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PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.

Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed.

However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with “The Merge” out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.

At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks.

RVN’s price is trending to the downside on the 4-hour chart. Source: RVNUSDT Tradingview
Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share

As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks.

Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17th, two days after “The Merge”.

As seen below, ETC’s hashrate reached a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before trending lower. Over the same period, ETC’s price recorded massive losses, as mentioned.

Ethereum Classic’s hashrate trends to the downside. Source: CoinWarz

Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH/s before starting a descend into its current levels at around 15 TH/s. Both cryptocurrencies might experience losses if their network’s hashrate sustains their current momentum.

Ravecoin hashrate moving sideways and trending to the downside over the past week. Source: CoinWarz
Where Are Ravencoin And Ethereum Classic’s Hashrates Fleeing?

As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners’ chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC.

The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate.

#CallistoNetwork is the most profitable #ETHASH coin on Whattomine

Network #hashrate and trading volumes are growing, don’t wait and start mining $CLO now!

P.S. ZPoW is coming, so make sure you aren’t late

https://t.co/Wj0zgNANzu pic.twitter.com/hIs6jqNBtI

— Callisto Network Official (@CallistoSupport) September 22, 2022 

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Crypto

Bitcoin Blows The Highest Daily Candle Since Last 24 Days

After wading through a declining path for weeks, the crypto market and Bitcoin have suddenly entered another phase. The past few days have proved to be favorable for prices in the market. Almost all crypto assets are making impressive northward movements.

For the primary cryptocurrency, its moves to reclaim value are commendable. Bitcoin has reached the $20,000 region as it made more gains. In addition, the token finally closed a daily candle across the critical level.

Also, the altcoins are making significant progress with positive movements during the trading hours of the last few days.

Bitcoin Closes Daily Candle Above $20K

The $20K is one of the critical levels for Bitcoin. Over the past few weeks, BTC went down below this mark due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually bringing back its value this week.

Bitcoin has finally closed a daily candle higher than $20,000 for the first time since September 17. This new feat strengthens the token positively, hovering between $18,000 and $24,000 for some months. Furthermore, this new position is the highest daily close for BTC in almost 24 days.

This recent price movement has stirred lots of participants in the crypto space. Many are watching to see the sustainability of BTC on this level.

At the time of writing, BTC is trading at around $20,247, indicating an increase of 0.44% over the past 24 hours. Its market cap has grown to $385.8 billion. Also, BTC’s dominance over the altcoins sits at about 40.19%, with a rise of 0.23% within the past day.

Bitcoin Surpasses The $20,000 mark l BTCUSDT on Tradingview.com
Most Altcoins Gained With GMX As Top Performer

The broader crypto market is feeling the bullish trend too. The altcoin has shown positive value reclaim within the past few days.

Most of the altcoins are in the green though some have not shown a massive increase in value over the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) take the lead. They recorded about 6.2% and 3.6% gains in the values.

GMX, the native token of the GMX cryptocurrency, proved to be the top performer among the altcoins over the past 24 hours. The token amassed over 30% gain in its value. It is trading at around $55.27 at the time of press.

The performance of GMX could be in connection with the recent announcement from Binance to list the token in its innovative zone. However, EVMOS emerged as the top loser. The crypto lost more than 4% over the past day.

The impressive outplay of all the cryptocurrencies pushed the cumulative market capitalization to $960.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.

Featured image from Pixabay and TradingView.com

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Crypto

Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times. 
NEAR price trades in a range as the price looks set for a retest of key support areas.
The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe. 

Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart
Weekly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement.

The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance.

Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions.

The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement.

The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support.

A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

Featured Image From zipmex, Charts From Tradingview

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Crypto

Bitcoin Shocker: Lightning Network Capacity Reaches 5,000 BTC

The Bitcoin Lightning Network has marked another tremendous milestone. The total public capacity had surpassed more than 5,000 BTC for the first time in history, continuing along with the growing trend of 2022. This new milestone pushes further the capability and promise of the Bitcoin Lightning network. Just like always, there was a reason behind the big push.

Bitcoin Development Ramping Up

The continuous development of the bitcoin network has been a big part of why the digital asset remains so valuable today. Being the largest decentralized network in the space, there are always developers looking for new ways to leverage the offerings of the bitcoin network and push it further into the mainstream.

Lightning Labs is a development firm that continues to focus heavily on bitcoin development and was behind the new all-time high Lightning network capacity. The developer had expanded the channel capacity of River Financial and Loop, allowing for the network to be able to accommodate even more BTC. It also follows the introduction of the new Taro Protocol, whose code was posted for public dissection last week as Lightning Labs continue to expand the capabilities of the bitcoin network.

Lightning network reaches new milestone | Source: Arcane Research

The Bitcoin Lightning network is also becoming increasingly popular among BTC users. MicroStrategy, which holds a large investment position in BTC, made the news when it posted a job offer seeking a full-time lightning network engineer. Apparently, the firm is looking to build a Lightning network-based SaaS platform for e-commerce and enterprise use cases.

Taro Protocol, mentioned above, is working towards making it possible for developers to mint, send, and receive new tokens on the bitcoin blockchain. Take the Ethereum ERC tokens as an example. It will also expand the possibilities of NFTs on the bitcoin blockchain, as well as allow for the creation of stablecoins that are based on the bitcoin blockchain. 

BTC price settles above $20,000 | Source: BTCUSD on TradingView.com

The Lightning Network is also increasingly featured in crypto payments services due to its speed. El Salvador had adopted the Lightning network to make it easier to pay with BTC in the country, and digital payment provider Strike raised $80 million in September to expand its Lightning network-based payment solutions for merchants.

Layer 2 solutions like the Lightning Network are also expected to be more important to the bitcoin network going forward. Cardano founder Charles Hoskison recently revealed that he expects the majority of BTC will likely exist outside the bitcoin network in the next five years and be wrapped in these Layer 2 solutions.

Featured image from Coindesk, charts from Arcane Research and TradingView.com

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