Ravencoin has surged by 54% in the past week – What’s driving it?

Ravencoin

Ravencoin has gained 54% in a week

Ravencoin blockchain is a Bitcoin fork

The token is boosted by speculations of PoW miners’ shift

Ravencoin RVN/USD is alongside Terra Classic, making parabolic moves. In the last 7 days, RVN has added 54.42%. The gains are not stopping as the token surged by 20.36% in 24 hours as of the time of writing. So, what’s driving the price of the 79th-ranked cryptocurrency by market cap?

Let’s first dissect what Ravencoin is and its role in the crypto ecosystem. 

Ravencoin is a brainchild of Bitcoin, with the blockchain just 4 years old since its April 2018 launch. The blockchain has most of the features of Bitcoin. As such, it undergoes periodic halvings and runs on the 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 whatever asset of their liking. The ability to create a token from virtually anything is the network’s main value proposition. Users can then move the tokens to third parties via the Ravencoin network. 

Ravencoin price and prediction

While RVN has been bullish lately, it is nothing near its former self. At press time, the cryptocurrency was trading at $0.044, the highest ever since May. While crypto recoveries were boosting RVN, increased speculation is also behind the latest surge. PoW miners are seeking alternatives ahead of Ethereum’s move to Proof-of-Stake consensus. Investors are looking at Ravencoin as a superior alternative to Bitcoin in PoW miners’ shift. That’s because the network comes at lower costs and faster speeds. To some extent, RVN investors are reading from the same script as the Ethereum Classic enthusiasts.

Source – TradingView

From the technical outlook, RVN has successfully cleared the $0.04 resistance. We shall remain interested in the level as Ethereum Merge approaches. More volatility could see the token continue to surge. The next level is $0.05.

Summary

Ravencoin is rising due to growing expectations it could attract PoW miners from Ethereum. The token remains largely susceptible due to volatilities. $0.04 is the level to watch if seeking to buy.

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The post Ravencoin has surged by 54% in the past week – What’s driving it? appeared first on CoinJournal.

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