Information from Coingecko signifies a surge within the value of Ravencoin (RVN), over the previous month the cryptocurrency is transferring in opposition to the final sentiment out there. The rally within the value of this token coincides with the upcoming Ethereum’s “Merge” and appears instantly associated to this occasion.
On the time of writing, Ravencoin (RVN) trades at $0.07 with a 15% and 91% revenue during the last 24 hours and seven days, respectively. Within the final 2 weeks, the cryptocurrency data a bigger improve with a 150% revenue and a 95% improve within the final 30 days.
Addressing The Rally In The Worth Of Ravencoin (RVN)
As Ethereum prepares for “The Merge”, the occasion that may full its migration to a Proof-of-Stake (PoS) consensus, there’s extra consideration directed towards initiatives like Ravencoin, Ethereum Basic, and LidoDAO. These cryptocurrencies have been a few of the best-performing property.
LidoDAO supplies customers with a low-cost, low-difficulty platform to take part within the new Ethereum consensus mannequin whereas Ravecoin and Ethereum Basic allowed miners to proceed their operations. The brand new Ethereum PoS consensus will exclude miners with a mechanism referred to as “Problem Bomb”.
Thus, miners are migrating to cryptocurrencies utilizing the Proof-of-Work (PoW) consensus that permits them to remain worthwhile. Because of this, the hashrate of Ethereum Basic and Ravencoin has been rallying following the worth trajectory.
In line with information supplied by MinerStat, RVN’s community hashrate elevated by over two-fold since early September 2022 after trending sideways throughout the yr. This metric stands at 7.5 tera hash per second (TH/s), as seen within the chart beneath. Hash charge and RVN value appear to be correlated.
The Ravencoin group has been cautious about celebrating this rally because it has additionally impacted the community problem and presumably attracted speculators. In that sense, the undertaking’s official Twitter deal with resurfaced a message initially revealed on August 2021, when the crypto market was nonetheless trending to the upside.
One other reminder
Use warning in investing
— Venture Raven 🦅/ RVN / Ravencoin (@Ravencoin) September 14, 2022
Is This Ravencoin Rally Sustainable?
Further information supplied by Materials Indicators exhibits that the RVN’s value rally has been supported by traders with bid orders of round $2,000 and traders with bid orders of round $100,000 extra lately. The latter should proceed supporting the worth to protect bullish momentum.
If Ethereum completes its transition to a PoS consensus, it appears logical that RVN and different PoW cryptocurrencies will achieve traction. Nevertheless, competitors will likely be fierce among the many standard candidates, and any potential Ethereum fork token making an attempt to leverage the unique consensus algorithm.
