Ravencoin (RVN) Rises from the Ashes, Gaining 20%
Ravencoin (RVN) was the first cryptocurrency to break out on Saturday, rallying more than 20% despite not having any newsworthy items to report. The 40th largest cryptocurrency by market capitalization also got the upper hand on bitcoin – a rarity during the BTC-driven bull market of 2019.
RVN Price Update
The RVN price was back above the 5-cent mark, having gained as much as 26%, according to CoinMarketCap. At the time of writing, the RVN cryptocurrency was up 18.9% at $0.0509. Since bottoming below $0.0400 on Friday, Ravencoin has recovered nearly a third of its value.
Against bitcoin, RVN spiked 21.1% to 0.00000447 BTC. Ravencoin is one of the rare cryptocurrencies to have gained against bitcoin in 2019. Year-to-date, the RVN/BTC exchange rate is up 30%.
Compare RVN/BTC to our latest trade recommendation on the subject.
Trading in RVN amounted to $43.7 million on Saturday, according to CoinMarketCap. Daily trade volumes peaked around $150 million in March. Binance is the largest single exchange for RVN trades, accounting for just over a third of the turnover. DigiFinex, Upbit and Bittrex also house a large percentage of Ravencoin transactions.
Ravencoin Hype Building
Specializing in the peer-to-peer transfer of real world and digital assets, Ravencoin is capitalizing on the hype surrounding tokenization. According to at least one estimate, tokenizing existing assets could unleash a $24 trillion market by 2027.
As Finoa points out, “the era of tokenization has the potential to do to ownership rights, what digitalization did to media.”
Ravencoin is focused solely on tokenization and is currently building an on-chain securitization platform that doesn’t rely on additional layers. Ravencoin’s developers are working to enable the tokenization of various assets, from project shares to virtual goods and up to credit.
Unlike most cryptocurrencies, Ravencoin has its origins in the 2018 bear market, and those excited about its prospects say it has yet to benefit from a full-fledged bull market. Read more: Why Investors Should Pay Attention to Ravencoin (RVN).
Patric Byrne, the e-commerce entrepreneur who heads Overstock.com, told Business Insider earlier this year that Ravencoin is one of the exciting projects of the future.
“… I guess there’s nothing wrong with me saying there is an open-source project of which I’m really letting something big out of the bag here,” Byrne told Business Insider in an interview that appeared on February 23.
RVN was recently listed on Crypto.com, one of the leading wallet providers. The listing allows users to buy and store tokens without fees.
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.