Another inheritor of Ethereum’s hashrate suddenly rallies by 11% in last 24 hours
According to CoinMarketCap, today’s market leader is Ravencoin, with an almost 11% price increase in the last 24 hours, which makes it one of the most profitable coins among other digital assets.
Fundamental reasons behind growth
Back at the beginning of August and end of July, we saw a similar price performance on Raven as the cryptocurrency rallied by more than 70% in just three days, bringing record-breaking profits to its holders.
While nothing happened around the coin and its ecosystem, the growth was too high to consider it a part of the speculative trading of some traders and investors.
The alleged reason behind such a rapid price increase was the migration of miners from Ethereum, which will undergo a massive Merge update that will turn off the PoS consensus algorithm once and for all.
With the second-large network in the blockchain industry becoming PoS-only, a big place on the market opens up as miners need to guide their hashpower to something else. Ravencoin might be a good candidate.
With the growing hashrate of the network and the migration of miners, investors are seeing more potential in networks like Rave, Ethereum Classic and others, which causes a spike in trading volume and the corresponding price performance.
RVN technical analysis
From a technical standpoint, RVN is not showing any clear signs that will tell us about the upcoming future of the asset. The coin has been moving in a prolonged downturn for the last 480 days.
The breakthrough we have been seeing for the last few months might be signs of an upcoming long-term reversal if the assets manage to break the next local resistance level of the 200-day moving average.