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Highlights
- While the wider market has been taking a dive, one lesser-known crypto has been bucking the trend - Revain (REV)
- Revain was the first platform to combine the features of traditional review sites, like Yelp, and blockchain technology
- The phenomenon of an altcoin rising in value whilst the rest of the market is in a dive, isn’t anything new
It’s been a rough 48 hours for the crypto market with losses across the world’s top cryptos, including Bitcoin, which dropped some seven percent overnight to hit below US$47,000.
While the wider market has been taking a dive, one lesser-known crypto has been bucking the trend. Revain (REV).
This isn’t the first time Revain has pushed against market trends. In September 2021, Revain made 230 percent gains hitting its multi-week high of $0.036.
What is Revain?
Established in Russia in 2018, Revain is a platform featuring on the Ethereum blockchain where developers can receive reviews on their blockchain projects.
Revain was the first platform to combine the features of traditional review sites, like Yelp, and blockchain technology.
Since its launch, Revain has claimed to have received the largest number of user reviews in the industry.
Other Revain divisions include casinos, exchanges, mining pools, wallets, cards, and games.
REV is the native token of the Revain platform with a market cap of US$943,892,174.
The Recent Price Movement of Revain
Since mid-October this year, REV has been on a steady decline, dropping from US$0.021 to US$0.009 on December 12.
However, on December 13, the price suddenly skyrocketed from US$0.009 to US$0.016 in a matter of hours.
In the past 24 hours, the price has corrected to US$0.011, which is still a marked increase from its position on December 12.
The question is whether it will continue to hold its value.
Why is it rising?
The phenomenon of an altcoin rising in value whilst the rest of the market is in a dive, isn’t anything new.
If you examine the data from the mid-year crash, you’ll see that Bitcoin was the first token to plummet after reaching its then all-time high of US$65,000 in mid April.
The drop off in the price of tokens like Bitcoin, Ethereum, Cardano and Solana, is caused by investors selling their positions.
Some of those sellers, however, will take their position from a major token like Bitcoin and then reinvest some of that capital into an altcoin, like Revain.
For example, during April, despite the fact that Bitcoin was free-falling, many altcoins, including Revain were still on the rise. In fact, Revain hit its 2021 peak on May 12, almost a month from where Bitcoin began to tumble.
What Does This Mean?
Although Revain’s bucked the trend during the mid-year crypto market crash, it was only for a short while before it plummeted as well.
What this means, is that if Revain is to continue its rise against the flow of the wider market, it won’t be long before it joins the rest of the market. That is, of course, if the market continues its downward trend.
