Proof-of-work cryptocurrency Ravencoin RVN/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 from Benzinga 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 the Bitcoin BTC/USD network’s code and aims to solve the problem of asset transfer and trading over the blockchain. The coin’s recent price action, however, may have more to do with the Ethereum ETH/USD Merge and an upcoming listing on cryptocurrency exchange FTX than any of its own development-related announcements.
The Ethereum Merge is expected to finalize on 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 like Ethereum Classic ETC/USD.
See Also: Proof of Stake vs. Proof of Work
Data from 2miners.com shows that Ravencoin’s hash rate has steadily been on the rise over the last month.
Another positive catalyst for RVN’s price is crypto exchange FTX listing RVN perpetual futures on its derivatives trading platform.
RVN perpetual futures are scheduled to go live on the exchange on Sept. 12 at 2 p.m. UTC.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month