What could investors do as Bitcoin slides to yet another lower tier? Find other coins worth investing, to at least increase their Bitcoin holdings, with hope for the more distant future. One of those coins these days is Decred (DCR).
The market price is deceiving, hovering near or below $100, but the past month saw DCR grow in spurts, adding 40% against BTC, from around 100,000 Satoshi to the 140,000 Satoshi range. For DCR, more than 91% of volumes are against BTC, with no influence from exchange tokens or Tethers (USDT), making the asset a suitable hedge for Bitcoin risk.
Since March, Decred has more than doubled against BTC, and the last quarter sees more rapid price movements and volumes picking up.
Decred reached its peak last summer, above 170,000 Satoshi, but the current level is getting closer. The asset is considered one of the still-underpriced assets, which may see its value rise as well as the prominence.
The trading profile for Decred is also unique, with more than 35% of deals happening on Bittrex. Decred is listed on a relatively small number of exchanges, and the coin is just picking up on its marketing efforts. There is the community questioning on access to Binance, mostly related to the reportedly high listing fees:
With wider listings, the price of DCR may see more diversified price pressures, and the coin may climb to an even higher range.
The Decred project may also grow prominent for its unique voting and governance mechanism, which is already well-developed. New projects like EOS and TRON are just testing out how voting would work, and how dedicated their communities are.
In the current market shakedown, DCR was the fastest to compensate for the losses. After dropping to around $87, DCR closed the gap to climb to $94.12, even achieving a small daily net gain of about 0.5%.
The Decred community has also noted that DCR prices are disproportionate, while the network usage has dropped to a very low number of transactions. The Decred hashrate has continuously grown in June, and f2Pool has an influence of above 53%. The Decred network is not so vulnerable to a 51% attack due to verification nodes - but still, the large influence of one pool looks suspicious. It is possible that the current spike in DCR prices is a concerted move, using BTC to push the asset upward.
This article appeared first on Cryptovest