Proof-of-workcryptocurrencyRavencoinRVN/USD has been on a massive rally since Sept. 6.
What Happened:RVN surged to a five-month high of $0.0732 on Monday, as per data fromBenzinga Pro. The coin surged 85% over the last seven days and was the top-gaining cryptocurrency of the day, rallying 25% over the last 24 hours.
Ravencoin began as a fork of theBitcoinBTC/USD networks code and aims to solve the problem of asset transfer and trading over the blockchain. The coins recent price action, however, may have more to do with theEthereumETH/USD Merge and an upcoming listing on cryptocurrency exchangeFTXthan any of its own development-related announcements.
The Ethereum Merge is expected to finalizeon Sept.15, meaning that the network will transition from a proof-of-work consensus to a proof-of-stake one. The event will mark the end of Ethereum as a source of revenue for miners of the network, who have already begun to divert their resources to other Proof-of-Stake networks likeEthereum ClassicETC/USD .
See Also:Proof of Stake vs. Proof of Work
Data from2miners.comshows that Ravencoins hash rate has steadily been on the rise over the last month.
Another positive catalyst for RVNs price is crypto exchange FTX listing RVN perpetual futures on its derivatives trading platform.
Upcoming listing on FTX: Ravencoin $RVN perpetual futures!
Live on September 12, 2022 at 2pm (UTC)@Ravencoin
Listing details: https://t.co/V1vEm5r7fB pic.twitter.com/doruwygJPW FTX (@FTX_Official) September 11, 2022
RVN perpetual futures are scheduled to go live on the exchange on Sept. 12 at 2 p.m. UTC.
