provide you with tokens for no matter asset of their liking. The flexibility to create a token from nearly something is the community’s fundamental worth proposition. Customers can then transfer the tokens to 3rd events by way of the Ravencoin community.
Ravencoin worth and prediction
Whereas RVN has been bullish currently, it’s nothing close to its former self. At press time, the cryptocurrency was buying and selling at $0.044, the best ever since Could. Whereas crypto recoveries had been boosting RVN, elevated hypothesis can also be behind the newest surge. PoW miners are in search of alternate options forward of Ethereum’s transfer to Proof-of-Stake consensus. Traders are taking a look at Ravencoin as a superior various to Bitcoin in PoW miners’ shift. That’s as a result of the community comes at decrease prices and quicker speeds. To some extent, RVN traders are studying from the identical script because the Ethereum Traditional fans.
Supply – TradingView
From the technical outlook, RVN has efficiently cleared the $0.04 resistance. We will stay within the degree as Ethereum Merge approaches. Extra volatility may see the token proceed to surge. The following degree is $0.05.
Ravencoin is rising as a result of rising expectations it may entice PoW miners from Ethereum. The token stays largely inclined as a result of volatilities. $0.04 is the extent to observe if in search of to purchase.
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