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Why RavenCoin (RVN) is Picking up Strong Momentum

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RVN coin school

The market change in RavenCoin (RVN) is significant, particularly over the past day. It rose 67% in the last 24 hours alone, and a whopping 270% in the last week.

The latest move makes RVN the 59th most valuable coin on CoinMarketCap.

Momentum began when RVN was added to Binance

RVN launched in January as an open-source fork of Bitcoin: no pre-mined coins, and no ICOs.

Its white paper indicates that the transfer of assets is the sole purpose of this platform design.  They didn’t want to reinvent the wheel, but wanted to improve the features that made Bitcoin work.  And they definitely have ambition.  As the white paper puts it, “There are a lot of real-world applications that this blockchain is intended to disrupt and improve”.

Moreover, the company reduced the  block times to 1 minute, a tenth of Bitcoin’s (BTC).  Its algorithm, X16R, prevents the use of ASIC mining equipment.  Why is this a good thing?  It means that mining reverts to average people, instead of big firms with a ton of gear built only for the purpose of earning coins.

When Binance CEO Chengpeng Zhao announced on Twitter that he’d add the coin, it didn’t take long for the value to skyrocket

Trading volume quickly escalated, seemingly out of nowhere.  Before this major announcement, it was a relatively quiet year for RVN.  Therefore, it was exciting to see it suddenly break into the top 100, and it’s nearly barreled into the top 50 as well.  Additionally, Zhao praised the RVN team, and said he will add them without a listing fee.  Normally, this service will carry a $1-2 million price tag.

RavenCoin (RVN) Momentum to Continue

The coin sustained a steady growth for nearly two weeks, and the company scheduled the mainnet launch for Halloween.  Additionally, this date will mark the 10 year anniversary of Bitcoin.  RVN blasted off from a market cap of around $30.5 million on October 9 to around $69 million on Sunday.  Moreover, it rose even more rapidly, reaching $124 million on Monday.  The trade volume went from around $20 million to $180 in the last day.  With the protocol launch still a week away, this momentum could continue to snowball.

 

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