Unlike many projects trying to pursue several goals and getting lost in the ways and technologies, Ravencoin focuses strictly on token creation and transactions between parties. Dedication to a specific goal makes the project more secure and well-organized, and that has caused increased interest in the asset from the crypto community. Read our Ravencoin Price prediction and see if the token can become a key player.
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Ravencoin Fundamental Analysis
Ravencoin is a peer-to-peer blockchain designed to allow the efficient creation and transfer of assets between users. The Ravencoin protocol is based on the fork of the Bitcoin blockchain and has specific features that allow the creation of the tokens. The main purpose of the network is the transfer of the assets and even though it allows swapping for other tokens it’s not its main purpose.
Ravencoin was founded in January 2018. It is an open-source project with Proof-of-Work rewarding mechanism. It was named as a reference to the Game of Thrones. The project features four main differences from Bitcoin: the issuance schedule (with 50,000 block reward), reduced to 1 minute block time, 1000 times bigger total coin supply, and modified mining algorithm.
The project doesn’t have an established development team and is led by the core crypto enthusiasts: RavoncoinDev, Tron, and Chatturga with Bruce Fenton, the Board member of Bitcoin Foundation advising the project. The project went live with a fair launch: without ICO, pre-mine, or masternodes. Shortly after that, the CEO of Overstock Patrick Byrne confirmed that the company made a multi-million investment in the asset.
The team since then has been working on the functionality of asset support and rewarding mechanisms. Ravencoin aims to solve the issues with asset transfer and trading on the Bitcoin blockchain. For instance, before that, the assets created on Bitcoin could have been accidentally destroyed if the user-traded the coins they were created with.
RNV token is a native asset of the blockchain that has to be burnt to issue tokens on the Ravenchain. The assets can represent anything from real physical objects like gold or fiat money to virtual assets or shares, securities or stock, wage time, etc. By December 2021, 49,3% of the tokens from the 21 billion total supply have already been mined.
Ravencoin Live Price Chart
Ravencoin price was moving along with the general tendencies of the crypto market. Thus its value skyrocketed in February reaching the all-time high of $0.28 on February 21. Despite the strong correction, tokens sustained this level of the price till the beginning of May, when most of the crypto started losing its positions following Bitcoin.
By the beginning of June, the asset lost even more in value and was traded for not more than $0.07 and later on continued declining, falling from $0.06 to $0.04 on June 22. The token stayed at the same price level for another month, and at the beginning of August Ravencoin price chart finally started to go up.
On August 8th token price reached $0.09, went to a support level of $0.08, and skyrocketed to $0.15 the next day. But in the next two-week price went for correction, which ended with the Ravencoin token surge on September 5 and the asset was traded for $0.15.
Right after, Ravencoin went to a support level of $0.12 and was bouncing between $0.09 and $0.12 till the end of October. AT that period the token’s value reached $0.14, but it couldn’t maintain this price and started to steadily decline.
During the last week, Ravencoin was showing signs of a bullish trend, with its price slowly increasing from $0.08 to $0.09. Despite unstable price charts, analytics expect Ravencoin to increase in value in a 1-year period and consider it as a good long-term investment.