Ravencoin is a peer-to-peer blockchain that facilitates the production and transfer of assets between users. The Ravencoin system operates on a fork of the Bitcoin blockchain and includes capabilities that enable token generation. The primary objective of the network is asset transfer.
Established in January 2018, Ravencoin is an open-source project featuring a Proof-of-Work incentive system. It received its name as a reference to the HBO show Game of Thrones. The project differs from Bitcoin in four ways:
- The issuance schedule (with a 5,000-block reward);
- The lowered 1-minute block time;
- A 1000 times larger total currency supply than Bitcoin, and
- A redesigned mining algorithm.
The project lacks a defined development staff and is driven by the key crypto enthusiasts: RavencoinDev, Chatturga, and Tron, with Bruce Fenton, a Bitcoin Foundation Board member, advising the initiative. The project was launched transparently, with no pre-mine ICO or master nodes. Soon afterward, Overstock CEO Patrick Byrne revealed that the company had made a multi-million dollar investment in the asset.
Ravencoin Price Prediction | Introduction
Ravencoin cryptocurrency is a peer-to-peer blockchain that allows users to produce and trade digital assets. Other blockchains can also transfer assets, but they are slower and unsuitable for this purpose because they were not specifically intended for it.
Ravencoin may be used to create asset tokens for a range of items, including real estate and corporate shares, as well as video game collectibles and community points. Anyone may generate new assets with Ravencoin, but they must first burn tokens.
The open-source project lacks a well-established development foundation or team. Instead, it is led by other core developers such as Bruce Fenton of The Bitcoin Foundation. However, due to its potential predicted value, it has received financial backing and support from crypto supporters like Overstock CEO Patrick Byrne.
Ravencoin is a Bitcoin hard fork that employs a similar UTXO structure. It has one of the best fork price forecasts compared to assets like Bitcoin SV, Bitcoin Cash, and others. It is distinguished by a total maximum Ravencoin supply of 21 billion vs. 21 million BTC, a quicker block generation time that is one-tenth that of Bitcoin, and the adoption of a different mining method to avoid ASIC mining.
The Ravencoin reward issues started at 5,000 RVN coins. Ravencoin was not formed as part of an ICO and did not have a pre-mine. Unlike Ripple, Ethereum, and other prominent projects, RVN coins are not held in a pool by founders that hovers over the market as possible distribution. To get started, a quantity of RVN must be burnt, and a name for the token must be picked. The entire amount and future issuance can be selected when tokens are created.
Ravencoin Price Prediction: Technical Analysis
Ravencoin’s price follows the general trends of the cryptocurrency market. As a result, its value soared in February, reaching an all-time high of $0.285 on February 20. Despite the sharp drop in crypto prices shortly afterward, the token held this level until the beginning of May, when most cryptos began to lose ground behind Bitcoin.
By the beginning of June, the asset had lost even more value and was trading for less than $0.08. It decreased further, falling to $0.04 on June 22. The token remained at the same price level for another month before beginning to rise at the beginning of August.
On August 8, the token price reached $0.09 and dropped to $0.08 before skyrocketing to $0.15 the next day. The Ravencoin’s price had even reached $0.17. However, the price fell over the next two weeks, resulting in a Ravencoin token price traded for $0.15. on September 5.
Following that, Ravencoin fell to a support level of $0.12, bouncing between $0.09 and $0.12 until the end of October. During that time, the token’s value reached $0.14, but it could not maintain this level and began to fall steadily. Below is an outline of Ravecoin’s price performance in the last six months.
| Month | Open Price | Closing Price | Month High |
| November | $0.03150 | $0.02206 | $0.03345 |
| October | $0.03545 | $0.03760 | $0.03150 |
| September | $0.02856 | $0.03544 | $0.07529 |
| August | $0.03712 | $0.02854 | $0.04193 |
| July | $0.02302 | $0.03715 | $0.04238 |
| June | $0.02969 | $0.02297 | $0.03000 |
The source of the numbers above can be checked here.
Ravencoin Price Prediction: Market Opinions
TradingBeast estimates that the Ravencoin price will rise to over $0.034672 by December in their Ravencoin price predictions for 2023. PricePrediction.net forecasts Ravencoin’s future growth as well, predicting that the Ravencoin price will reach $0.033 by the same time. WalletInvestor, on the other hand, continues to forecast Ravencoin price declines, projecting values around $0.00348 in 2023.
Digitalcoinprice.com predicts that Ravencoin is expected to be worth at least $0.0479 in January 2023. The Ravencoin price can reach a maximum of $0.0546 with an average trading value of $0.0538 in USD. Ravencoin is expected to be worth at least $0.0471 in December 2023. The Ravencoin price may reach a maximum of $0.0563 with an average trading value of $0.0477.
Changelly.com states that according to a review of Ravencoin pricing in recent years, the minimum price of Ravencoin in 2023 is expected to be about $0.0329967. The most likely RVN price will be approximately $0.0389961. In 2023, the average trade price might be $0.0339966.
Ravencoin Price Forecast for December – January
Ravencoin technical analysis by Cryptonewsz.com predicts that by the end of 2022, the coin will have an average trading price of $0.0436, with a high value of $0.0459 and a low value of $0.0413. They estimate a slight price increase in January 2022.
Ravencoin Price Forecast for 2023
According to a Ravencoin price prediction for 2023 by Cryptonewsz.com, the token could reach a high of $0.0984 and a low of $0.0789 in 2023. At the same time, they expect that the coin will trade at an average of $0.0887. The price change could be around 24.71%, a significant increase over the current price.
At the time of the writing, Ambcrypto.com seems more optimistic about the coin’s future. According to their price predictions, the coin could trade between $0.13 and $0.15 at the beginning of 2023, with an estimated average of $0.14. They predict a price range of between $0.16 and $0.19 by the end of the year, with an average trading price of approximately $0.18.
Cryptocurrency Experts and Influencers
Captain AltCoins RVN coin price estimate was pessimistic. According to the site, the coin might fall to $0.0204 by the end of 2022. On the other hand, according to Primexbt.com, Overstock CEO Patrick Byrne sees Ravencoin’s potential as immense, and Ravencoin’s predicted development is something to get behind. He has invested millions of dollars into the project. Patrick Byrne, a crypto enthusiast, feels Ravencoin’s value will increase in the future.
Latest News about Ravencoin
According to an article published by Coincodex.com on November 8, 2022, Ravencoin has recently been on a downward trend, losing -22.43% in the last 30 days. Ravencoin’s medium-term trend has been negative, with RVN falling by -24.21% during the previous three months. When was written the Coincodex.com article, Ravencoin’s long-term outlook was gloomy, with RVN now showing a -79.21% 1-year price change. RVN was trading at $ 0.133689 in the same month last year.
Ravencoin hit its all-time high price on February 20, 2021, when it peaked at $ 0.285. The current RVN cycle high is $ 0.075266, and the current cycle low is $ 0.017195. RVN has recently seen minimal volatility, with the coin’s 1-month volatility standing at 4.28.
FAQs
What Is Ravencoin?
Ravencoin, which was launched in 2018, is a Proof-of-Work blockchain mainly built to support token issuance, serving as an alternative to existing token-capable chains such as Ethereum. Ravencoin tokens may be used for several applications, including the representation of NFTs and real-world assets. The concept of the project is mainly similar to that of Bitcoin: block rewards, total supply, and unique Ravencoin mining algorithms are optimized for efficient token transfer and decentralization.
How to Buy Ravencoin?
Ravaceoin is available on many cryptocurrency exchanges, including Binance, Gate.io, Bit2me, and more.
What Is Ravencoin Used For?
Ravencoin is a blockchain cryptocurrency network that allows token holders to transfer assets to one another. The project, which is deliberately limited to this single application, aims to overcome the challenges related to asset exchange.
Ravencoin Price Prediction: Verdict
The analysis cited above shows that Ravencoin (RVN) estimates are rather inconsistent. There is no universal agreement on whether future RVN price fluctuations will be positive or negative.
Indeed, potential future development depends on various factors, including new technological solutions developed by Ravencoin initiatives, announcements, the crypto ecosystem in general, legal status, and so on. Buyers should conduct their own research before investing in the coin.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/ravencoin-price-prediction/