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Rookie cryptocurrency, Ravencoin (RVN) continues with its bull run

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Ravencoin

While most virtual currencies this week are maintaining an unstable projection and are showing signs falling into the red zone by dangling on edge, some virtual tokens are recording significant figures. One such coin is the rookie digital asset, Ravencoin (RVN) that has marked its seven-day volume price surge of as much as 61,929 percent, with a trade volume increase of 55 percent within the last 24-hours. This comes as a result of the coin pumping over 250 percent after its listing on Binance.

Ravencoin, which is an altcoin, is making great strides in the cryptocurrency market with its gains being attributed to the latest announcement of the virtual currency’s mainnet is going live at the end of October 2018.

On Sunday, the young altcoin, which holds enormous potential for growth, closed the day with a 31.97 percent high against the US dollar and by near similar percentages of 32.62 percent against big-performing virtual currency, Bitcoin.

Also, Ravencoin recorded high volume trading in the past 48 hours, managing to record 79 percent trade appreciation of about 37 million US dollars. During the same time, its market cap nearly doubled from its previous figure of 37 million US dollars to its current 64 million US dollars.

Ravencoin 101

Ravencoin originated from an open-source fork of the default Bitcoin code that facilitates efficient transfer of digital assets between entities. Ravencoin was developed with this detailed functionality in mind as an alternative to Ethereum’s ERC20 and Bitcoin transfer protocols.

The name Ravencoin borrows its name from the avian delivery protocol of choice getting its inspiration from the famous novel turned tv series, Game of Thrones. The developers behind Ravencoin decided to make the cryptocurrency an open-source project that allows users the ability to declare their virtual assets on the network. The network itself is transparent, decentralized, and more importantly airtight secure.

And just like in Game of Thrones where ravens were used to carry and spread truths and news, Ravencoin is striving to become the virtual currency and blockchain technology that is going to be the carrier of truth in regards to the ownership of virtual assets on the blockchain.

https://twitter.com/wernli_ty/status/1052891956039360513

At the moment, the primary use of the cryptocurrency and blockchain technology is to perform P2P transfers while prioritizing security, control, user privacy, and autonomy. Additionally, as other virtual currencies intensify their fight and quest for truth and transparency, Raven is taking a step further, standing against censorship.

Ravencoin (RVN) Mining

Ravencoin made its entrant into the market on 31st October 2017 with mining binaries being released a few months later on 3rd January 2018, during the ninth anniversary of Bitcoin’s introduction to the market.

The development of the young crypto is guided by a phased development schedule that shows the type of undertakings they should take at particular levels. Currently, developers are working towards the creation of the Ravencoin mainnet and its new mining algorithm, the x16r. The x16r algorithm is being explicitly designed to contest top ASIC mining equipment and heavy mining pools.

Ravencoin hopes to use proof of work protocols in their mining activities not only to save on electricity consumption but also to focus on the more critical aspects of their core business. Which involves building a super tall and time-based wall that will safeguard users from any potential tampering and censorship in the future.

Ravencoin Analysis

At the time of writing, the price of Ravencoin stands at about 0.0577 US dollars (after surging 56.4% further in the last 24 hours only) positioning the digital coin to be among the top 60 cryptocurrencies in the market (it was in top 100 just a couple of days ago).

As the market continues getting more information concerning the crypto, analysts expect it to further spike upwards with a massive bull run expected at any time.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Ulleo/Pixabay

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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