The cryptocurrency industry is a wild world where just about anything goes. New projects are popping up nearly each and every day, with the majority of them set on building upon what Bitcoin started so many years ago.
As the industry has grown, certain coins have emerged that have use cases that vastly differ from Bitcoin, Ethereum, Litecoin, Ripple, EOS, and other top crypto assets. Ravencoin coin is one of those coins, however, not designed to be a payment currency like Bitcoin and has a unique use case of its own.
However, the asset does share several key similarities with Bitcoin, such as there only being 21 billion RVN tokens compared to Bitcoin’s 21 million BTC. But just because it shares some similarities with Bitcoin and has carved out its own innovative niche in the cryptocurrency market, that doesn’t necessarily mean that it makes an excellent investment.
This guide will offer a look at technical analysis on Ravencoin, provide various realistic Ravencoin price predictions from experts, and attempt to answer the question “will the price of Ravencoin go up” in the future?
What Is Ravencoin? Learn About Ravencoin Potential Growth
Ravencoin, first and foremost, is a cryptocurrency trading under the RVN ticker symbol. It trades commonly against USD and BTC on cryptocurrency exchanges and cryptocurrency trading platforms. It was launched on January 3rd, 2018, just as the cryptocurrency bear market started.
Ravencoin cryptocurrency is a blockchain designed to allow users to create and transfer digital assets from peer-to-peer. Other blockchains can also transfer assets, but they are slow and not ideal for this purpose because they were not explicitly designed for this task.
Ravencoin can be used to issue asset tokens for anything from real estate and company shares to video game collectibles and community points. Anyone can create new assets using Ravencoin but must burn tokens to do so.
The open-source project doesn’t have a well-established team or development foundation and is instead led by other core developers such as The Bitcoin Foundation’s Bruce Fenton. However, because of its potential projected value, it has earned financial backing and support from the likes of crypto supporter and Overstock CEO Patrick Byrne.
Ravencoin is a hard fork of the Bitcoin blockchain and uses a similar UTXO model. It has one of the better fork price predictions compared to assets like Bitcoin Cash, Bitcoin SV, and others. It differs in the total maximum Ravencoin supply of 21 billion versus 21 million BTC, a faster block generation time just one-tenth of Bitcoin’s, and uses a different mining algorithm to prevent ASIC mining.
Ravencoin’s reward issues began at 5,000 RVN coins. Ravencoin wasn’t created as part of an initial coin offering and without a pre-mine. Unlike Ripple, Ethereum, and other top projects, RVN tokens aren’t held by founders in a pool that looms over the market as potential distribution.
First, to create a new token, an amount of RVN must be burned and a name for the token chosen. At the time tokens are made, the total supply and future issuance can be selected.
The current price today as of the time of this writing is $0.017, putting the altcoin ranked at 89 in the top ten crypto assets by market cap. The price tomorrow could be anything. However, speculation points to enormous projected growth. The outlook on the asset’s long term value is mixed, however, according to prediction charts based on technical analysis.
Ravencoin coin started out its journey in 2018, just as the crypto bubble popped, and the bear market began. Its crypto market price history started off at just over a penny in early 2018 just as CoinMarketCap began aggregating data on RVN token.