Ravencoin, a fork of Bitcoin, is a relatively young token; it has only been floating among cryptocurrencies since January 3, 2018. But in the first months of 2020, the coin has attracted attention for its rapid price rise. The name is the fictional one borrowed from the fictional world of Game of Thrones.
The official media post for Ravencoin describes it as “a peer-to-peer digital network to facilitate asset transfers.”
It is essentially an open-source fork of the Bitcoin code with faster block reward times and aims for censorship resistance, transparency and privacy.
Ravencoin was created from the Bitcoin codebase but uses the X16R mining algorithm. The ASIC-resistant coin uses 16 different mining algorithms, which automatically further increases the security of the network.
The Ravencoin blockchain was developed specifically for certain purposes. On the one hand, it aims to help determine asset ownership flawlessly. On the other hand, Ravencoin aims to enable direct payments, similar to Bitcoin. As the open-source project emphasizes on its homepage, it is completely decentralized: Neither master nodes nor especially ICO are behind the project.
Ravencoin (RVN) has all the characteristics of a good crypto project: No ICO, no founders owning the majority of the coins, it is a PoW project where anyone can mine it with their CPU thanks to the ASIC-resistant design of the mining algorithm, it is backed by some notable names in the crypto space like Bruce Fenton and Tron Black, it pays homage to Bitcoin and very much respects the work of the core developers it was forked by, which in turn gets them help from some of those Bitcoin developers, etc. .
RVN Forecast 2021
ICX, like the rest of the market, is tied at the hip to Bitcoin’s price action. If Bitcoin starts another bull run, ICX can hope for one as well. It is when the altcoins take over and enter the race with the bulls. Bitcoin often doubles or triples in price within a few days.
With the outbreak of the pandemic, the world was put into hibernation for a few months, and It negatively affected cryptocurrencies and sent Bitcoin downhill, as we saw as much as 40% daily losses. However, the situation quickly stabilized, and Bitcoin, as the standard-bearer brought the crypto market back to life. We have been in a major bull run since the summer, and if we listen to the analyses of social media and journalists’ desks, we are far from its local peak.
What does this mean for the RVN price in 2021?
As long as bitcoin takes the lead and moves up, there is little room for ICX to shine. However, it will increase its USD-denominated value thanks to the general rise in crypto prices. Nonetheless, the ratio of ICX to BTC is likely to decline, possibly to an all-time low. This means that it is best to keep your funds in Bitcoin until it reaches its temporary peak, opening the doors for altcoins. RVN will be among the top candidates to post big gains, as money usually flows from Bitcoin gains to blue chip altcoins and big cap coins before trickling down to the lesser known and smaller projects.
Vitalik Buterin, co-founder of Ethereum, said:
“There are some good ideas, there are many very bad ideas, and there are many very, very bad ideas, and there are also many scams.”
However, not all projects have the same chance of failure (risk), nor do they have the same upside potential (reward).
As a result of the incompetence and lack of integrity of ICO teams, fueled by a basic human instinct, namely greed and the naivety of crypto investors, over 95% of successful ICOs and cryptocurrency projects will fail and lose their investors money. The remaining 5% of projects will become the new Apple, Google or Alibaba in the crypto industry. Will RVN be one of those 5%?
Good chance that will happen.
Raven’s potential is based on use case as a platform for assets in a market that has shifted to a token model that is expected to take a $10-40 trillion marketplace. If Raven succeeds in capturing a fraction of a percent of that market, it will be dollars, not cents, per RVN coin.
This is the killer app of the blockchain, this will take time to develop, but if Raven comes anywhere near its potential, this phase will hardly be on the all time charts.
Why will Ravencoin fail?
No matter how strong the project is, there will always be doubts and those who ask are Ravencoin dead and why will it fail. Below are some of the price depressing factors you should consider before buying RVN.
RVN inflation is massive, with 7.2 million new coins entering circulation every day, diluting the value of the existing supply. The current available supply is 2.2 billion, so many coins need to enter circulation before we reach a total supply of 21 billion.
Supply/demand is a simple economic factor that affects the price of many things. If a cryptocurrency has a high token supply with low demand from traders and users, then the value of the cryptocurrency decreases. Conversely, if the supply of a particular cryptocurrency is limited and the demand is high, then the value of the coin increases. The supply of RVN coins is not huge right now, but as mentioned earlier, it continues to grow at a great rate. This is a negative downward pressure on the RVN price.
This dynamic is linked to another basic economic principle, scarcity. Scarcity refers to the gap between limited – i.e., scarce – resources and theoretically unlimited needs. At 21 billion tokens, RVN is anything but scarce, at least for its current level of adoption.
Why will Ravencoin succeed?
So why will Ravencoin rise and increase in price? There are many potential price catalysts, some of which are presented below.
Upward price pressure is exerted with adoption, as each new asset creation event burns 500 RVN, mitigating inflation and lowering coin supply. The more users on the RVN platform, the better for the price.
Ravencoin has a big company behind it – Overstock is one of the project’s biggest investors. Also Medici Ventures is a large fund that is a public and open backer of Ravencoin, which has already used RVN to complete a $3.6 million security transfer over the RVN blockchain.
Another positive pricing factor will also be action-related. If a company decides to put its shares on the Raven blockchain and pay dividends to token holders, it will have to pay them RVN. This means that once a quarter/year (however it is decided) they must acquire enough RVN to pay out in dividends.
All of this suggests that Ravencoin has a solid team behind the project that has a really steep hill to climb. Participating in RVN in 2020 and beyond is a high risk, but even higher reward situation. So if your appetite for risk and their investment profile mixes well with this type of asset, Raven and your portfolio will fit like a glove.
Market Forecast for Ravencoin – RVN Price 2021.
Since the market is completely unpredictable, predicting the cryptocurrency price is more of a gamble and a game of chance than a data-driven estimate.
Let’s take a look at the prominent publications and personalities and their predictions about the Ravencoin price that will give us a different perspective:
Cryptoground.com is a cryptocurrency prediction algorithm that is moderately to excessively bullish on most coins, but not on RVN tokens. They predict that EOY’s RVN will rise up to $0.07 per token, which is a slight increase of 1.4 times compared to the current price.
Walletinvestor is a popular website that makes technical analysis-based price predictions of various cryptocurrencies and traditionally has a skeptical outlook for most coins, but not for RVN. Accordingly, Ravencoin is expected to fluctuate around the current $0.05 by the end of the year.
Trading Beasts is usually on a diametrically opposite side of the wallet investor and sees a much more bullish future for most tokens. Their algo is not too enamored with Raven and predicts that RVN may drop a bit to around $0.04 within a year, meaning it will essentially lose 20% of its value over the next year.
Another crypto prediction algorithm that is most conservative in its approach of the 4 we have listed here – DCP usually predicts that the price will fluctuate around the same level as the current state, and predicts a two-fold increase or decrease for certain coins. RVN is on the bullish side of their algo, taking it to $0.12 per coin by December 2021.
Ravencoin coin future: 2021, 2023, 2025
Ravencoin Forecast 2021
Ravencoin was one of the most unknown crypto projects that started a surprising bull run, surprisingly taking the majority of the market. However, after the last run, most crypto investors keep RVN on their radars and since the project has solid fundamentals, no controversies or previous incidents, an excellent use case and a solid team behind it, it is very plausible to expect RVN to reach at least 10 times its current price, i.e. $0.50 per coin.
Ravencoin Price Forecast 2023
If Ravencoin survives to see 2023, which is more likely than not, the token would certainly be at 10-100x its current value, meaning it would be at $0.50 – $5 per token.
Ravencoin Price Forecast 2025.
Again, should RVN survive to see 2025, the token would certainly be at 100x+ of the current value, which implies it would be at $5+ per token.
Realistic RAVENCOIN Price Forecast.
Predicting prices for novel, highly volatile and risky asset classes is a thankless task – the best answer is that no one knows. The educated guess is that the realistic Ravencoin price for the foreseeable future is somewhere around the current price.
We don’t yet know which cryptocurrencies will make it out of the crypto winter we’re currently in. There are many coins that have a good chance of weathering the crypto storm and perhaps gaining prominence as the market gobbles up and contracts some of the weaker projects. However, there are more of these projects that are already dead but no one has noticed yet.
But looking at things from this time and place, it is reasonable to say that Ravencoin had its five minutes of fame based on solid fundamentals and a broader market that discovered the project. It is now time for RVN to step up and continue to deliver valuable and tangible success to justify the very high expectations of investors.