Ravencoin's escalating value explained, along with potential factors leading to a possible drop.
Ravin' Ravencoin Rises: A Soaring South Korean Sensation
In a thrilling turn of events, Ravencoin, a digital coin akin to Bitcoin, saw a whopping surge on June 5th, reaching heights not seen since December. Here's what's going on!
Ravencoin's Ruddy Resurgence
Ravencoin, or rvn if you're into acronyms, leapt to a peak of $0.027, marking a staggering 155% leap from its opening price and a monumental 210% jump from its lowest point in April. After a brief lull, it settled at $0.016, giving it a market cap of an impressive $255 million.
The catalyst behind this coin's climactic ascent was its listing on Upbit, the largest South Korean crypto exchange. This listing ignited interest from South Korean traders, eager to purchase the token using their native currency.
According to CoinMarketCap data, most of Ravencoin's trading activity occurred on Upbit. Its daily trading volume skyrocketed to $445 million, with Upbit accounting for a substantial $170 million of that impressive total.
Cryptocurrency Kiss-ups: A Bashful Tradition
Ravencoin's feverish rise mirrors the performance of other digital coins post-Upbit listings. Take Orca, for example, whose price surged over 200% after its listing. Similarly, Arkham and Kaito rose 55% and 25%, respectively, following their debuts. More recently, tokens like Livepeer and Pocket Network also experienced sharp gains post-listing.
This pattern, rooted in South Korea'ssignificance in the crypto market, is no secret. A report from February placed South Korea as the third most active market, with average daily trading volume across South Korean exchanges reaching a whopping $12 billion.
The Ghost of Past Pumps
However, these post-listing rallies are often short-lived. Tokens like Orca, which shot up to $5.57 following its listing, plunged 70% to $1.698 within days. Similarly, Pocket Network, which soared to $0.0898 last week, has since dropped 41% to $0.052.
A Fork in the Road: From Bitcoin to Ravencoin
Ravencoin, a child of Bitcoin, boasts several enhancements, including lower transaction costs and faster speeds. One key contrast is its supply cap: Ravencoin boasts a maximum of 21 billion coins, compared to Bitcoin's mere 21 million.
Ravencoin Price Chronicles
The daily chart shows that Ravencoin bottomed at $0.008977 in April and then coasted within an ascending channel. It dipped to the lower boundary of this channel earlier this week before forming a God candle following the Upbit listing. The price initially exploded to $0.02573 before settling back to $0.0166 as the listing frenzy subsided.
Ravencoin continues to perch above both the 50-day and 100-day moving averages, as well as the upper side of the ascending channel. Consequently, the most likely scenario is a continued pullback, potentially to $0.0125, a point last seen in August of the previous year. Such a move would represent a 25% decline from the current levels.
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Sources:1. CoinMarketCap - Ravencoin (RVN)2. Upbit - Ravencoin (RVN)3. Inside Bitcoins - Ravencoin (RVN) Becomes Available on Upbit4. CoinTelegraph - Ravencoin Listed on UpBit Exchange5. NewsBTC - Ravencoin (RVN) Soaring After Listing on Upbit
- The surge in Ravencoin's price, akin to Bitcoin, was driven by its listing on Upbit, the largest South Korean crypto exchange, attracting South Korean investors and resulting in a daily trading volume of $445 million.
- Ravencoin's price jump mirrors other digital coins' performances post-Upbit listings, with tokens like Orca, Arkham, Kaito, Livepeer, and Pocket Network also experiencing sharp gains.
- Despite the recent surge, these post-listing rallies are often short-lived, as seen with Orca and Pocket Network, which plunged significantly after their initial surges.
- Ravencoin, a child of Bitcoin, features lower transaction costs, faster speeds, and a larger supply cap, making it a unique addition to the crypto finance world.
