What is Ravencoin?
Ravencoin is an open-source blockchain project working on the creation and peer-to-peer transfer of assets. Ravencoin allows users to create and trade real-world assets and digital assets on a network. This project was developed using a Bitcoin hard fork code and emerged as a completely open source project. Where Ravencoin got its name will surprise you. Ravencoin is named after the postal bird of Westeros, an imaginary continent featured in the A Dance of Ice and Fire series of the famous novel series Game Of Thrones written by George Martin.
Why is Ravencoin Rising?
Ravencoin price posted a decent uptick, taking advantage of Ethereum’s entry into the Merge process. With Ethereum’s transition to a proof-of-stake algorithm, many miners had to migrate. Many of these miners opted for the Ethereum Classic network as well as the Ravencoin network. This is among the factors that triggered the rise of Ravencoin. At the same time, we can say that the listing of Ravencoin on the KuCoin exchange on August 31 is among the reasons for the rise.
Ravencoin Highlights in Polls
In a Twitter poll conducted by node operator Cptovium in August, users were asked which Proof Of Work coin Ethereum miners would turn to. While the participants were expected to choose between Ethereum Classic, Ergo, Ravencoin and Flux, it was seen that the participants gave the most votes to Ravencoin after Ergo. After Ergo with 45% of votes, Ravencoin received 27% of the vote. Probably, after Ethereum’s Merge update, many miners will turn to Ethereum Classic and Ergo, while some miners will turn to Ravencoin. This can be shown among the reasons for the rise.
Ravencoin Price Prediction
Looking at Ravencoin’s price forecast, Wallet Investor predicts that the short-term outlook for Ravencoin is bearish based on analysis of the latest price trend and a set of technical indicators. According to the algorithm, it is predicted that the Ravencoin price could fluctuate between $0.028 and $0.031 over the next 14 days, resulting in small gains or losses of up to 20%. If we look at the current price of Ravencoin, we see that it is priced around $0.044, up 23% in the last 24 hours.
