Mooners and Shakers: Ravencoin flies and Bitcoin pumps, but Ethereum flattens out before Merge

Okay, Ravencoin. What is it then? She’s pumping, so let’s break it down. Meanwhile, Bitcoin has also had a surge, while Ethereum is currently lounging on a deck chair hoping for a decent Merge tan.

Ravencoin: Evidence of merger-related price action?

Deep in that crypto winter darkness peering, I stood there for a long time, wondering, fearing, doubting, dreaming dreams that no dark super programmer had ever dared to dream before. β€œQuoth the Ravencoin,β€œ Never Again ”.

Edgar Allen Poe didn’t quite write it.

That said … we can say with 99.93% certainty that the legendary 19th century American fountain pen and opioid user would have been a fan of cryptocurrencies. Probably. Apparently, he had a “keen interest in cryptography

And, in fact, it has had some sort of influence on modern science.

I’d like to delve a little deeper, but we have Internet magic money to talk about.

Now, what is Ravencoin’s (RVN) cry then and why is it slamming and croaking to top the daily chart of the top 100 cryptocurrencies? Would it surprise you to know that it is indirectly related to “Merge”? No? I didn’t think so.

Ravencoin is not, however, a Proof-of-Stake coin and that’s nothing new. Launched in 2018, the protocol is an alternative to Ethereum mining that uses a Proof-of-Work consensus algorithm blockchain that mimics Bitcoin’s 21 million coin offering. It has its own sophisticated tokenized ecosystem which uses RVN for various DeFi and NFT applications.

According to data from CoinGecko, Ravencoin is up about 30% in the last day and over 95% during the week.

How come? Well, all things Ethereum (well, aside from ETH itself today) seem to take turns taking the spotlight ahead of the leading smart contract blockchain’s Merge to Proof-of-Stake.

Despite the ESG, carbon-reducing positivity that the Merge move is partly bolstering its momentum about, there is still a fair amount of mining, PoW fans out there, making their arguments and looking for mining alternatives while the main Ethereum chain trades lanes. In part it is, but perhaps the main reason is this …

The price of the RVN pump broadly coincided with the news that leading global cryptocurrency exchange FTX announced the listing of perpetual futures Ravencoin on September 12.

READ ALSO :   Miners and Bitcoin holders double despite the bear market downturn

On other cryptocurrency-related pumperies and dumperies …

Overview of the top 10

With the overall market cap of cryptocurrencies at US $ 1.1 trillion and down about 0.3% from yesterday, here’s the current state of games in the top 10 tokens, according to CoinGecko.

As you’d expect, the chart tells the story here. Basically Bitcoin, rival Ethereum Solana and XRP are the only things green in the last 24 hours.

Let’s check Solana (SOL) for a second … He seems determined to dodge the shadow Merge. Is there a reason for the exuberance? Aside from some ongoing positivity based on the potential migration of the Helium project, we’re not seeing anything major …

Although there is that too … Solana is Ethereum’s biggest rival for NFT-based business and, according to crypto-data guru Nansen, this appears to be on the rise again on Solana’s market, Magic Eden. …

As for Bitcoin, this week it launched with some confidence in what many think will be a vortex of volatility. BTC is now trading above US $ 22,000 at the time of writing, having closed its last weekly candle at US $ 21,800. This is the highest weekly close of the OG cryptocurrency for about a month.

In the very short term, the US dollar which is shrinking and seemingly hitting some resistance based on the charts seems to be helping Bitcoin, other cryptocurrencies and stonk so far this week.

Don’t forget, however (well, you can if you wish), that new US CPI inflation data for the month of August is expected to be released. And, for those who are a little overexposed to risk activities, lately these figures have been a recipe for nervous toilet sessions and / or “Hey EVERYONE, this ride is on me!”

Ups and downs: 11–100

Sweeping a market cap range from roughly $ 8.4 billion to roughly $ 446 million in the remainder of the top 100, we find some of the biggest 24-hour gains and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com.)

READ ALSO :   Merging Ethereum may not be a starting point for Bitcoin

DAILY PUMPS

β€’ Ravencoin (RVN), (market capitalization: 783 million US dollars) + 32%

β€’ Hedera (HBAR), (mc: 1.6 billion US dollars) + 10%

β€’ The graph (grt), (mc: 932 million US dollars) + 9%

β€’ helium (HNT), (m3: 682 million US dollars) + 6%

β€’ NEAR Protocol (NEAR), (m3: 3.9 billion US dollars) + 5%

DAILY SLUMPERS

β€’ Land (LUNA), (market capitalization: 661 million US dollars) -28%

β€’ Classic Terraluna (LUNC), (mc: 2.13 billion US dollars) -21%

β€’ Celsius network (CEL), (mc: 608 million US dollars) -9%

β€’ Rocket pool (RPL), (mc: 588 million US dollars) -7%

β€’ Amp (AMP), (mc: 472 million US dollars) -6%

Well, I probably should have known it was going to happen. As soon as we open our traps on a revival of Terra LUNA, his coins come and go harder than that spear of Brent Naden a couple of months ago. If you follow these things, that’s it.

This, however, doesn’t change the fact that both LUNA (or LUNA2 as it’s also known now) and LUNC have been making amazing gains just recently.

That said, according to yesterday’s article, we’ve been very careful about “buyer beware” when it comes to CeFi tokens struggling for resurgence, especially considering the catastrophic and crypto-contagion collapse of Terra LUNA in May.

Touch them with an extendable barge pole? No financial advice on this, either everything after all, since, of course, there is no qualification for the one hanging in my billiard room.

Around the blocks

A selection of randomness and relevance that stayed with us during our morning moves through the Crypto Twitterverse …

It might interest you

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