This weekend has been pretty interesting for all cryptocurrencies, albeit not necessarily in a good way. Most markets have lost value once again, which is never a promising sign whatsoever. Even Ravencoin, one of the biggest rises throughout October, has faced a massive deficit in the past few hours.
Ravencoin Price Continues to dip
Most people will have heard of Ravencoin by now. Not necessarily because of its technology, but rather due to its price increases throughout the second half of 2018. When altcoins gain a lot of value, they quickly become the talk of the town. Ravencoin is no exception in this regard, even though traders are unable to sustain the uptrend at this time.
In the past 24 hours, Ravencoin lost over 5.5% of its USD value. This is primarily because of a 5.2% loss over Bitcoin. When the world’s leading cryptocurrency loses value, most altcoins will follow suit in a rather spectacular fashion. This dip pushes the RVN value back down to $0.0384, although this may not be the bottom just yet.
There is some buzz on social media about Ravencoin and the technology being developed A new project will take Dragon Kill Points – or DKP – accounting tot he blockchain by using Ravencoin technology. That is a very intriguing business model. While it tackles a niche market, the potential for such a system in the gaming industry cannot be overlooked.
Reviewing a initial mini development project plan to build a DKP Game accounting program that would allow guilds to store their points /use as assets on a defined asset on @Ravencoin asset layer. Will link to GitHub soon, will be open source project. Nerds will understand!
— BitsBeTrippin⛏️ (@BitsBeTrippin) November 10, 2018
Another project using Ravencoin’s technology will get a lot more attention. The RavencoinAsset Exchange is currently in beta. This will allow users to list their own Ravencoin assets for trading without having to go through centralized trading platforms. A big step forward, although platforms such as this one may struggle for liquidity during the initial stages.
— Bryan Daugherty (ง •̀_•́)ง (@BWDaugherty) November 11, 2018
Traders and speculators are not too concerned about the Ravencoin price momentum, by the look of things. If Coink is to be believed, a dip to 500 Satoshi would be a massive bull flag for this particular altcoin. Right now, one RVN is valued at 600 Satoshi, thus it will be interesting to see if that level can hold true over the coming days.
#RVN if it down around 500 all in 🙂
— Coink (@Coink9) November 11, 2018
As is always the case, cryptocurrencies tend to lose value over the weekend. Ravencoin is also feeling the pressure, although this market may rebound quicker than some others. The ongoing developments involving Ravencoin technology show a lot of future potential, but only if these ideas are turned into products people effectively use.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.