Coingecko data indicates that Ravencoin’s (RVN) price has risen significantly over the last month, which is in direct contrast to the overall market sentiment. The rally in the price of this token coincides with the upcoming Ethereum’s “Merge” and seems directly related to this event.
Ravencoin (RVN), trades at $0.07, with a 15% profit and 91% profit for the past 24 hours. The cryptocurrency has seen a greater increase over the past 2 weeks with a 150% profit, and 95% in the 30 days.
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 were some of our most profitable assets.
LidoDAO allows users to use a low-cost platform with low difficulty to join the new Ethereum consensus. Ravecoin, Ethereum Classic and Ethereum Classic allow miners continue to operate. The new Ethereum PoS consensus will exclude miners with a mechanism called “Difficulty Bomb”.
Therefore, miners migrate to cryptocurrency using the Proof-of-Work(PoW) consensus which allows them stay financially profitable. In response to this, Ravencoin’s hashrate and Ethereum Classic have been rising in line with the price.
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. As shown in the graph below, this metric is 7.5 Tera Hash per Second (TH/s). It seems that RVN price and hash rate are closely related.
Ravencoin has been careful about celebrating this rally because it could have an impact on the network and may attract speculators. In that sense, the project’s official Twitter handle resurfaced a messageThis article was originally published in August 2021. At that time, the cryptocurrency market was trending upwards.
A reminder
When investing, be cautious
👇👇 https://t.co/G7gXdtD1ti
— Project Raven 🦅/ RVN / Ravencoin (@Ravencoin) September 14, 2022
Can This Ravencoin Rally Be 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. To maintain bullish momentum, the latter should continue to support the price.
It seems natural that RVN, and other PoW cryptocurrency will gain popularity if Ethereum successfully transitions to PoS consensus. But, there will be fierce competition between the existing candidates as well as any Ethereum fork token attempting to exploit the original consensus algorithm.
