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

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum Classic	ETCUSD	Crypto	4,145,701,367	Ethash

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum Classic

ETCUSD

Crypto

4,145,701,367

Ethash

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1.14	4.10%	28.94	28.93	28.94

Price Change

Price Change %

Current Price

Bid Price

Offer

1.14

4.10%

28.94

28.93

28.94

High Price	Low Price	Open Price	Prev. Close	52 Week Range
30.04	27.67	27.93	27.80	12.65 - 39.74

High Price

Low Price

Open Price

Prev. Close

52 Week Range

30.04

27.67

27.93

27.80

12.65 - 39.74

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:39:53	0.324995	28.94	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:39:53

0.324995

28.94

USD

Price x Volume	Volume	Base Symbol	Related Pairs
6,413,294.50	221,361.47	ETC	ETCEUR	ETCGBP	ETCBTC

Price x Volume

Volume

Base Symbol

Related Pairs

6,413,294.50

221,361.47

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

14/09/2022 5:31pm

NEWSBTC

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. 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. 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.

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