It’s All About Community
Ravencoin is not just another altcoin; it’s a direct descendant of Bitcoin. Born in 2018, Ravencoin is a Proof-of-Work blockchain loved by Cryptocurrency investors and miners around the globe. It has one of the most committed communities I have seen and, in many ways, reminds me of Dogecoin before it became an overnight sensation. Community, as a metric is always important to consider when researching investment and mining opportunities. Communities are the glue that holds it all together.
Without a strong commitment from the community, there is no chance of an altcoin’s longevity outside of strong partnerships and VC funding. Use case and adoption occur second to the community. The foundational aspect of Crypto is community-based. Bitcoin has achieved a lot in recent years. However, this is largely thanks to an unrelenting Bitcoin community. The adoption rate would be significantly lower if it were not for the community.
Great projects have great communities and a persistent community tied to an excellent project is the path to success. I have often addressed Ravencoin’s purity regarding its creation and issuance. Unlike the majority of projects, Ravencoin is ethically superior in this particular aspect, making it the perfect blockchain for the tokenization of real-world assets.
Amazing Price Action
Ravencoin is currently trading at $0.016 and may appear to be taking strain. However, the entire altcoin market is still under heavy pressure. It’s always good to consider the previous price action of any altcoin as it indicates what is within the realm of possibilities. Zooming out reveals an interesting point regarding the price of RVN and the previous bull market.
It’s interesting to note that in the previous cycle, Ravencoin rallied from $0.016, which is the current price of Ravencoin. Not only that, but the price action was immediate and vertical, indicating just how quickly the tide can turn for altcoins. Regarding an entry point, Ravencoin couldn’t be better priced than now. It’s the perfect entry for investors looking to gain some exposure to Ravencoin.
In the previous bull market, RVN rallied 1500% in just over a month. Considering that the current price matches the lows of the commencement of 2021’s bull market, it’s difficult not to see the $0.016 level as a perfect entry point. When looking at the RVN/BTC chart, it’s the best time to convert BTC to RVN. BTC investors can apply this simple strategy to increase their BTC holdings.
Regardless of the objective, Ravencoin offers investors an almost perfect opportunity. Any corrections across the broader Crypto market would now be considered buying opportunities. Ravencoin is trading at the bottom of a multi-year range. This is what altcoin investors look out for. Furthermore, Ravencoin is an established project with a strong market cap, regardless of the current low valuations.
RVN’s current market cap is $241 million, which is still a hefty valuation considering the state of the altcoin market. Furthermore, RVN is listed on multiple exchanges and has a daily trading volume of $6 million to $10 million.
Final Thoughts
Ravencoin’s current positioning provides an excellent risk/reward ratio. Seldom can one acquire an altcoin at the bottom of a long-term range and the commencement of an altcoin season. Considering Ravencoin’s tokenomics, it’s an excellent altcoin play. These are my opinions, so please DYOR. All the best, enjoy your weekend and I will see you next time!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
Posted Using InLeo Alpha