Ravencoin is the blockchain that allows the issuance of tokens on its network and RVN is its native token. Ravencoin’s infrastructure is based on the Bitcoin fork and aims to be the alternative to Ethereum-like blockchains. Ravencoin’s USP is its security model and consensus mechanism that is conducive to decentralization. Ravencoin uses a Proof-of-Work algorithm to secure the network (just like Bitcoin), but uses the X16R hashing algorithm compared to Bitcoin’s SHA-256 algorithm.
This slight change provides more decentralized mining in Ravencoin than in Bitcoin.
However, competing with Ethereum is certainly not an easy task for Ravencoin because the Ethereum blockchain is well established and widely used. In addition, Ethereum’s performance has been much better in recent months, compared to Ravencoin. So, being just an alternative to the Ethereum blockchain may not work in favor of the Ravencoin blockchain.
The following are the main use cases of RVN coins:
- The tokenized version of RVN coins can be used for trading, lending, and lending in Defi applications on BSC (Binance Smart Chain).
- RVN coins can be used to create NFTs using Mango Farm Assets (a crypto wallet).
- Ravencoin blockchain, RVN token holders can participate in the governance of the platform through voting mechanisms.
Being the official governance token of the
However, RVN’s price movements in the past describe that it has a slight upward margin if market conditions ease.
Competitor analysis: Ravencoin vs Ethereum
Ethereum is an open source blockchain widely known for enabling the execution of decentralized smart contracts on the platform.
Ravencoin is a project that aims to offer an alternative to blockchains focused on smart contract and, therefore, is in direct competition with Ethereum. Therefore, let’s make a brief comparison between the two networks:
|Important audience||Organizations looking for a peer-to-peer blockchain solution.||Users looking for a platform to create smart contracts and decentralized applications.|
|Categories||Blockchain and Layer 1 protocols.||lending, Crypto staking, Defi projects, smart contracts and Layer 1 protocols.|
|Performance in the last year||-73.9%||-53.8%|
|Performance of the last three months||-19.4%||+14.4%|
|Performance in the last month||+20.0%||+23.5%|
We can see that the market price of RVN is certainly recovering in the last month. However, it failed to outperform Ethereum during the entire analysis period.
Price Prediction: Will Ravencoin Hit $1?
To reach a price of $1, RVN Coin needs to grow almost 40 times considering its current market price of $0.025.
Note that Ravencoin reached its all-time high price of $0.222 in April 2021, where it grew 17.1 times in just 4 months (from the lowest value of $0.013 in December 2020). Thus, it grew almost 4.3 times in a month.
Therefore, Ravencoin takes 9.3 months to reach $10 according to calculations.
However, the current market situation of liquidity and inflation is definitely not in favor of the cryptocurrency market. Therefore, it can not even reach $ 1 in the time calculated above. Therefore, reaching $1 is not an easy goal for RVN and will certainly take much longer than just 9 or 10 months.
Price Prediction: Can Ravencoin Reach $10?
The RVN cryptocurrency needs to grow 400 times to reach $10, considering its current market price of $0.025.
Since it showed growth of 4.3 times in a month (previously calculated), it will need a minimum of 93 months (i.e. less than 8 years) to reach a price level of $10.
However, since macro and micro economic conditions (including inflation and liquidity) are certainly not good for the entire cryptocurrency market, the RVN cryptocurrency will need more than 8 years to reach a price level of $10 (once market conditions prove to be in its favor).
Ravencoin Price Prediction 2023, 2025 and 2030
Ravencoin Price 2023 prediction is $0.0518
Ravencoin Price 2025 prediction is $0.0928
Ravencoin Price 2030 prediction is $0.0431
Ravencoin Price Prediction Today
|1. The wisdom of the market||positive|
|1a. Market data||positive|
|1b. Technical recommendation||buy|
|2. The wisdom of the crowd||Partially positive|
|2a. Buzz on social media||superior|
|2b. Social Media Sentiment||neutral|
How to buy Ravencoin?
The steps to buy almost all cryptocurrencies are similar.
- The 1San The step is to find the right crypto exchange.
- The 2nd step is to create an account on that particular exchange. To do this, you need to verify your identity.
- At the end of the verification, the 3rd step is to fund the portfolio. After this, you will be able to buy Ravencoin easily.
Where to buy Ravencoin (RVN)?
Most exchanges offer to list Ravencoin Crypto for trading. Here are some options to choose from:
- Coinbase, 2. Huobi, 3. Binance, 4. Ravencoin official website