What makes good money in the Information Age? The quality of a monetary product is primarily attributable to it being (1) recognizable, (2) scarce, (3) censorship-resistant, (4) durable & indestructible, (5) extensible, (6) salable, (7) portable, (8) fungible, (9) private and (10) divisible.
The greatest disruptive innovation in monetary history was published on October 31, 2008 by the pseudonymous Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System which outlined a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions, prevent double-spending and generate a transparent record for anyone to inspect in nearly real-time.
As shown with Bitcoin over the past decade the market takes a monetary product as it currently is along with speculation of what it may become instead of what it was.
It took approximately eight years before a similar disruptive monetary innovation was published when the pseudonymous Tom Elvis Jedusor placed the original MimbleWimble white paper on a Bitcoin research channel and then disappeared.
In the 49 page formal math proof published in 2018 titled Aggregate Cash System: A Cryptographic Investigation of Mimblewimble [https://eprint.iacr.org/2018/1039.pdf], Fuchsbauer, et. al. concluded, “In this paper, we provide a provable-security analysis for Mimblewimble. We give a precise syntax and formal security definitions for an abstraction of Mimblewimble that we call an aggregate cash system. We then formally prove the security of Mimblewimble in this definitional framework. Our results imply in particular that two natural instantiations (with Pedersen commitments and Schnorr or BLS signatures) are provably secure against inflation and coin theft under standard assumptions.”
A Mimblewimble based coin enables greater network scalability, privacy and fungibility than legacy blockchain protocols. All transactions on the base layer use CoinJoin with Confidential Transactions and signature aggregation. Whale alerts are not even possible with extremely scalable ghost money. But as with everything there are trade-offs in fundamental characteristics that each monetary product must make.
In a 2016 podcast Bitcoin core developer Peter Wuille stated,
“Introducing Mimblewimble into Bitcoin in a backwards-compatible way would be a difficult exercise. It may not be impossible, but it would be hard. I think the way if people were experimenting with this, I would expect it to be an experimental separate chain or sidechain. In a sidechain we would not introduce a new cryptocurrency but it would be a separate chain. There are some downsides to Mimblewimble. In particular, it does not have a scripting language…a scripting language is very neat to play with, but it has a privacy downside. Mimblewimble takes this to the other side where you have very good privacy but at the expense of no other features any more.”
Fortunately, there has been significant research done since then and with Mimblewimble these types of scripts and applications are possible: Multi-Signature transactions, time locks, atomic swaps, and hashed time-locked contracts which are the building block of payment channels and Lightning Network.
In January 2019 GRIN and BEAM both launched to extreme anticipation as Mimblewimble base layer coins. However, both have extremely low stock to flow ratios and GRIN does not have a supply cap.
On January 18. 2019, before GRIN launched a developer opened an issue on Github about GRIN’s emission rate and supply cap but was summarily dismissed. Because of GRIN’s lack of interest in a supply cap the developer interpreted that as a green light to experiment with a sounder monetary policy.
In February 2019 MWC was announced as a fork of GRIN. The initial stock of both BEAM and GRIN were created by mining which was highly inflationary. For software development funding, GRIN relies on donations and BEAM allocates part of the block reward to a foundation.
In October 2019 a Bitcoin and MWC atomic swap was completed on testnet.
In November 2019 MWC mainnet launched as an experimental separate chain and has functioned flawlessly according to the consensus rules ever since. The consensus rules provide for a total of 20,000,000 MWC. 10,000,000 will be proof of work mined and the initial stock of 10,000,000 were created in the genesis block.
The MWC initial stock was distributed differently than either GRIN or BEAM by using these three ways: (1) 2,000,000 to the developers for software development work immediately after the genesis block was mined; (2) 6,000,000 about a month after mainnet launched via an airdrop program that has primarily gone to the most grizzled and sophisticated veterans in the crypto-industry: Bitcoin holders who registered with more than 148,000 BTC at the bottom of the bear market between April and July 2019. Some were unclaimed and will either be burned, airdropped or added to the HODL program; and (3) 2,000,000 will be distributed over the infancy years of the project via a HODL program to those who continue to hold MWC. Registration is functional and over 6.7m of 8m MWC are registered. Registered MWC are still fully liquid and can be moved at the user’s discretion.
The MWC developers have stated in the Roadmap, “There are many potential places development resources can be allocated and they will be chosen based on market needs with highest priority given to requests that will primarily benefit and come from the buyers and hodlers of last resort.”
Just because a new monetary product is created does not mean that the market ascribes it any value. Such was the case from January 3, 2009 to January 2011 where Bitcoin traded at less than $0.25.
And such was the case on December 2, 2019 when the MWC airdrop began to be distributed. On December 3rd MWC hit an all-time low of about $0.25 or a market cap of less than $2m.
Bitcoin has clawed its market cap from nothing. Likewise, MWC was nearly worthless, nevertheless, a heartbeat was detected and the speculation network effect started. Some people have started to acquire and hold MWC just in case it might catch on. It seems that fundamentally good products always do eventually.
The MWC difficulty algorithm is based on pure proof of work. Inherited from GRIN was the use of C29 and C31 and, in the future, C32 and C33. Under the consensus rules C29 is scheduled to phase out around November 2019 at a rate of 1% per week. Pure proof of work, which the MWC team considers a superior form of security compared to alternatives like proof of stake, requires a tradeoff between emission rate and security.
As MWC’s price began firming the decision was made unanimously by all interested stakeholders to hard fork MWC, remove the C32 and C33 parts of the consensus code and rapidly harden the MWC emission rate. This would leave MWC the sole coin on the C31 algorithm.
An algorithm for which there is an ASIC designed but not put into production. On January 17, 2020 Innosilicon announced,
“We are sorry to inform you that our Grin product G32 GPU ASIC fabrication has not been supported well by the foundry… so we have to put this production on hold till future clearance. Innosilicon invested huge amount of R&D dollars to complete the innovative CC31/CC32 Grin GPU ASIC design to our satisfaction because we believe in Grin and its core team.”
On March 31, 2019 the MWC hard fork went flawlessly and on April 7, 2019 the emission rate decreased by approximately 75%. The stock-to-flow changed from 6.4 to 25.7. By February 2021 the MWC stock-to-flow will be over 62.
Although still in its infancy, MWC has been consistently trading above a $100m market cap with a monthly mining emission of around $500,000. By market capitalization, this makes MWC the #3 privacy coin behind Monero and Zcash and in the top-15 proof of work coins around Ravencoin and Decred. But in nominal numbers, MWC is minuscule compared to Bitcoin’s $90m of weekly emissions.
MWC is designed to be extremely complementary to Bitcoin and atomic swaps will only strengthen that relationship. Bitcoin can function as an extremely effective monetary VPN.
There seems to be significant information asymmetry regarding Mimblewimble and even the existence of MWC . As a result, it will be very interesting to see how the market responds to this six-month-old monetary product. When performing economic calculation the profits will go to those who calculate correctly and the losses to those who calculate incorrectly. The order book will be the arbiter of opinions.
After all, in an era of pandemic lockdowns, infinite bailouts, rising inflation, draconian wealth taxes and other financial, political and geo-political turmoil it just might be that the market is interested in a monetary product that delivers on being extremely scarce scalable ghost money.
Ravencoin (RVN) soared more than 14% over the past 24 hours, fueled by speculation that old Ethereum (ETH) miners are taking an interest in the coin as Ethereum’s Merge nears and the network moves away from Proof-of-Work (PoW) mining.
As of press time at 10:10 UTC, RVN traded at $0.0613, up close to 15% for the day and up a whopping 57% for the past 7 days. At its highest, RVN touched $0.074, before falling back to below the $0.061 level in the early hours of Tuesday trading.
RVN price last 14 days:
Source: CoinGeckoThe strong rally for Ravencoin has come as Ethereum miners are rumored to take an interest in mining the coin after the Merge, which is expected to happen on September 15 at around 3:20am UTC time.
Along with Ethereum Classic (ETC) – an Ethereum fork that continues to operate on Proof-of-Work – RVN has by some been highlighted as an alternative coin to mine when ETH mining will no longer be possible after the Merge. Among those who have mentioned it is Ethereum developer Tim Beiko, who also warned that mining these other coins could become challenging:
“Ethereum Classic and Ravencoin are the two that I’ve heard mentioned, but I’m not sure if they will maintain an algorithm which is compatible with Ethereum’s ethash,” Beiko told CryptoNews last year.
RVN also pumped last weekThe gains for Ravencoin today followed a massive pump seen in the same coin on Friday last week as the price pushed through the $0.038 level on improved sentiment in the broader crypto market.
Back then, the technical picture still appeared somewhat difficult, with resistance levels ahead at around $0.044. But with that level now well behind us, things are looking brighter for RVN.
The next technical level to look out for now is the high from March around $0.077, before the February high of $0.080 comes into play.
RVN price with resistance levels:
Source: TradingViewRavencoin in built on a fork of Bitcoin (BTC), and was released in 2018 as a cryptocurrency solely focused on the transfer of value from one party to another.
Bitcoin price is consolidating above $20,000.Ethereum is struggling near $1,600, XRP is well below $0.35.CEL surged nearly 20%, and RVN is again pumping.Bitcoin price found support near the $20,000 level after a strong decline. BTC is currently (11:10 UTC) consolidating above $20,000. It could start a fresh increase if there is a clear move above $20,800.
Similarly, most major altcoins are consolidating near support zones. ETH is struggling to stay above the $1,600. XRP might decline and test the $0.32 support. ADA is facing resistance near $0.48 and $0.482.
Bitcoin priceAfter a strong decline, bitcoin price found support near the $20,000 zone. BTC remained well bid above the $20,000 zone and recently started a consolidation phase. It managed to correct a few points above the $20,250 level. On the upside, the price is facing resistance near the $20,500 level. The next major resistance is now near the $20,800 level, above which the price could start a decent increase.
On the downside, an initial support is near the $20,050 level. The next major support is near the $20,000 zone, below which the price could start another strong decline.
Ethereum priceEthereum price managed to stay above the $1,550 support zone. ETH started an upside correction and traded above the $1,580 level. It even climbed above $1,600, but it is struggling to gain bullish momentum. The first major resistance is near $1,620. The next major resistance is near $1,650, above which the price may perhaps rise to $1,700.
If not, the price might start another decline towards the $1,550 level. The next major support is $1,500, below which price could gain bearish momentum.
ADA, BNB, SOL, DOGE, and XRP priceCardano (ADA) settled well below the $0.50 level. The price is now struggling to recover above the $0.48 level. If there is no upside break, the price may perhaps decline towards the $0.45 level.
BNB is slowly recovering losses and trading near the $280 level. An immediate resistance is near the $282 level. The first major resistance is near $288, above which the price could rise towards the $300 level.
Solana (SOL) declined over 12% and tested the $32.65 level. It is now trading near $33.50 level. The next major support sits near the $32.50 level. On the upside, the bears might remain active near the $35.00 level.
DOGE is consolidating above the $0.060 level. A downside break and close below the $0.060 level could spark a sharp decline. In the stated case, the price might slide towards the $0.0565 level.
XRP price is consolidating near the $0.335 level. If there are more downsides, the price could slide and test the $0.32 support. The next major support is $0.305.
Other altcoins market todayMany altcoins are down over 10%, including LUNA, USTC, LUNC, HNT, APE, AVAX, EOS, NEAR, FTT, GMT, and ATOM. Out of these, LUNA dived over 30% and traded below the $3.0 level.
To sum up, bitcoin price is consolidating above the $20,000 level. If BTC stays above $20,000, it could recover towards $21,200. If not, it might dive to $18,500.
After the Ethereum (ETH) ecosystem went through the long-awaited Merge update that officially marked its transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus algorithm, it has led to some interesting developments in the crypto space as miners start to look for alternatives.
Indeed, interest in Ravencoin (RVN) has soared, placing it at the top of the cryptocurrency trending list, ahead of Ethereum, Ethereum Classic (ETC), Bitcoin (BTC), and Shiba Inu (SHIB), according to data retrieved from CoinMarketCap on September 15.
Top 5 trending cryptos in the last 24 hours. Source: CoinMarketCap As the data shows, miners have flocked to the alternative chain en masse in this major mining shift, leading to the explosion of Ravencoin’s hash rate, which soared 541% in the two weeks leading up to the Merge – between September 1 and September 15.
Ravencoin hash rate. Source: CoinWarz Merge helps Ravencoin soar In addition, CoinMarketCap data demonstrates that the value of Ravencoin has increased nearly 75% over the previous seven days, as miners increasingly see RVN as an adequate substitute for ETH mining in the post-Merge environment.
This environment is leaving PoW ETH miners with increasingly fewer options – switching to other chains (like Ravencoin) or stopping mining altogether and becoming Ethereum stakers – earning staking rewards under the new PoS process.
The success of Ravencoin can also be attributed to the announcement by the crypto exchange FTX of the listing of RVN perpetual futures on September 12. These futures allow people to speculate on where RVN will go from the current point in time and hold their positions.
It is also worth noting that Ravencoin, which was established in 2018, uses a PoW consensus algorithm and the RVN tokens issued on it can be used for many different things, just like ETH, such as decentralized applications (DApps) and non-fungible tokens (NFTs).
Ravencoin (RVN) price analysis Meanwhile, the Ravencoin token is trading at $0.06293 at press time, down 0.77% on the day, but up a whopping 74.77% across the previous seven days.
Ravencoin 7-day price chart. Source: CoinMarketCap As per CoinMarketCap data, the market capitalization of RVN currently stands at $704.32 million, placing the decentralized finance (DeFi) token in 60th place among all cryptocurrencies according to this indicator.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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After the Ethereum (ETH) ecosystem went through the long-awaited Merge update that officially marked its transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus algorithm, it has led to some interesting developments in the crypto space as miners start to look for alternatives.
Indeed, interest in Ravencoin (RVN) has soared, placing it at the top of the cryptocurrency trending list, ahead of Ethereum, Ethereum Classic (ETC), Bitcoin (BTC), and Shiba Inu (SHIB), according to data retrieved from CoinMarketCap on September 15.
Top 5 trending cryptos in the last 24 hours. Source: CoinMarketCap As the data shows, miners have flocked to the alternative chain en masse in this major mining shift, leading to the explosion of Ravencoin’s hash rate, which soared 541% in the two weeks leading up to the Merge – between September 1 and September 15.
Ravencoin hash rate. Source: CoinWarz Merge helps Ravencoin soar In addition, CoinMarketCap data demonstrates that the value of Ravencoin has increased nearly 75% over the previous seven days, as miners increasingly see RVN as an adequate substitute for ETH mining in the post-Merge environment.
This environment is leaving PoW ETH miners with increasingly fewer options – switching to other chains (like Ravencoin) or stopping mining altogether and becoming Ethereum stakers – earning staking rewards under the new PoS process.
The success of Ravencoin can also be attributed to the announcement by the crypto exchange FTX of the listing of RVN perpetual futures on September 12. These futures allow people to speculate on where RVN will go from the current point in time and hold their positions.
It is also worth noting that Ravencoin, which was established in 2018, uses a PoW consensus algorithm and the RVN tokens issued on it can be used for many different things, just like ETH, such as decentralized applications (DApps) and non-fungible tokens (NFTs).
Ravencoin (RVN) price analysis Meanwhile, the Ravencoin token is trading at $0.06293 at press time, down 0.77% on the day, but up a whopping 74.77% across the previous seven days.
Ravencoin 7-day price chart. Source: CoinMarketCap As per CoinMarketCap data, the market capitalization of RVN currently stands at $704.32 million, placing the decentralized finance (DeFi) token in 60th place among all cryptocurrencies according to this indicator.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.
Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed.
However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with “The Merge” out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.
At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks.
RVN’s price is trending to the downside on the 4-hour chart. Source: RVNUSDT Tradingview Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks.
Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17th, two days after “The Merge”.
As seen below, ETC’s hashrate reached a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before trending lower. Over the same period, ETC’s price recorded massive losses, as mentioned.
Ethereum Classic’s hashrate trends to the downside. Source: CoinWarz Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH/s before starting a descend into its current levels at around 15 TH/s. Both cryptocurrencies might experience losses if their network’s hashrate sustains their current momentum.
Ravecoin hashrate moving sideways and trending to the downside over the past week. Source: CoinWarz Where Are Ravencoin And Ethereum Classic’s Hashrates Fleeing? As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners’ chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC.
The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate.
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Ravencoin (RVN) is a Blockchain network that facilitates the creation and transfer of crypto assets representing real-world assets. Users can mine with their CPUs and create special coins. Additionally, it provides communication and reward distribution among RVN coin holders. In this article, you can find answers to two frequently asked questions: What is Ravencoin (RVN), and how to buy Ravencoin (RVN) with TRY.
What is Ravencoin (RVN)?Ravencoin is blockchain-based software that incentivizes a computer network to facilitate the creation and transfer of unique cryptocurrencies. Unlike many other cryptocurrencies, Ravencoin is specifically designed to represent real-world assets such as securities, collectibles, gold, event tickets, and even airline miles. It was launched as an open-source fork of Bitcoin’s codebase, meaning the development team copied and modified Bitcoin’s original code to create a platform with different features and goals.
One of Ravencoin’s core features is that users can issue personalized assets on its network. This includes unique attributes such as one-minute block times, a 5,000 RVN coin block reward, and a maximum supply of 21 billion RVN. Ravencoin uses a consensus mechanism similar to Bitcoin’s Proof of Work (PoW) to secure its network but allows any user to mine with their CPU instead of requiring specialized hardware.
Although Ravencoin’s code is derived from Bitcoin, it establishes its own unique network, asset, and protocol rules. Parameters have been modified to encourage asset issuance and facilitate communication among users holding specific coins on its network. Ravencoin uses a variation of the Proof of Work consensus mechanism called KAWPOW. This is designed to lower the barrier to entry for mining, allowing more users to participate in securing the network, validating transactions, and distributing newly minted RVN.
To create a new cryptocurrency on Ravencoin, a user must burn (destroy) a certain amount of RVN coins and give the coins a unique name. During this process, issuers can define specific attributes such as the total supply, the number of decimal places for fractionalization, and whether the coin is fungible. Coin issuers can also distribute RVN rewards to coin holders, enabling the distribution of dividends or the creation of incentives within a community or organization.
Ravencoin also includes a messaging feature that allows coin creators to communicate with coin holders. This feature is particularly useful for informing specific holders when voting is required for new proposals. Since all RVN coins are transferable, coin holders can delegate their voting rights to other network users or sell their stakes in a community if they wish.
How to Buy Ravencoin (RVN) with TRY?Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Ravencoin (RVN). Over 100 cryptocurrencies, including RVN, can be bought and sold on Binance TR, where an account can be quickly created. To purchase Ravencoin (RVN) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?Opening an account on Binance TR is quite easy. To do this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm and verify the information. After completing this process, you will proceed to the second step, which is identity verification (KYC).
How to Verify an Account on Binance TR?Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone for identity verification on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click “Identity Verification and Limits” from the dropdown menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping the “Identity” option first.
Then, a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, you can continue by tapping the “Upload Front Side” option. After taking a photo of the front side of the document according to the document type you selected, tap the “Upload Back Side” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then, you can continue by tapping the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make transactions seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click “Deposit” from the dropdown menu.
Then, a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. Now, all you need to do is use the information displayed on the page of your preferred bank to send the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy RVN Coin with TL on Binance TR?After the deposit process, you can proceed to the TL to RVN coin purchase step by clicking the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking this option, the following page will open. You can go to the TL to RVN purchase page by typing “RVN” in the search section on the right side of this page and clicking the RVN/TRY option from the results.
Now, the following RVN trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy RVN in the first box and the number of RVN you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy RVN” button.
What is Binance TR?Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users, supported by Binance’s core functions, gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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As the broader crypto market consolidates, one industry analyst has identified a select group of altcoins that could see exponential gains during the anticipated “super-cycle” expected in the latter half of 2024. In a detailed social media post, the analyst, known as OxNobler, delves into the cyclical nature of the crypto market and highlights the factors driving the impending uptrend phase.
Crypto ‘Supercycle’ Imminent? According to OxNobler, the crypto market consistently follows a four-phase cycle: Accumulation, Markup (Uptrend), Distribution, and Markdown (Downtrend). The analyst argues that understanding these distinct phases is crucial for investors seeking to capitalize on low cap altcoins and market trends to maximize their returns.
“We are currently on the brink of entering the Uptrend phase, which is set to be fueled by a confluence of factors, including the upcoming US election, potential rate cuts, the global adoption of crypto ETFs, continued technological advancements, and shifts in China’s regulatory landscape,” explains OxNobler.
Drawing on this market insight, the analyst has curated a list of six altcoins that are poised to experience substantial growth during the anticipated crypto super-cycle.
These tokens span a diverse range of sectors, including artificial intelligence (AI), decentralized finance (DeFi), real-world asset (RWA) tokenization, and more.
6 Low-Cap Altcoins Tipped To Skyrocket First on the list is Numerai (NRM), an Ethereum-based platform that allows developers and data scientists to experiment with and create more reliable machine learning models.
With a current price of $11.75 and a market capitalization of $86 million, the analyst believes Numerai’s positioning in the trending AI sector makes it a compelling investment opportunity.
Another altcoin highlighted is TokenFi (TOKEN), a crypto and RWA tokenization platform aiming to simplify the tokenization process and emerge as a leading player in the space. Currently trading at $0.06 with a $60 million market cap, TokenFi’s role in bridging the gap between traditional and decentralized finance is seen as a key growth driver.
Ravencoin (RVN), an open-source proof-of-work blockchain enabling the issuance and control of utility tokens, non-fungible tokens (NFTs), and other digital assets, also makes the list.
With a market price of $0.015 and a $223 million market capitalization, Ravencoin’s positioning in the growing DeFi sector adds to its potential upside.
The Fluence Project, with its native token FLT currently valued at $0.27, is another intriguing prospect. As the first decentralized “Cloudless” computing platform, Fluence aims to provide an open alternative to the dominant cloud computing giants, aligning with the analyst’s bullish outlook on the AI sector.
Realio Network (RIO), an end-to-end blockchain-based platform for the issuance, investment, and management of digital securities and crypto assets, is also included. Trading at $0.89 with a modest $5 million market cap, Realio Network’s focus on the RWA tokenization space is seen as a notable bullish catalyst for the analyst.
Last on the list, is the largest altcoin among the six by market cap, Pendle (PENDLE), a protocol enabling the tokenization and trading of future yield, rounds out the list. Currently priced at $2.63 with a market capitalization of $419 million, Pendle’s positioning in the DeFi sector aligns with the analyst’s broader thesis.
The daily chart shows PENDLE’s price downtrend experienced over the last months. Source: PENDLEUSDT on TradingView.com Featured image from DALL-E, chart from TradingView.com
RVN, the native token of Ravencoin, a blockchain dedicated to creation and peer-to-peer transfer of assets, saw an astronomical surge of 94% just hours after it was listed on Upbit exchange, even as Bitcoin dropped below $105,000 on Thursday.
Upbit exchange announced listing of Ravencoin on Wednesday with 5 pm Korean Standard Time (KST) as scheduled for transaction support start time. Fans of Ravencoin showed their excitement on social media as news broke out of the token getting listed on Upbit.
The surge in interest around $RVN after Upbit listing has made the token outperform the entire crypto market on Thursday, which is down by 3%.
According to data on Coingecko, the price of $RVN reached $0.0217 with a massive 94% surge in less than 24 hours, after South Korean exchange listed the token on Thursday. At the time of publishing of this report, $RVN is priced at $0.019.
When it comes to daily trading volume, Ravencoin saw $75,026,484 in the past 24 hours, registering a mammoth 721.60% increase when compared to previous day. The market cap of $RVN is at $289 million while the total token supply has been fixed at 15 billion.
Meanwhile, Bitcoin dipped below $105,000 on Wednesday recording a marginal decrease of 0.8% in the past 24 hours with $24.79 Billion as daily trading volume. The overall crypto industry has also witnessed a downfall of 3% on Thursday with overall market cap of $3.4 trillion and 24-hour trading volume of $92.14 billion. Experts have pointed out towards ongoing tariff tensions between U.S. and China as a major reason behind global markets slump including crypto industry.
With Korea’s largest exchange Upbit officially listing Ravencoin, fans are now speculating whether $RVN would be able to maintain the hype that has been built around it, especially when the crypto market is down.
Ravencoin, a Bitcoin clone, formed a God candle on Thursday, June 5, soaring to its highest point since December.
Ravencoin (RVN) jumped to a high of $0.027, up 155% from its opening price and 210% from its lowest level in April. It then pulled back and settled at $0.016, giving it a market cap of $255 million.
Ravencoin’s price spike followed its listing on Upbit, the largest South Korean crypto exchange. This listing triggered a surge in interest from South Korean traders, who can now buy the token using their local currency.
CoinMarketCap data shows that most of Ravencoin’s trading volume occurred on Upbit. Its daily volume spiked to $445 million, with Upbit accounting for $170 million of that total.
Ravencoin’s rally mirrored the performance of other cryptocurrencies after their Upbit listings. For example, Orca (ORCA) price surged by over 200%, while Arkham and Kaito rose 55% and 25%, respectively, following their listings. Most recently, tokens like Livepeer and Pocket Network also posted sharp gains after being listed.
This pattern stems from South Korea’s significance in the crypto market. A report from February showed that the country ranks as the third most active market after the United States and China, with average daily trading volume across South Korean exchanges climbing to $12 billion.
However, these post-listing pumps often prove short-lived. Orca, for instance, jumped to $5.57 after its listing, only to plunge 70% to $1.698 within days. Similarly, Pocket Network rallied to $0.0898 last week but has since dropped 41% to $0.052.
Ravencoin is a Bitcoin (BTC) fork optimized for lower transaction costs and faster speeds. One key difference is its supply cap: Ravencoin has a maximum supply of 21 billion coins, compared to Bitcoin’s 21 million.
Ravencoin price analysis RVN price chart | Source: crypto.news The daily chart shows that RVN bottomed at $0.008977 in April and then moved 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 surged to $0.02573 before easing to $0.0166 as hype around the listing faded.
Ravencoin remains above both the 50-day and 100-day moving averages, as well as the upper side of the ascending channel. Therefore, the most likely scenario is a continued pullback, potentially to $0.0125, its lowest swing point from August of last year. Such a move would imply a 25% decline from current levels.
Ravencoin (RVN) and Lagrange (LA) are the top trending tokens in the market today South Korean exchange, Upbit, listed RVN and announced market support for LA, driving their price growth While the crypto market continues its average performance, some altcoins are showing exceptional growth today. Bitcoin and Ether continue to surf at around $104K and $2.5K price levels, and major altcoins like XRP, Solana, Dogecoin, and BNB also record no significant price surges.
Meanwhile, two altcoins, Ravencoin (RVN) and Lagrange (LA), are shaking the market with their price rallies. They even made it to the popular top trending list on the CoinMarketCap live-price tracking platform. If a cryptocurrency is recording price growth, there could be multiple reasons. One of the main ones is a token listing announcement by a renowned crypto exchange platform!
Ravencoin (RVN) and Lagrange (LA) Prices Rally Following Upbit Listing Upbit is the largest crypto exchange platform in South Korea, and its token listing announcements often led to huge price spikes. On similar lines, its recent announcements about Ravencoin and Lagrange have resulted in their incredible price surges.
Upbit has announced that its users can now trade RVN tokens with local KRW currency on the platform. The token went live on the exchange today at 5 pm local time.
Ravencoin (RVN) witnessed a sharp price spike and went from a low of $0.01079 to a 24-hour high of $0.02267. The upbit listing is the major drive behind its 100% surge. The RVN token is currently trading at $0.01598 with only a 45% 24-hour surge. Its trading volume has increased by a whopping 6,074.18%, thanks to the Upbit listing announcement.
On the other hand, Lagrange (LA) is a relatively new token that made its entry to the market not more than a couple of days ago. Upbit has announced that it is going to offer trading support for Lagrange token in BTC and USDT markets. This is huge news from an exchange like Upbit for a relatively new token like LA.
The Lagrange (LA) token has witnessed considerable growth since its launch. And a market support announcement by Upbit has further boosted its market price. The LA token is currently trading at $1.32, with a 240% price surge in the last 24 hours. It is gaining huge traction from day 1, being developed by a zk-proof networks developer.
South Korea has a thriving community of crypto enthusiasts. Events like these further confirm its leading position in global crypto markets. The recent change of government in South Korea is optimistic for the crypto space.
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Manisha is a proficient content writer with a keen eye for blockchain, NFTs, and fintech trends. With a passion for breaking down complex topics, she delivers insightful and engaging content for the Web3 community. Her expertise spans emerging market trends, latest news, and industry developments.
RVN successfully broke above the descending trendline resistance that had capped price action since January 2025 highs. RSI climbed from oversold levels to 66.49 while Awesome Oscillator flipped positive, confirming the trend reversal. Ravencoin’s recent pattern shows a strong indication that the price may be about to change its direction after being stable for some time. As per CMC data, it is currently trading at $0.014735 with an intraday gain of 20%, suggesting bullishness. Moreover, RVN has managed to break through a major descending trendline that had been stopping it from rising since January 2025.
The technical chart shows that the RVN price has been falling since late December 2024. However, after touching a support level of $0.008957, the token showed an impressive bounce. The recent move above the upper resistance shows that the market is turning bullish, backed by the RSI rising from a low of 30 to 66.
Key indicators are pointing in the direction of continued growth. The RSI is currently at 66.49, which means the market is doing well and is not overbought, and the recent crossover above the 50 line indicates that Ravencoin has turned bullish. The AO has changed to a positive reading at 0.002194, meaning that the market’s momentum is now positive, as seen by the green bars.
What’s Next in Ravencoin Price?
Source: Tradingview
Bolinger band analysis shows price breaking above the middle band and coming close to the upper band. The bands are narrowing during consolidation, which usually indicates that the market is quiet before a big change in prices. The current growth in the bands is consistent with the breakout theory.
The AO histogram reveals that more traders are taking part in the market now, as the oscillator has clearly moved into positive territory. The increase in volume confirms the breakout and suggests that institutions or whales may be buying the asset.
Now, the broken trendline acts as a moving support point for the price around $0.012-0.013. If prices stay below this level for a while, the bullish outlook will no longer be valid. Yet, if the current trend holds, the first resistance area is expected at $0.020, which is the 38.2% Fibonacci retracement of the major fall from the January top.
The technical signs hint that RVN could be starting a new accumulation phase, and its price could rise further if the crypto market stays favourable.
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Bitcoin and top altcoins like Venice Token, Kaia, Ravencoin, Fartcoin, and SPX6900 rose on Monday as U.S.-China trade talks got underway.
Bitcoin (BTC) climbed to $108,000, its highest level since May 29, marking a 7.55% gain from its monthly low. Venice Token (VVV) rose to $3.52, sharply up from this month’s low of $2.56.
Similarly, Kaia (KAIA), Ravencoin (RVN), Fartcoin (FARTCOIN), and SPX6900 (SPX) jumped by over 10% on Monday. This surge brought the market capitalization of all coins to over $3.35 trillion.
The likely catalyst was the easing of trade tensions between the United States and China, with negotiations beginning in London on Monday afternoon. Talks are expected to extend into Tuesday.
Markets are hopeful that the two sides will reach an agreement to ease export controls and possibly reduce tariffs. Such an outcome would likely temper investor fears that have lingered for months amid escalating trade restrictions.
Bitcoin and altcoins rose as accumulation continued. Strategy bought 1,045 coins worth $110 million last week, bringing its total holdings to 582,000 coins worth over $62 billion. Other companies like Trump Media, MetaPlanet, and GameStop have continued buying Bitcoin.
This wave of accumulation has pushed the amount of Bitcoin held on exchanges down to 1.18 million, compared to 1.57 million on January 1. Declining exchange balances are typically viewed as bullish, indicating that investors are moving assets into self-custody for long-term holding.
Bitcoin supply on exchanges | Source: Santiment Bitcoin also jumped after some bullish statements from top players in finance. Cathie Wood believes that Bitcoin price could jump 15x from here in the next five years. FundStrat’s Tom Lee also believes that the coin will end the year at between $200,000 and $300,000 this year.
Bitcoin price cup and handle pattern activates BTC price chart | Source: crypto.news Further, Bitcoin and other altcoins rose as Bitcoin’s cup-and-handle pattern activated. As the chart above shows, it has moved above the upper side of the descending channel, pointing to an eventual surge to $142,000, as we predicted here. Altcoins do well when Bitcoin is in a strong rally.
Ravencoin token price continued its strong uptrend this week and is nearing its highest point this month.
Ravencoin (RVN) rose to $0.02180, up 145% from its lowest point in April, giving it a market capitalization of $330 million. The rally coincided with the broader crypto market surge that has pushed the total market cap of all coins close to $3.5 trillion.
RVN’s rally started after Upbit, the biggest crypto exchange in South Korea listed it on June 4.
Since then, more Ravencoin tokens have continued to move out of centralized exchanges, a sign that holders are not selling. Net outflows stood at $793,000 on Wednesday, up from $643,000 a day earlier.
Ravencoin’s futures open interest soared to $76 million, the highest point since March last year. It has remained above $70 million in recent days, indicating rising demand and liquidity.
Ravencoin is a proof-of-work cryptocurrency created from Bitcoin’s software. Like Bitcoin Cash (BCH) and Litecoin (LTC), its main difference from Bitcoin is a supply limit of 21 billion tokens, compared to Bitcoin’s 21 million.
Ravencoin price technical analysis RVN price chart | Source: crypto.news The daily chart shows that RVN token price bottomed at $0.008977 in April. It has since bounced back, rising to a high of $0.02573, its highest point since December last year.
Ravencoin moved above the key resistance level at $0.0126, its lowest point in August last year. The coin is about to form a golden cross pattern as the 50-day and 200-day Weighted Moving Averages near a crossover. A golden cross is a widely followed bullish pattern that signals market strength.
The Relative Strength Index and the Stochastic Oscillator are both pointing upward, indicating that momentum is building.
Ravencoin price has moved above the 23.6% Fibonacci Retracement level. Therefore, the token will likely continue rising as bulls target the 50% retracement at $0.03523, about 50% above the current level. A drop below the support at $0.020 would invalidate the bullish outlook.
The financial markets are currently reacting to the ongoing escalation between Iran and Israel. Amid this clash, the crypto market is also affected, as Bitcoin and altcoins are witnessing selling pressure.
However, Ravencoin’s trend is still bullish, and it is coming down to its key levels from where it can bounce again. Let’s find the key levels in detail in this Ravencoin price prediction.
Table of Contents
What is Ravencoin?Ravencoin price predictionRavencoin coin price prediction: short-term outlookRavencoin price prediction 2025Ravencoin price prediction 2030 Since its launch, Ravencoin (RVN) has reached an all-time high of $0.27391, followed by a 1363% price drop. At the time of writing, it is currently trading at $0.0196, which represents a 45% drop from $0.03573, which was seen 5 months ago in December 2024..
RVN 1 week chart | Source: crypto.news In this article, we’ll discuss RVN price prediction by giving you its short-term and long-term price forecasts and exploring whether this token can continue its bullish run.
What is Ravencoin? The goal of Ravencoin, a digital peer-to-peer (P2P) network, is to deploy a use case-specific blockchain that is intended to effectively manage a single function: the transfer of assets between parties. Built on a fork of the Bitcoin (BTC) code, Ravencoin was first announced on October 31, 2017, and on January 3, 2018, it released binaries for mining. This was known as a fair launch because there was no premine, initial coin offering, or masternodes. Its name was inspired by the Game of Thrones television series.
Ravencoin, which is a fork of the BTC code, has four major features: a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) designed to lessen the centralization of mining brought on by ASIC hardware; a modified issuance schedule (with a block reward of 5,000 RVN); a block time reduction to one minute; and a coin supply cap of 21 billion, which is a thousand times greater than BTC.
Ravencoin seeks to address the issue of blockchain trade and asset transfers. In the past, an asset produced on the BTC blockchain could unintentionally be destroyed when the coins used to create it were traded.
Token assets on the Ravenchain can only be issued by burning RVN coins, which are intended to function as internal currency within the network. A stake of a project, such as equities and securities, airline miles, an hour’s pay, or real-world custodial items like gold or actual euros, can all be represented by the assets.
Now let’s discuss RVN price prediction for this year and in the coming years as well.
What can be a realistic projection for the RVN token? Let’s dive into the RVN price prediction for 2025 and 2030.
Ravencoin coin price prediction: short-term outlook According to CoinCodex’s Ravencoin price prediction for the near future, the token is projected to drop by -0.85% and reach $0.01973 by July 13, 2025.
As of June. 13th, 2025, the overall sentiment of the RVN price outlook has turned slightly bullish, with 14 technical analysis indicators showing bullish signals, 4 indicating bearish trends, and 7 indicators showing neutral forecasts.
Ravencoin price prediction 2025 For the remaining months of 2025, DigitalCoinPrice predicts that the RVN token’s price could fluctuate between $0.0170 and $0.0418, and may likely hold a yearly average of $0.0358.
CoinCodex projects that the RVN token can trade in the price channel of $0.019725 and $0.021148 in 2025.
While the general sentiment in the financial markets is that 2025 will be the year of the bull, it is important to understand that this prediction also has a chance of being wrong. BTC has already breached the $100k mark, and there is a possibility that it may be at the top of this bull cycle. Hence, it is advised to do your research before investing in RVN or any other cryptocurrency with the hopes of gaining on your investment in 2025.
Ravencoin price prediction 2030 As per CoinCodex’s Ravencoin crypto price prediction for 2030, RVN’s price could vary between $0.02421 and $0.026785.
DigitalCoinPrice expects that RVN’s price could climb to $0.0904 and $0.10 by the end of 2030.
Before trusting any source that is trying to predict the RVN price prediction for 2030, you should understand that it is a cryptocurrency and, like all other tokens, the RVN token’s price can be highly volatile.
2030 is five years away, and many cryptocurrencies can become obsolete in that time. This is why it is hard to give a realistic price prediction for any token, including RVN. A great way for RVN to survive these five years and continue its ascent in the crypto market is to continue building its blockchain technology and partner with key players in the digital crypto space. You should research and keep yourself updated with the latest developments in the upcoming years to make an informed investment decision in the RVN token.
Is Ravencoin a good investment? Before investing in any cryptocurrency, including RVN, please identify and understand the inherent risks that can come due to market volatility. Additionally, it is worth noting that the sentiment in the cryptocurrency market can change rapidly, and a token that was once considered a future investment may also be delisted from major exchanges. Hence, it is advisable to do your research on the token’s fundamentals before having any price expectations for the future of the RVN token.
Will Ravencoin go up or down? Cryptocurrencies in general experience rapid price swings that are directly driven by market sentiments, community engagement, events like token burns, and so on.
While it is challenging to predict the exact value of the RVN token, it is essential to watch for potential buying factors that may include new partnerships, increased token holders, or viral campaigns.
It is also vital that you rely on financial experts and consult them for Ravencoin price prediction, but even after all that, you should remain cautious, as no one can accurately predict how high or low RVN can go.
Should I invest in Ravencoin? Before investing in any cryptocurrency or trusting any Ravencoin price forecast, please identify and understand the inherent risks that can come due to market volatility. Additionally, it is worth noting that cryptocurrencies, in general, are highly speculative investments, and their success relies not only on market volatility but also on the constant and sustainable growth of their community. Hence, it is advisable to do your research on the token’s fundamentals, which may very well decide the future of the RVN token.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
The crypto market’s volatility in April resulted in Bitcoin and many altcoins witnessing considerable growth.
However, some altcoins missed this opportunity but are preparing to do so in May. BeInCrypto has prepared this analysis to put the spotlight on lesser-known coins that are poised for gains in the coming month.
Eyes on Theta Network (THETA)Theta Fuel (THETA) price has witnessed nothing but a drawdown throughout April and the second half of March. The altcoin fell from $3.4 to $1.9, marking a 42% correction. Consequently, the altcoin fell into a descending broadening pattern known to be bearish.
However, the Moving Average Convergence Divergence (MACD) indicator suggests differently. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. It helps identify potential buy and sell signals based on crossovers and divergences between these moving averages.
Read More: What Is Theta Network (THETA)? A Complete Guide
The indicator has only observed bearishness for the past month, which flipped this week as the MACD witnessed a bullish crossover. This will likely initiate the uptrend on the daily chart, which could help THETA break out of the descending broadening pattern to flip $3 into support.
THETA/USDT 1-day chart. Source: TradingViewHowever, if the breach of the upper trend line fails, the altcoin could see a fall back to the lower trend line. As the pattern suggests, this would result in a potential downtrend, effectively invalidating the bullish outlook.
Ravencoin (RVN) Is at the Cusp of a BreakoutRavencoin (RVN) price is attempting recovery from the lows of $0.028 and is now aiming at flipping the 23.6% Fibonacci Retracement of $0.058 to $0.028 into support. Marked at $0.035, doing so would enable the altcoin to bounce off the price level and breach the 38.2% and 50% Fib lines.
Marked at $0.039 and $0.043, respectively, breaching them would sustain the rise and push RVN further upwards. The MACD is also at the cusp of noting a bullish crossover with green bars on the histogram. Once this crossover takes place, a potential bullish outcome could be confirmed.
RVN/USDT 1-day chart. Source: TradingViewHowever, if the 38.2% or 50% Fib levels remain unbreached, RVN could return to the 23.6% Fibonacci line, invalidating the bullish outcome. This might result in a decline to $0.028.
Akash Network (AKT) Is set to Flip Critical Resistance Into SupportAkash Network (AKT) price has been making headlines lately for its Upbit listing and the upcoming summit, which will be the first for the network. This has resulted in AKT posting an almost 74% growth in a single day before retracing the rally down to 25%.
The altcoin is now trading at $4.80, just under the 50% Fibonacci Retracement of $6.25 to $3.44. Closing above this line would enable AKT to breach the 61.8% Fib marked at $5.17. This level is also known as the bull run support floor, as rallies find strength upon branching this line.
AKT/USDT 1-day chart. Source: TradingViewThis could help AKT run up to $5.50 and beyond. However, if the breach fails or the 50% Fib level is not secured as a support floor, it could cause a decline to $4.10, effectively invalidating the bullish outcome.
Crypto markets have found a new level; Binance Coin pumping hard, EOS and Maker still sliding. Market Wrap Monday’s crypto market dump has found a new level and the selloff has abated over the past 24 hours. This has prevented another huge rout though further losses cannot be ruled out. Total market capitalization has stabilized above $125 billion for the time being.
After dumping $100 yesterday Bitcoin has found a new channel around $3,760 where it has traded for the past day. Daily volume is back up to nearly $9 billion for BTC but it appears to be all bearish at the moment. As predicted Bitcoin fell after failing to break strong resistance at $3,900, all indicators suggest that further losses are imminent.
Ethereum has leveled out at around $127, dropping a further percent or so on the day. All of February’s gains are getting wiped out as ETH continues to weaken and follow in the shadow of Bitcoin. XRP has not fallen in the same magnitude which has reduced the gap between second and third places to just $800 million. The Ripple token is currently trading at $0.305.
Binance Coin price 24 hours. Coinmarketcap.com Only one altcoin is surging in the top ten during today’s Asian trading session and it is developing a pattern of its own. Binance Coin appears to be behaving like a stablecoin; it pumps when markets dump. BNB is currently up 10.5% as it hits an 8 month high of $12.50. Binance boss CZ appears to have taken over from Justin Sun for volume of twitter posts in any given day;
Either way his exchange backed token is flying at the moment as it surges past Stellar and Tron to take eighth spot by market cap which is currently $1.7 billion. Changpeng Zhao’s current AMA and recent DEX announcements are driving momentum for BNB. Tron is the only other altcoin in the green in the top ten as it made almost 3% over the past 24 hours.
Looking further down at the top twenty Bitcoin SV is having a rare bounce as it adds 4% on the day taking its price to $66.50. The rest are still in the red with Maker shedding the most at 5%. Monero, NEM and Zcash are all still weak with further losses of 3% today.
FOMO: MOAC on The Move Today’s fomo induced pump is MOAC which is up 14% at the time of writing. There does not seem to be much driving momentum for this multi-level blockchain scaling platform so it could well be tomorrow’s dump. Also getting a boost at the moment is Loom Network with a 12% pump.
Following a couple of days of fomo, Ravencoin is cooling off today as it becomes the top one hundreds biggest loser dumping 13% on the day. Revain and Bitcoin Gold are not far behind as they both shed 12% making up the only three to drop double digits at the moment.
Total crypto market capitalization has found a temporary floor at $126 billion following the $4 billion dump yesterday. Daily volume has crept back up to $28 billion but signals are bearish and the selloff is likely to continue. Crypto markets are at exactly the same place they were three months ago as the consolidation continues.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Crypto markets sliding slowly; EOS, Cosmos ETC accelerating losses, BSV and Tron holding steady. Market Wrap The crypto correction appears to have slowed today but has not reversed and the short term trend is still downwards. Markets have settled a little following yesterday’s big dump but further losses could be imminent. Total market capitalization has now dropped below $250 billion.
Bitcoin has spent a large part of the past 24 hours hovering around $8,000 but could not hold that level. A slide last night dropped it back below $7,500 but BTC has since recovered marginally. Lower highs and lower lows indicate further losses however; Bitcoin is currently trading at $7,750.
Ethereum has weakened slightly and is now back below $245. Price has turned short term bearish and it is likely to mimic what Bitcoin does over the course of the day. Major ETH support lies at $240.
The top ten is still largely in the red for the third day this week. Losses have decelerated though and altcoins appear to be preparing for a bounce which may be short lived. EOS has dumped a further 6 percent dropping back to $6.20 while Litecoin hold steady above it in fifth. The rest have not moved much aside from Bitcoin SV which, adding another 4 percent, could be manipulated again.
Top twenty movements during Asian crypto trading today are larger, and mostly in a southerly direction. Ethereum Classic has dumped the most with 11 percent back to $8.18 while Cosmos is close behind dropping 8. NEO and Tezos continue their slide with another 6 percent lost each. Only Tron is making a little back today as 4 percent is added to TRX to reach $0.035.
FOMO: HedgeTrade Hedges In Something called HEDG has surged into the top one hundred with a 50 percent pump today however an obscure spike in price that instantly dumped is responsible. GXChain and Bytom are both going strong at the time of writing with 14 percent added each and Revain has been revived with a 13 percent gain on the day.
At the messy end of the tables Crypto.com Chain sliding back 12 percent. Ravencoin is also in a bad way this morning with an 8 percent dump.
Total market cap 24 hours. Total crypto market capitalization has declined for another day but only by 1.6 percent to $248 billion. Over the week a downtrend has started to form and losses could accelerate if Bitcoin and its brethren cannot hold their support levels. Daily volume is still a high $80 billion and BTC dominance has crept back up to 55.7 percent.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Arizona lawmakers are weighing a bill that would let the state keep digital assets in a reserve instead of selling them off, and XRP is one of the names on the list.
The proposal would place those assets under the state treasurer’s control, and it could also let the state earn extra returns through staking, airdrops, or limited lending if the move does not raise financial risk.
What The Fund Would Hold SB1649 creates a Digital Assets Strategic Reserve Fund made up of digital assets that are held by, confiscated by, or surrendered to Arizona.
The bill text also says the treasurer could deposit state-held digital assets through a secure custody solution or an approved exchange-traded product, then administer the fund directly.
Source: LegiScan It defines “digital asset” broadly enough to include Bitcoin, XRP, stablecoins, nonfungible tokens, Dash, Internet Computer, Ravencoin, Chia, eCash, Monero, and other digital-only assets that meet the bill’s fair-value test.
That fair-value test is built around adoption, annual transactions, annual transaction value, and development activity. In plain terms, the bill tries to sort assets by market use and technical strength before they can be treated as reserve holdings.
The wording is broad, but it is not an open-ended invitation to buy anything. It sets a screening standard first.
BTCUSD trading at $1.31 on the 24-hour chart: TradingView A Bill That Keeps Moving The measure has already cleared the House Rules Committee and is headed to a full House vote. Arizona legislative tracking shows the committee approved it 8-0 on March 30, after earlier Senate action sent it across the chamber. That means the bill is still alive, but it is not law yet.
The House step matters because it moves the proposal closer to the finish line. The bill would give the treasurer authority to manage the fund, and it would also allow digital assets reported as abandoned property to be delivered in native form to the state or its custodian.
If those assets sit unclaimed long enough, staking rewards and airdrops could be shifted into the reserve fund.
Why XRP Is In The Mix XRP has drawn extra attention because it is named directly in the bill, not implied through a broad crypto category. The same section that lists Bitcoin also lists XRP alongside several other assets that could qualify under the reserve framework.
With many altcoins struggling gruesomely and Bitcoin rapidly usurping almost 70% of the total crypto market cap, some crypto analysts have predicted that there will not be another altcoin season until 2020.
Today’s market, however, may be an indication that it is time for a new altcoin season.
The world’s largest cryptocurrency by market cap, Bitcoin, is recording losses of around 1 to 2% on the day with its price falling to below $10,000. Typically, a declining BTC price also means significant losses for other cryptocurrencies. However, today seems to be an exception, as many altcoin markets are moving in the opposite direction, posting 1 to 2-digit gains.
Bullish Altcoins Although major coins like Ether, XRP and LTC are being affected by the Bitcoin decline, let’s look at some of the other alternative cryptocurrencies that are performing remarkably well today.
Leading the pack is Wanchain (WAN) with a massive 72% gain against the dollar and a 75% gain against BTC on the day. At the time of writing, the coin was trading at $0.4696, with a 24-hour volume and market cap of $63,674,780 and $49,858,746, respectively.
WAN is the native currency of the Wanchain blockchain, an infrastructure that aims to connect the decentralized financial worlds with features such as cross-chain interoperability, privacy, and smart contract functionality.
Wanchain has made a lot of progress since the start of this year, and the project launched its mainnet yesterday ahead of the official activation of its Proof of Stake consensus protocol on September 3rd.
You may also like: Binance Makes a New Push to Secure EU Approval Pushing Back at Reuters: Inside Binance’s Fight for Its European Future Analyst Identifies 3 Altcoin Sectors Positioned to Survive Market Shakeout Factom (FCT), ranked #96 on CoinMarketCap, saw a 17.5% increase against the dollar and a 19.03% rise against Bitcoin. Its price is now above $4.18 for the first time in the last seven days.
Following the same bullish pattern are Zilliqa (ZIL), Siacoin (SC), ICON (ICX), Ardor (ARDR), 0x (ZRX), and Ravencoin (RVN) and others, with gains of between 7 to 17% in today’s trading session.
Although Bitcoin still comprises 68.4% of the total market cap, do these altcoins’ fresh bull runs give a glimpse of the start of a new altcoin season?
Crypto markets falling back on Monday; BSV, XRP, and Tron dropping back, Litecoin and NEO stay afloat. Market Wrap Crypto markets are seeing red as we begin another trading week. Most of the majors are in decline following Bitcoin’s failure to hold gains and break $8,000. Total market capitalization has dropped below $250 billion and is poised to fall further as the selloff accelerates.
Bitcoin has dumped 2.5 percent on the day falling from just under $8k down to support at $7,500. BTC recovered a little during early Asian trading but is still down on the day trading at around $7,700. A big bearish signal was given by the weekly candle which was biggest drop since December at almost 11 percent.
As expected Ethereum is faring no better with a slide of over 3 percent down to $235. There is strong support around the $210 area and it could soon be there if analysts are correct.
The rest of the top ten is in the red as crypto declines increase. Bitcoin SV has dropped the most at over 6 percent falling back to $183. XRP is not far behind with over 4 percent lost as the Ripple token falls below $0.40 again. Bitcoin Cash, Binance Coin and Stellar are not doing much better. Litecoin has remained steady as halving fomo continues to drive LTC higher.
Top twenty losses are marginally greater with Tron dumping the most at over 5 percent. IOTA, Cosmos and Ethereum Classic are all losing around 3 percent and NEO is the only altcoin in the green adding 2 percent to remain over $12.
FOMO: Nebulas Skyrockets A massive dose of fomo has hit NAS today as it shoots up 45 percent. The autonomous smart asset platform does not appear to have anything fundamentally driving it aside from yesterday’s Nebulas Council Election Assistance Campaign launch;
Also getting a pump today is GXChain which has surged 36 percent and NULS up almost 20 percent. At the messy end of the crypto top one hundred is HyperCash dumping 13 percent while Ravencoin gets hit 9 percent on the day.
Total market cap 24 hours. Coinmarketcap.com Total crypto market capitalization has declined $5 billion since this time yesterday. It is now at $247 billion with a daily volume of $62 billion. Over the week markets are down 8.5 percent as over $20 billion has left the space. With Bitcoin poised to fall further the pain is likely to continue this week.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
