The exchange will add RVN on Friday, with the support announcement triggering a significant price increase for the virtual currency on Thursday morning.
Ravencoin (RVN), a native token in a blockchain-based payment platform, leaped more than 20% on a daily basis on Thursday morning UTC as one of the largest digital coin exchanges, Binance, said it would add RVN to its trading roster on Friday.
The exchange will support two of Ravencoin’s markets, with Bitcoin (BTC), and Binance’s own token BNB.
“Binance will open trading for RVN/BNB and RVN/BTC trading pairs at 2018/10/12 04:00 AM (UTC). Users can now start depositing RVN in preparation for trading,” the trading platform said in its statement.
Binance published the announcement at around 10:00 UTC on Thursday, prompting an immediate price increase for Ravencoin. RVN rose from $0.013 to $0.019 around 15 minutes after the release of Binance’s statement. Two hours later, the asset had sustained the positive momentum, changing hands at $0.017, which was a 20.26% increase compared to the previous day as per CMC data.
Ravencoin clocked more than $3.4 million in trading volume for the 24 hours to 12:05 UTC on Thursday. Bittrex trading pair between RVN and BTC accounted for more than a half of it, or $1.8 million. Upbit was second largest RVN market with $1.3 million of the coin’s volume, achieved in trading with Bitcoin.
RVN currently ranks at number 132 in the market capitalization list with $35.6 million in value.
Started earlier this year, RVN wants to resolve the Bitcoin mining monopolization problem and claims that its algorithm is resilient to ASIC miners.
“Launched on January 3rd, 2018, the ninth anniversary of bitcoin’s launch, Ravencoin is an open-source project designed to enable instant payments to anyone around the world. The aim of the project is to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another,” RVN explains on its website.
RVN has nearly two billion coins in supply, out of 21 billion in total.
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