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Ravencoin (RVN) is pumping? Is it about Litecoin ETF speculation?

By:
on Mar 26, 2024
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  • Ravencoin price was up 14% on Tuesday evening, rising as BTC broke above $70k again.
  • Gains for RVN also came as new speculation circulated about Litecoin ETF.
  • Ravencoin is a proof-of-work (PoW) coin with maximum supply of 21 million tokens.

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Ravencoin is trading near above $0.033, a two-week high last seen on March 12 when the altcoin soared alongside Bitcoin (BTC).

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With over 14% gains in the past 24 hours and 34% this past week, Ravencoin price is outperforming most of the top 10 altcoins by market cap.

Ravencoin and the Litecoin ETF speculation

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Ravencoin is a blockchain that users can tap into for game, NFTs and tokenization. The spike in RWAs is one reason the RVN coin is seeing renewed upside.

But more notably, RVN’s price could rally hard amid developments around Litecoin, Bitcoin Cash and Dogecoin.

Coinbase recently revealed its plans to list futures contracts for DOGE, LTC and BCH. The launch could be on April 1. But there’s also talk of a Litecoin ETF and the community is already speculating over what this could mean for other PoW tokens.

Fox Business journalist Eleanor Terrett says there are “institutional rumblings” around the LTC spot ETF topic.

This comes as ETF analyst Eric Balchunas says the chances of an Ethereum spot ETF in May have reduced significantly amid lack of SEC-issuer engagement.

Recent reports of an Ethereum Foundation subpoena also adds to the negative outlook.

Amid this forecasts, Litecoin trades near $91 although it has lagged BTC since its dump from highs of $410.

Ravencoin price and BTC surge

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Ravencoin is a proof-of-work token, which has a maximum supply of 21 million tokens like Bitcoin.

It currently has a market cap of $451 million while it has a fully diluted valuation (FDV) of $693 million. RVN reached its all-time high above $0.28 in February 2021.

With Bitcoin rallying to its new ATH above $73k this month, it is safe to say the altcoin may be looking at its own run in coming months.

Today’s gains however came as BTC shot to above $71k, with spot ETF inflows up after a week of net outflows.

Bitcoin’s upcoming halving and the Fed’s recent commentary that indicated three rate cuts are still on the table for 2024 helped the fresh momentum. Analysts expect Bitcoin price to break past $100k this bull cycle.

If this same outlook helped LTC to rally amid the ETF speculation, then the overall sentiment could lift RVN price.

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