There is no better boost for an altcoin than a listing approval from a giant crypto exchange. They do not sound better than Binance that Tweeted its recent listing on October 23rd; Decred.
Decred Price Performance After Binance Listing
Decred (DCR) skyrocketed to $54 after Binance trading listed it on Wednesday morning. Some hours later, it dropped to $48.30, but the most significant change is the pick-up in the 24-hour period. Decred can emerge as one of the popular transacted cryptocurrencies, with the capacity to achieve more great value increase.
Decred volumes increased to more than $23 million equivalent within one day, with the majority if the transactions against Bitcoin (BTC). From the recent CoinMarketCap information, Binance now comprises over 22% of Decred volumes in the DCR/BTC pair.
Decred is a steadily evolving project, still trading 62% below its all-time high, based on the Onchainfx information. Nevertheless, it has been a fruitful project in the last one year, scaling up by more than 76% regarding dollars. In contrast, DASH has lost almost half of its dollar worth in the last one year, and Ethereum has declined by 33% since October last year.
Previous price performance does not necessarily warranty that DCR is a good project. But, the currency is well known for having a strong community and a big percentage of the coins are used for staking, voting, or retaining the development fund. Still, Decred might experience more speculation and price volatility with more exchange popularity.
The project remains moderately unpopular, till recently having many of its price trends on the Korean market. But, its recent listing on Binance may raise its popularity.
For the Decred protocol, the hashrate in October has virtually doubled, which is another bullish feature of the currency as miners venture into it with strong ASIC. Decred is still a potentially worthwhile cryptocurrency with prospects for a price increase.