There can be no better boost for an altcoin than a listing announcement from a major exchange. They don’t come much bigger than Binance which Tweeted its latest listing a couple of hours ago; Decred.
While the rest of the cryptocurrency market still languishes in a static sideways channel, Decred has taken off this morning, shooting for the moon. According to coinmarketcap.com DCR has surged nearly 25% in less than two hours since the announcement. It is currently trading at $46.58, its highest level since early August.
According to the announcement “Binance will open trading for DCR/BNB and DCR/BTC trading pairs at 2018/10/24 04:00 AM (UTC). Users can now start depositing DCR in preparation for trading.”
The team replied with a thank you for the listing and subsequent price boost for their altcoin;
Thank you @cz_binance & @binance we’re honored to have $DCR listed on your exchange! pic.twitter.com/9XR4UoxXJO
— Decred (@decredproject) October 23, 2018
Decred price has not moved for the past two months and has been stuck trading sideways in a channel between $34 and $44. Today’s pump has lifted it above those levels as DCR approaches $50 once again. Daily trade volume has surged over a thousand percent to $7 million – most of which is Asia right now as South Koreans fill up with fomo. Upbit has over 30% of all DCR trade at the time of writing.
Like all other cryptos, Decred is way down from its January ATH of $123. Though after today’s revival, that loss is only 60% now. When compared to other major altcoins such as Cardano which has collapsed 94%, Decred seems to have weathered the storm a little better.
According to its website Decred is an “open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain.” It is this governance plus a hybrid consensus model of PoW and PoS that separates it from Bitcoin and regular digital currencies.
The team has recently launched a new system called ‘Politeia’ which is
“a censorship-resistant blockchain-anchored public proposal system, which empowers users to submit their own projects for self-funding from DCR’s block subsidy. Pi ensures the ecosystem remains sustainable and thrives,”
Through the platform DCR stakeholders decide which proposals get funded by the project treasury. It is an attempt at further decentralization and placing the future of the project in the hands of those invested in it, ie DCR hodlers.
Today’s Binance news has been long overdue for this altcoin which has been on a downward slope since the end of May.