Ravencoin (RVN) Still Providing Great Returns as Tokenization Hype Grows
Ravencoin (RVN) was back on the offensive Wednesday, outperforming the broader market by a wide margin after Crypto.com confirmed that it has added the token to its payments and cryptocurrency platform. RVN was recently voted the “most exciting” new coin of 2019 for its potential to tokenize real-world assets and drive the next wave of value creation.
RVN Price Update
The RVN price peaked at $0.06593 on Wednesday, according to CoinMarketCap. RVN had retained most of its gains at last check, trading at $0.06507. Prices are up more than 7% over the past 24 hours.
Despite the rally, RVN is trading well below its all-time peak of $0.08025 set on June 3.
In addition to being considered one of the most exciting projects of 2019, RVN is one of the best performing. The coin has gained a whopping 500% since February and has quickly scaled the market-cap rankings. At current values, Ravencoin has a market capitalization of $247 million, putting it in 36th spot just behind Decred, BitTorrent and OmiseGO.
While RVN is clearly moving in the direction of the broader market, its upside potential has a higher ceiling. Unlike most of its peers, Ravencoin was born in a bear market, which means it has yet to experience a full-fledged breakout.
Crypto.com Lists RVN
Ravencoin’s breakout on Wednesday followed news that RVN tokens are now available for purchase and storage on Crypto.com, a leading digital asset wallet provider.
In a Tuesday press release, Crypto.com announced that users will now be able to buy and store RVN tokens “at true cost with no fees.” Through the MCO Visa Card, RVN users also have the opportunity to “easily convert cryptocurrencies into fiat currencies and spend at over [40 million] merchants globally.”
Ravencoin is trying to position itself at the forefront of the promising tokenization market, which was identified by Hacked as one of four future-proof investment opportunities for 2019 and beyond. Ravencoin’s platform specializes in the peer-to-peer transfer of real-world assets that have been tokenized and put onto the blockchain. The platform is currently working towards on-chain securitization that is independent of additional layers.
The project has caught the attention of Patrick Byrne, the e-commerce-turned-blockchain entrepreneur who heads Overstock.com, the parent company behind tZero.
In a February interview with Business Insider, Byrne identified Ravencoin as one of the most 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 Sara Silverstein in an interview that appeared on February 23.
“I’ll tell you. But there’s an open-source project called Ravencoin, which Overstock has put millions of dollars into teams. We have people contributing to this open-source project. We think this coin actually has quite a future. It’s about — it’s bitcoin, but a thousand times more energy efficient. And there’s other real interesting virtues to it — so Ravencoin. But other than that, I stay out of the cryptocurrency game.”
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.
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