Alejandro Arrieche
The price of the Ravencoin token has been rallying this month as the asset-transfer-focused blockchain is being viewed as a potential winner once the Ethereum merge is completed.
The reason for this is that Ravencoin is a fork of the original Bitcoin (BTC) network that has been designed specifically to support the creation of digital assets that can be easily and rapidly transferred between parties.
This crypto project is powered by BTC’s proof-of-work (PoW) consensus mechanism and those who believe that RVN will soon rally think that miners will migrate en-masse to protocols such as Ravencoin to keep earning fair compensation for their hard work and invested resources.
Can Ravencoin’s September rally continue? In this article, we share more details about this interesting crypto project along with a Ravencoin price prediction for the short term.
What is New with This Crypto Project?
On 30 August, the native token of the Ravencoin network – RVN – was successfully listed by the popular centralized crypto exchange KuCoin. The coin started to be supported by the platform the next day and deposits can now be made by using the RVN mainnet.
New Listing$RVN @Ravencoin gets listed on #KuCoin!
Pair: RVN/USDT
Deposit: now open (network: RVN Mainnet)
Trading: 10:00 AM on August 31, 2022 (UTC)— KUCOIN (@kucoincom) August 30, 2022
Exchange listings typically provide a boost to the price of a crypto token as liquidity and awareness increase.
Data from CoinMarketCap indicates that trading volumes started to surge on 4 September from around $10 to $20 million every 24 hours to more than $100 million and even $200 million at some point on 6 September.
This results in almost a quarter of the token’s total market capitalization exchanging hands in a period of 24 hours and indicates an uptick in Ravencoin’s buying interest that coincides with the KuCoin listing.
In addition, rumors started to circulate in social media that a cold storage wallet created specifically for Ravencoin’s native token and all assets supported by the platform could soon be available to be purchased.
Cold storage hardware wallet coming soon only to Ravencoin $RVN.
Designed for Ravencoin & Ravencoin Assets. i#
This is a huge deal for Ravencoin.
It’s a freaking hardware wallet man! @IceWalletCold https://t.co/jbwQHwShTc pic.twitter.com/etUz6N2kjf— Leon Ravencoin ₿ (@leon_texas) September 4, 2022
What is Ravencoin?
Ravencoin was reportedly born in January 2018 as a result of a fork of the original Bitcoin network. This blockchain is powered by a proof-of-work (PoW) consensus mechanism but its purpose is to support the creation and transfer of digital assets.
The developing team of Ravencoin expanded the maximum supply of the RVN from the original 2.1 million BTC hard-cap to 21 billion and reduced block time to 1 minute. The network is considered fully decentralized as it started in the same way as Bitcoin – no ICO or allocations to the developing team.
Many digital assets can be created by using the Ravencoin blockchain. Developers can use price oracles such as Chainlink (LINK) to retrieve the real-time price of traditional assets such as gold, silver, and stocks and they can create a synthetic peer that can be easily traded by using this blockchain.
In addition, other types of real-world assets such as event and airline tickets can be minted on the blockchain and can easily be transferred to another party in a matter of seconds.
Ravencoin Price Prediction 2022
According to estimates from Wallet Investor, the short-term outlook for Ravencoin is bearish based on an analysis of the latest price trend and a set of technical indicators.
The algorithm is currently estimating that the price of RVN could fluctuate between $0.0286 and $0.0361 within the next 14 days resulting in either small gains or losses of up to 20%.
Meanwhile, estimates from Gov.Capital are also favoring a bearish short-term outlook for RVN as the algorithm is expecting that the price could drop to $0.0225 per token within the next 14 days resulting in a potential 37% loss if that target is hit.
Other Related Articles:
- Best Coins to Mine in September 2022
- Ravencoin Price Prediction 2022 – 2025
- 10 Best Altcoins to Invest This Year
This article was written for Business 2 Community by Alejandro Arrieche.
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Well it looks like the analysts were wrong lol.