- February 20, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The recent controversy over traditional brokerages restricting stock purchases cast a positive light on tokenized securities and boosted interest in projects like Ravencoin.
Ravencoin (RVN) price has rocketed higher in February as a fresh wave of buying volume lifted the token’s price by more than 800% in the past 20 days.
Data from Cointelegraph Markets and TradingView shows that RVN rose from $0.016 on Jan.29 to a new all-time high of $0.189 on Feb. 19 on top of a record $1.28 billion in 24-hour trading volume.
A scroll through the project’s Twitter feed shows an increase in activity from the account beginning on Jan. 27, when the project tweeted, “Stock markets are transforming. Ravencoin is here for those who want to build services or issue assets.”
Traditional financial markets were under pressure at the time thanks to r/Wallstreetbets and its squeeze of GameStop shorts which subsequently led to brokerage firms briefly suspending access to multiple stocks.
A follow-up tweet on Jan. 29 read:
“Ravencoin was specifically designed and developed with securities as a major use case. Specifically, the problems being seen in public markets due to bad ledgers may be solved by distributed ledger technology.”
RVN briefly spiked to $0.036 following the tweet before entering a correction phase that pushed the price as low as $0.023.
Increasing Twitter volume preceded the recent spike
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RVN on Feb. 17, prior to the recent price rise.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ score hit a low of 56 on Feb.14 and then proceed to rise to a high of 84 on Feb. 17, shortly before the price of RVN began to rise from $0.074 to its current price of $0.157.
Trading volumes for RVN continue to push to new highs alongside its rising price, which has lifted the total market cap above $1.2 billion and made Ravencoin the most recent addition to the growing list of cryptocurrency unicorns.
