Most tokens that were created on Bitcoin’s blockchain have emerged after the dramatic rise in Bitcoin’s price and its adoption. Litecoin and Dash are three of the most prominent examples, despite the large number. These coins are very popular, but others are less so. Ravencoin token is one such token.
What is Ravencoin?
Hackers cannot manipulate the process, which makes it very difficult. This means that miners who use low-end devices to mine tokens would also be eligible to receive rewards. Mining power is also a factor in the miner’s reward. Ravencoin does away with transfer fees, unlike Bitcoin. Instead of paying them to miners, Ravencoin eliminates them. The total number of coins that can be mined is 21 million.
The coin was launched in 2018 and sold at $0.027857 in March. After many price movements, the token’s price was $0.055. However, the coin traded at $0.014 before the close of 2018. The coin traded at $0.014 in January 2019.
June 2019 was a pivotal month in the history of the token, as it reached $0.071 and soared to new heights. It could not keep the momentum, as it fell to $0.023 by December 2019. Despite experiencing surges a few times, the coin price did not change in 2020. The coin traded at $0.22 in Feb, but fell to $0.022 by December.
The coin’s price was not much changed at the beginning of 2021. The coin began to gain bullish momentum in February and shot up. The coin reached its all-time high at $0.285 before the end of the month. Ravencoin’s price also fell after the economic downturn that saw Bitcoin drop. Despite the coin’s price movements reaching $0.18, it still targets the $0.200 mark.
Predictions for Ravencoin
Analysts predict that the token price will reach $0.32 by the end the year if the momentum continues. To make the surge, the coin is expected to surpass the $0.35 price mark. The coin is expected to trade at $0.22 at the close of the year, despite the downturn.
The coin’s price is expected to reach $0.5 by 2022 at the highest, while traders can expect a drop to $0.30. Ravencoin is also expected to reach $1 by 2023. A bear turn would see it close to $0.5. Analysts in the market have predicted that Ravencoin will be worth approximately $2.5 over the next four years.
Invest in Ravencoin
Ravencoin is still a new coin on the block but all signs point to it being a good investment. The coin’s popularity has increased significantly since its inception. Ravencoin boasts a more active address than Dogecoin despite its popularity. The advantage of mining the asset is its ease-of-use, as traders are actively mining it for profits.
Its supply is also fixed in comparison to other tokens, which is another reason it is promising. Money is the most important factor in deciding whether you will invest in this asset. Ravencoin can be an asset if you purchase small amounts of assets.
The asset is an excellent form of investment, even though it mirrors Bitcoin’s exact design. While it is not possible to argue that the token will surpass other assets, it is making good-intentioned strides in the market. Because traders can profit from the potential price rise, this is why. The predictions above suggest that the coin will perform well with the support of traders and investors. The token’s price is still volatile so traders need to be patient. The token is a great investment, despite this.