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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ravencoin (RVN) Records 90% Increase, Community Warns About Price Speculation

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Ravencoin RVN RVNUSDT

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Data from Coingecko indicates a surge in the price of Ravencoin (RVN), over the past month the cryptocurrency is moving against the general sentiment in the market. The rally in the price of this token coincides with the upcoming Ethereum’s “Merge” and seems directly related to this event.

Related Reading: TA: Ethereum Plunges to $1,550: Can Bulls Save the Day?

At the time of writing, Ravencoin (RVN) trades at $0.07 with a 15% and 91% profit over the last 24 hours and 7 days, respectively. In the last 2 weeks, the cryptocurrency records a larger increase with a 150% profit and a 95% increase in the last 30 days.

Ravencoin RVN RVNUSDT
RVN’s price rallying on the 4-hour chart. Source: RVNUSDT Tradingview

Addressing The Rally In The Price Of Ravencoin (RVN)

As Ethereum prepares for “The Merge”, the event that will complete its migration to a Proof-of-Stake (PoS) consensus, there is more attention directed toward projects like Ravencoin, Ethereum Classic, and LidoDAO. These cryptocurrencies have been some of the best-performing assets.

LidoDAO provides users with a low-cost, low-difficulty platform to participate in the new Ethereum consensus model while Ravecoin and Ethereum Classic allowed miners to continue their operations. The new Ethereum PoS consensus will exclude miners with a mechanism called “Difficulty Bomb”.

Thus, miners are migrating to cryptocurrencies using the Proof-of-Work (PoW) consensus that allows them to stay profitable. As a result, the hashrate of Ethereum Classic and Ravencoin has been rallying following the price trajectory.

According to data provided by MinerStat, RVN’s network hashrate increased by over two-fold since early September 2022 after trending sideways across the year. This metric stands at 7.5 tera hash per second (TH/s), as seen in the chart below. Hash rate and RVN price seem to be correlated.

Ravencoin RVN RVNUSDT 1
RVN’s price follows the network’s hash rate as miners adopt the cryptocurrency. Source: Minerstat

The Ravencoin community has been cautious about celebrating this rally as it has also impacted the network difficulty and possibly attracted speculators. In that sense, the project’s official Twitter handle resurfaced a message originally published on August 2021, when the crypto market was still trending to the upside.

Another reminder

Use caution in investing

?? https://t.co/G7gXdtD1ti

— Project Raven ?/ RVN / Ravencoin (@Ravencoin) September 14, 2022 

Is This Ravencoin Rally Sustainable?

Additional data provided by Material Indicators shows that the RVN’s price rally has been supported by investors with bid orders of around $2,000 and investors with bid orders of around $100,000 more recently. The latter must continue supporting the price to preserve bullish momentum.

Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge

If Ethereum completes its transition to a PoS consensus, it seems logical that RVN and other PoW cryptocurrencies will gain traction. However, competition will be fierce among the usual candidates, and any potential Ethereum fork token trying to leverage the original consensus algorithm.

Ravencoin RVN RVNUSDT
RVN’s price is supported by small and large investors, the latter have been jumping on the action lately. Source: Material Indicators
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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