Coinmarketcap.com has a new listing in its top 100. As of Sunday, Ravencoin has been occupying the 58th spot thanks to a Binance listing and has sustained a growth of 118% since that announcement.
Within ten days, the coin has grown its market cap from $212,000 to $49 million! This is a rather unbelievable rise of 23,000%.
In the last 24 hours alone, the coin has grown by 55%. It is now selling at $0.056.
If we look at its chart, Ravencoin obviously went relatively unnoticed until its Binance listing. But what is Ravencoin? And why did Binance take an interest?
Well, the coin has been around since 2017, and it is about to mark its one-year anniversary with an upcoming mainnet launch on October 31st.
The Ravencoin protocol is open-source and available to the public. Built off of a Bitcoin fork, it has a focus on the creation of digital assets on its Proof-of-Work (PoW) blockchain. According to its official documentation:
“Assets can come in a variety of types, such as financial instruments such as security tokens/stocks/bonds/deeds/etc as well as gaming items (ex. a sword)/conventional asset management/managing distributions for co-ops/digital art. There are a lot of real-world applications that this blockchain is intended to disrupt and improve.”
With no ICO, the project was built up by a small team of dedicated people. Because of this, CEO of Binance, Changpeng Zhao, allowed the project to list without any listing fees. It began trading on October 12th, and over 85% of its growth has come from Binance trades since.
“The project is a true open source project with no pre-mine, no ICO, no masternodes, and is focused on building a useful technology with a strong community.”
Binance is the world’s top exchange with the highest trading volume.
No coin has seen gains like this since Bitcoin’s demise last year. Will the gains continue, is the question? Would you invest in Ravencoin?
The most humble of acorns may prove to be the most fruitful yet; let’s keep our eye on this one!
Featured Image: Depositphotos/© tomwang