According to CoinMarketCap, Ravencoin (RVN) is up 63% at a current price of $0.059. The exodus of miners from Ethereum, which will experience the proof of stake transition’’ Merge’’ update is still a potential factor in the RVN price increase. A significant space on the market opens up when miners are forced to direct their hash power to something else as Ethereum migrates to proof of stake(PoS). A strong contender might be Ravencoin. Investors are becoming more interested in networks like Ravecoin, Ethereum Classic, and others which increase trade volume and the price performance that results from it.
Ravencoin is a “simple” payment network with a primary focus on giving users a low-cost, quick means to send money. Ravencoin is based on a fork of Bitcoin and enables users to create a variety of tokens with unique use cases.
STEPN (GMT,+21.89%), Apecoin(APE ,+12.37%), Cosmos (ATOM,+16.88%), Optimism(OP, +22.3%), Bitcoin Standard hashrate token (BTCST,+19.10%), Terra (LUNA, +158.34%) were also significantly up in the last 24 hours as Bitcoin price rose 10%.
Bitcoin experienced its biggest increase in six months, driving a general cryptocurrency market rise that brought the market capitalization of the sector back above $1 trillion. The largest cryptocurrency by market value increased by almost 10% on Friday to reach a figure of $21,000, marking its biggest daily gain in six months.
BTC was worth $21,285 at the time of publication. The price had only on Tuesday reached lows near $18,500.
Market watchers claim that several factors, including the European Central Bank’s interest rate increase on Thursday and FTX Ventures purchasing a 30% stake in Anthony Scaramucci’s SkyBridge Capital, are responsible for the price recovery.
MicroStrategy (MSTR), which has turned into a corporate bitcoin (BTC) vault, also intends to sell up to $500 million worth of stock to finance additional bitcoin purchases. The stock offering, which will be used for “general corporate objectives, including the acquisition of bitcoin,” was disclosed in a filing with the U.S. Securities and Exchange Commission on Friday. The sector was nevertheless concerned about whether the quick reaction to the rise in the price of bitcoin could be viewed as positive in the long run.
According to Joe DiPasquale of Bitbull Capital, the movement in the price of bitcoin on Friday can be traced to “typical short covering and a squeeze, since not much has materially changed in the macro environment.”
“We don’t expect a long-lasting trend shift at the moment and look forward to further accumulation around and below the $20K region for BTC,” he added.
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