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Highlights
- Ravencoin is a peer-to-peer blockchain, which was forked from Bitcoin in 2018.
- Developed by Bruce Fenton and Tron Black, Ravencoin is designed in such a way that can efficiently transfer asset from one part to other seamlessly.
- As per the data, the RVN is trading at US$0.133330 with a trading volume of US$464,203,559 over a day. At the time of drafting, RVN was 1.75% up in the last 24 hours.
Ravencoin is a peer-to-peer blockchain, which was forked from Bitcoin in 2018. Developed by Bruce Fenton and Tron Black, Ravencoin is designed in such a way that can efficiently transfer asset from one part to other seamlessly.
Also, unlike Bitcoin, with Ravencoin the users can mint tokens on blockchain, and they can tie to any assets such as fiat currencies, NFTs or even metals. Ravencoin is able to set itself apart largely due to its number of total circulations, which happens to be 100 times larger than BTC with a much faster block time of one minute as compared to Bitcoin’s 10 minutes.
On Wednesday, Ravencoin was one of the top gainers in the crypto market registering gains by 1.75% and volume rally by 82%.
What is Ravencoin surging?
Ravencoin has been rallying ahead of the halving event, which is expected on 11 January. The halving event will see the token rewards reduce to half. Ravecoin, which traditionally offers great rewards, is expected to reduce the rewards and this seems to have generated huge interest among the participants to make the most before the event.
Also read: Why is Norton Crypto Mining software creating problems?
Bitcoin saw a similar halving event in 2020, and it is expected that this event could well in fact push the prices up with rewards become scarce. The halving event is also expected to incentivise investors to pick maximum amount of Ravencoin tokens.
Also read: How Bitcoin will shape up in its 13th year
Is Ravencoin a good investment?
Ravencoin is governed by its native token RVN and is ranked 83 on CoinMarketCap. As per the data, the RVN is trading at US$0.133330 with a trading volume of US$464,203,559 over a day. At the time of drafting, RVN was 1.75% up in the last 24 hours. RVN currently has a live market cap of US $1,394,165,907 and a circulating supply of 10,456,510,000 RVN coins.
Ravencoin operates on the Proof-of-Work (PoW) consensus with an aim to reduce the hurdle in mining on its network. The transactions are validated by the consensus mechanism and distribute newly minted RVN tokens.
Why is Ravencoin surging today?
Conclusion
With the halving event fast approaching, Ravencoin could well see more rally in the coming days. It could provide the impetus to the token to strengthen further in the coming days. With January expected to be a good month for cryptos, it won’t be a surprise if the token maintains a decent rally throughout the month.
