Ravencoin (RVN) hits ATH amidst high interests on tokenized securities
- Ravecoin has gained more than 1000% in value, hitting an all-time high last week.
- Ravecoin’s tweet last month has sparked an increased interest in the project’s activities on the platform.
- The growing interest in tokenized securities is also seen as the reason behind Ravecoin’s price increase.
Peer-to-peer blockchain Ravencoin (RVC) has been in the news lately as the coin has surged by over 1000% this month alone.
While data from CoinMarketCap shows that the cryptocurrency is down by 10% within the past 24 hours, it still shows the coin has gained over 100% within the past week.
Interests on tokenized securities
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But its monthly gains have been very profitable for holders of the token and investors. Earlier in the month, Ravecoin (RVC) was trading at $0.023869. But the token reached a new all-time high on Saturday, hitting $0.280241. The growing interest in tokenized securities is seen as the reason behind the rise of the token.
The controversy sounding the restriction of stock purchases by traditional brokerages has led to a renewed interest in tokenized securities. This has also increased the interest in projects like Ravecoin.
Davecoin’s tweet sparks momentum
The project’s Twitter feed also shows an increase in trading activities after a tweet by the project on January 27. Ravecoin tweeted that “Stock markets are transforming” and the project is designed for those who want to issue assets or build services.
At the time of the tweet, mainstream financial markets were not seeing the best of times because of the activities of r/Wallstreetbets and the GameStop incident. The saga resulted in the suspension of access to multiple volatile stocks by some brokerage firms.
Last year, Ravecoin has received little interest from investors. But investors are now showing more interest in the cryptocurrency once again.
The coin has increased steadily as more people see Ravecoin’s project as distributed ledger technology that will solve the problem of bad ledgers.
As a result, the market has been favorable to investors of the coin and many are hoping it will break more grounds in the coming weeks. Apart from Ravecoin, some other tokens have also stepped up in the market after the GameStop incident.