Born in the Bear Market: Ravencoin (RVN) Leads Altcoin Breakout as Tokenization Use Case Grows
Ravencoin (RVN), one of the crypto market’s hottest commodities, broke out of its holding pattern on Saturday, setting the stage for a new price discovery phase for the rapidly advancing altcoin. The open-source blockchain project is trading at more than one-month highs with industry observers expecting even bigger gains during the next bull cycle.
RVN Price Update
The value of RVN peaked at $0.06886 on Saturday, its highest since April 20. At press time, RVN was worth $0.06743, having gained 12.4%, according to CoinMarketCap.
Over the past week, Ravencoin’s trade volumes have increased by a factor of eight, reaching a high near $60 million. Binance was the single largest market for Ravencoin trades; it processed more than a third of the daily transactions. Other key markets for RVN include DigiFinex and Upbit.
Ravencoin was up double digits against bitcoin, with the RVN/BTC exchange rate climbing 11.1% to 0.00000792. Take a look at Hacked.com’s latest Ravencoin trading strategy here.
Ravencoin has a lifetime return on investment of 154%. Its total market cap is worth $247.3 million, placing it 38th among active cryptocurrency projects.
Bear-Market-Born Ravencoin Set for Bigger Growth
Ravencoin is a unique cryptocurrency project in that it was born during the bear market of 2018. Despite seeing parabolic gains in the first quarter of 2019, it hasn’t had the opportunity to experience a full-fledged bull market. That could be about to change very soon as the cryptocurrency market edges closer to $300 billion. More importantly, another wave of altcoin buying could send the likes of RVN soaring.
RVN’s bear-market birth was recently pointed out by Canadian crypto investor Kyle MacLean, who identified four small-caps with the potential to outperform the market.
Born in the Bear Market, bathed in blood. These 4 fan favorites have never been in a BullRun. The mind boggles ⚔️
— Kyle MacLeanX 🍁 (@KyleMacLeanX) May 29, 2019
Bitcoin’s recent pullback may have been beneficial to small-caps that trade primarily against BTC. The bitcoin price briefly peaked above $9,000 late Thursday before experiencing a sudden pullback minutes later. The sharp reversal was likely caused by a mass liquidation event on BitMEX, a popular derivatives platform.
Looking beyond the immediate price, Ravecoin is definitely a project to watch for investors betting on the future of tokenization. The project’s tokenization platform launched at the start of 2019, setting the stage for on-chain securitization without the need for additional second layers. Read more: Why Investors Should Pay Attention to Ravencoin (RVN).
Ravencoin is said to offer advantages over the dominant Ethereum-backed tokenization model. Ravencoin focuses solely on tokenization, one of the most obvious blockchain use cases. According to the project’s website, the protocol allows tokenization of various assets, including project shares, virtual goods, physical and digital assets and even credit. Hacked identified tokenization as one of four future-proof investments. Read more here.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.