From Open-Source Project to Top-Performing Altcoin of 2019: A Ravencoin (RVN) Price History

by SFOX

In 2017, a team of developers announced the launch of an idea. The Ravencoin project would be a blockchain like no other: a network dedicated solely to transferring assets of all kinds, anywhere in the world.

Source: CoinGecko.

 

They wanted to create a platform that would bring the benefits of Bitcoin to mainstream asset classes, envisioning a world where securities and tokenized commodities could be transferred seamlessly in minutes. While Bitcoin and ERC-20 tokens can be used in a rudimentary way to “tokenize” assets, this is not a user-friendly process and can prove prohibitively difficult in the domain of tokenized securities.

Ravencoin adopted Bitcoin’s code and made some significant changes to the mining algorithm, block time, and total supply, making a unique project with a single purpose. Assets cannot be accidentally destroyed, and the platform is designed to issue, track, and transfer assets with a native client.

Price of RVN in USD and BTC from March 20th, 2018, through February 12th, 2020. Source: CoinGecko.

 

Ravencoin can be used to transfer ownership of any asset, digital or otherwise. Assets like gold and real estate can be tokenized by burning RVN on the blockchain, assigning the physical assets to tokens on the blockchain, and transferring ownership at will. To give you an idea of just how broad this concept is, the project has a use case in the video-game industry for in-game items and in the world of traditional finance for tokenized securities.

Since then, Ravencoin has achieved recognition and acclaim from mainstream financial institutions and businesses, and the project has seen major growth and features updates.

There’s been:

  • 📈 Excitement around the use-case: The project has created a buzz around the use case for tokenizing any asset, including artwork, video-game assets, and securities. Other major networks are not designed to do this.
  • 📈 Trial by fire: Ravencoin had a difficult entry point into the market. The network went live just days after the major crypto market crash at the beginning of 2018 and still saw solid gains in Q1 2018.
  • 📈 Community trust and support: The project appeals to people due to having no ICO, no CEO, and no pre-mine.
  • 📉Rocky price action: The price of RVN has seen significant volatility, and progress on the project has not always correlated with a higher market value.

Throughout it all, the project has grown steadily in popularity, rising in the ranks in terms of market cap to become a major player in the cryptocurrency space.

Ready to trade RVN with the best price execution, deepest liquidity, and most powerful tool kit anywhere? Sign up for SFOX and get started.

January 03, 2018 — March 26, 2018: Ravencoin Gains Traction Amid Bear Market

 

 

Ravencoin’s genesis block was mined on January 3rd, making Bitcoin’s ninth anniversary. However, Ravencoin’s entrance into the market was overshadowed by one of the largest market crashes in crypto history. Bitcoin traded above $19,800 on December 17, 2017, before decreasing 65% in price in Q1 2018, taking most of the market with it.

Despite this harsh entry point, Ravencoin had a very productive quarter and opened trading by the end of March. The project started out with a market cap of around $230,000 and hit $39.6 million within a month of the first listing, likely drawing miners interested in the mining features as well as investors supportive of the use-case.

📈January 03

How to Mine Ravencoin

It’s not that we don’t like custom hardware; it’s not that ASICs are evil; the goal, really, is to have Ravencoin be more like the people’s coin. If you have a gaming machine with a video card in it, you should be able to flip it on at night and get some RVN. We’d prefer Ravencoin to have that character rather than being mined by massive data farms in places with cheap electricity that have bought custom machines. — Ravencoin Developer Tron Black, Interview with SFOX

This focus on decentralized mining gave no advantage to the major operations running warehouses full of ASIC gear. The ideals of the project appealed to smaller-scale cryptocurrency miners, and Ravencoin was enthusiastically adopted by the mining community. The hashrate gained from 13.3 mh/s in early January to 1.84 th/s by late March.

📈February 23

Overstock CEO and bitcoin pioneer explains his long-standing crypto play and his philosophy on life

Byrne went on to outline some of the major tenets in the Ravencoin whitepaper, saying that the project aimed to “re-democratize” mining while mitigating the problem of Bitcoin’s energy inefficiency.

📈March 04

Exchanges add RVN

📉March 27, 2018 — February 27, 2019: Price Cools off Until Major Listings

Source: Coinmarketcap.

 

Throughout May, Ravencoin price declined to $0.012. The price hovered at around $0.02 for most of this period. RVN was listed on multiple exchanges during this period, and the price saw short-term increases following each listing. The lethargy in the price of RVN correlated with similar activity in the price of Bitcoin, which sunk from around $9,800 to $5,800 from May to June. Trading against BTC, RVN price fluctuated between 358 and 443 sats.

This was a time when Ravencoin still wasn’t widely available; while the price ticked downward throughout the year, the project slowly built liquidity across exchanges before getting listed on yet more platforms.

📈August 13

Bittrex listing

📉 November 05

Remember, remember, the 5th of November

As Ravencoin developer Tron Black put it, a “rogue mining pool with around twenty percent of the hash power” elected to run the older non-asset-aware software. To implement the update and begin realizing the use case of the project, the developers needed 90% consensus. Fortunately, the community rallied together to generate more hashpower and outvote the rogue mining pool, allowing the developers to implement the software update for asset creation.

Black created blockchain assets for his own name for starters, but the network was now equipped to tokenize traditional assets on-chain as well. On December 18, Medici Ventures transferred $3.6 million in securities using the Ravencoin blockchain.

📈February 27, 2019, to the Present: Ravencoin in the Public Eye, Hits All-Time High

Source: Coinmarketcap.

 

February through April marked strong growth and several successes in the media for the Ravencoin project. Ravencoin won awards from the traditional finance industry, saw attention from institutional trading platforms, and earned support from various public figures. More assets were minted on the blockchain. The perceived legitimacy of the project and its use case was higher than ever. During this period, RVN price soared to its all-time high trading against Bitcoin in late March 2019.

Zooming out to the present day, we can see that RVN/BTC price has cooled off compared to Q1 2019. Trading against the US dollar, RVN hit its all-time high in June 2019. As the Ravencoin team continue to develop the network, the price response to upcoming developments and innovations remains to be seen.

Source: Coinmarketcap.

 

It’s worth bearing in mind that almost all crypto assets tracked by SFOX saw month-over-month losses as of March 02, along with the S&P 500, as the world copes with the ongoing coronavirus pandemic.

 

📈February 27

Creating securities on your phone

Fenton’s tweet made a strong case for the Ravencoin project:

The Ravencoin account elaborated on Fenton’s tweet, citing 12 different sample use-cases for Ravencoin, including real estate, digital securities, and tradeable royalties. In early March, Binance CEO Changpeng Zhao also tweeted his support, perhaps contributing to the increasingly positive sentiment about the project.

📈March 20

Ravencoin wins Most Exciting New Coin 2019 Award

Days later, Nasdaq cross-published an article on Ravencoin. While the piece itself was on the cryptocurrency RVN’s bullish momentum, it reignited conversation within the crypto community about Ravencoin’s use case for tokenizing securities. In the short time between Bruce Fenton’s tweet on February 27 and the Nasdaq article a month later on March 26, Ravencoin price rose from $0.011 to $0.054.

📈April 22

2019’s Top Performing Altcoin

Ravencoin also received press coverage from Forbes that month in an article called Blockchain 50: Billion Dollar Babies. This media attention came during a bull run in the broader crypto market. In early June 2019, Ravencoin rose to an all-time high in USD of around $0.76, up 497% annually. By comparison, RVN was worth 862 sats at this time compared to 1632 in March.

📉 July 26

BXB launches RVN futures

SFOX enabled Ravencoin trading on February 18. SFOX allows traders to access all major RVN trading venues from a single account and capture the best available RVN prices for any sized trade by using our proprietary smart-routing order types.

A Future in Asset Trading

The above references an opinion and is for informational purposes only. It is not intended as and does not constitute investment advice, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any cryptocurrency, security, product, service or investment. Seek a duly licensed professional for investment advice. The information provided here or in any communication containing a link to this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject SFOX, Inc. or its affiliates to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by SFOX, Inc. or its affiliates to buy or sell any cryptocurrencies, securities, futures, options or other financial instruments or provide any investment advice or service.

 

Related Posts

Leave a Comment