With the cryptocurrency market trading sideways, no notable movements were seen in the market. The exception, however, was a massive rise in the price of Ravencoin [RVN]. The free and open source project saw a prominent bullish movement on the back of two significant announcements that pushed the coin from the outer edges of the top-100 to within touching distance of the top-50.
Vertbase, the US dollar-specific cryptocurrency exchange, announced on March 1 that RVN has been listed, being the first exchange to offer such a pairing.
Project Raven tweeted:
“Vertbase joins the list of companies supporting this open source project! USD to RVN pair!”
Despite the announcement coming on March 1, the coin’s price has surged on the seven-day chart. The coin was trading at $0.010 on February 24, before shooting to $0.149 in 48 hours. Within a day of the Vertbase announcement, the coin’s price broke the $0.02 mark at 1600 UTC on March 2.
At press time, RVN was trading at $0.023, exhibiting a mammoth 24.12 percent rise against the US dollar.
In terms of valuation, the coin’s market cap shot up to a peak of $84 million, a whopping 162.5 percent rise from its $32 million market cap valuation at the beginning of the bull-run on February 24.
Ravencoin proponents were also buoyed by the hint of a possible Binance integration. The coin was already trading on the exchange in the trading pairs RVN/BTC, RVN/BNB, with the former accounting for the highest RVN trade volume with $29.18 million.
On March 2, Project Raven gave a shout-out to Binance and its CEO Chanpeng Zhao and praised their open-source support. Ravencoin tweeted:
“A big shout out to @cz_binance & the great builders at @binance!
Raven is decentralized & has never paid listing fees to any exchange.
There isn’t even any person to pay or officially request it.
Binance understands open source & supported this.
Cypherpunks stick together. 👊”
Binance CEO, Changpeng Zhao, replied to the above tweet, stating:
Following this, the coin reiterated its claim of securing a listing on several exchanges without paying any fees for the same. Ravencoin, in a recent tweet, corroborated this claim with an example of their Bittrex listing, reiterating their commitment to being a thoroughly decentralized currency. At press time, Bittrex accounted for 11 percent of the total RVN trading volume.
Project Raven tweeted:
“RVN is available on @BittrexExchange, one of the earliest supporters of this project! As with all exchange listings, no fee was paid. Raven is decentralized and has no funds, no offices, no leadership, no executives, no CEO & no one authorized to sign anything. Thanks Bittrex!”
Tron Black, a lead developer for Ravencoin, told off a doubter of the cryptocurrency, stating:
“You can choose to believe what you wish. We have had amazing support from Bittrex and Binance!”
Another user, Raja Zuberi, raised a trading strategy based on the RVN’s exchange integrations:
“Short Binance, long Bittrex!”
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