- Ravencoin price has soared to the highest point in months.
- The coin has become a viable alternative among Ethereum miners.
- Ravencoin's hash rate has surged to the highest point since January.
Ravencoin price has made a spectacular comeback in the past few days as investors wait for the upcoming Ethereum merge. The RVN token rose to a high of $0.073, which was the highest level since April 6 of this year. It has surged by more than 275% from the lowest level this year, giving it a market cap of over $683 million.
Why is RVN soaring?
Ravencoin is a top proof-of-work cryptocurrency that aims to be a viable alternative to Bitcoin. In fact, the coin was created by cloning the original Bitcoin code and solving some of the challenges that BTC had,
For example, instead of having a maximum supply of 21 million, Ravencoin has a limit of 21 billion. It is also significantly faster than Bitcoin and its transaction costs are significantly lower.
Ravencoin price has been in a strong bullish trend in the past few weeks as Ethereum merge nears. Merge is a process that will transition it from a proof-of-work (PoW) to a proof-of-stake (PoS). As a result, it will not be possible to mine ETH.
Therefore, Ravencoin price is soaring as demand for the coin rise ahead of this merge. Investors believe that the coin will be a viable alternative to Ethereum.
Indeed, the number of Ravencoin miners has been on an upward trend. As a result, its hash rate has risen to 6.63 TH/s, which is the highest level since January 6. It has spiked from a year-to-date low of 2.34 TH/s.
A higher hash rate means that more computing power is required to verify and add transactions. As a result, it usually means that the currency is more secure since it takes more miners to verify transactions. On-chain data also shows that the number of transactions has been rising.
Ravencoin price prediction
The daily chart shows that the RVN price has been in a strong bullish trend in the past few weeks. As it rose, it moved above the important resistance level at $0.043, which was the highest level on July 29. This price was the neckline of the inverted head and shoulders pattern.
It has also moved above the 25-day and 50-dat moving averages while the MACD has been rising. Therefore, the Ravencoin will likely continue rising as bulls target the next key resistance at $0.12.
