The price of Ravencoin (RVN) skyrocketed in February as a new wave of purchase volume increased the price of the token by more than 800% in the past 20 days.
Data from Cointelegraph Markets and TradingView show RVN rose from $ 0.016 on Jan. 29 to a new all-time high of $ 0.189 on Feb. 19, in addition to a record $ 1.28 billion in 24-hour trading volume.
RVN / USDT 4 hour chart. Source: TradingView
A scroll through the project’s Twitter feed reveals an increase in activity from the account, which began on Jan. 27 when the project tweeted, “Stock markets are changing. Ravencoin is there for those looking to build services or spend assets. “
Traditional financial markets were under pressure at the time, thanks to r / Wallstreetbets and the squeezing of GameStop shorts, which resulted in brokerage firms temporarily blocking access to multiple stocks.
A follow-up tweet on January 29th read:
“Ravencoin was specifically designed and developed with securities as the main use case. In particular, the problems that arise in public markets due to poor ledgers can be solved by the distributed ledger technology. “
RVN briefly rose to $ 0.036 after the tweet before entering a correction phase that pushed the price down to $ 0.023.
The surge in Twitter volume preceded the recent surge
Cointelegraph Markets Pro’s VORTECS ™ data identified an optimistic outlook for RVN on February 17th ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
Cointelegraph Markets Pro – VORTECS ™ Score (green) vs. RVN Price
As seen in the graph above, VORTECS ™ hit a low of 56 on February 14th and then rose to a high of 84 on February 17th, just before RVN’s price rose from $ 0.074 to its current price started rising from $ 0.157.
Trading volume for RVN continues to hit new highs alongside the soaring price that pushed total market cap to over $ 1.2 billion and made Ravencoin the latest addition to the growing list of cryptocurrency unicorns.
