A little-known cryptocurrency gained over 75% on Friday as Bitcoin, DOGE, and ETH melted.
This altcoin approaches top 50 as DOGE and ETH sleep
Decred (DCR) more than doubled at $26.80 on Thursday afternoon. The price rose 50% in an hour on Friday. In roughly two hours, it went from $40 to $60. This momentum continues unabated on 6 August. DCR, which is ranked 71st by market capitalization according to CMC data, keeps its earnings over 60% in the last 24 hours at the time of writing.
What is Decred (DCR) and why is it rising?
According to Decred watchers citing on-chain data, the price increase is due to a series of major purchases. Also, the altcoin project has seen a series of development activities that expand the uses of its Blockchain.
Decred uses a combination of PoW and PoS mechanism. The developer team says that thanks to this, the DCR token adapts to the challenges and adapts quickly to the conditions. Decred’s price has risen 57% since last week, accompanied by whale demand and developer activity. Over the last 30 days, his gain is over 100%.
Meanwhile, DCR investors attributed the recent gains to the concept of ticket holder voting on Decred. Stakeholders exchange some DCR for a ticket to vote in the PoS procedure. One or more tickets can be purchased by individual investors. In exchange for a DCR ticket, DCR holders lock some of their cryptocurrencies in the protocol. Investors also claim that the locking mechanism significantly reduces overall DCR availability and increases the price.
Decred lead developer updates roadmap for website upgrade
Decred website overhaul on Friday, which made it easier for users to process, also played an important role. Decred’s lead developer, Jake Yocom-Platt, stated in a tweet on Thursday that the upgrade is complete and ready for distribution as soon as stakeholders approve.
Decred is a Blockchain-based DAO token that aims to leverage community participation and transparent governance. DCR, Decred’s native cryptocurrency, can be used for transactions or investment. DCR is also used for management and staking.
DOGE, ETH and BTC are having a stable day
cryptocoin.comAs you follow, Bitcoin, Ethereum and DOGE remained stable today. Meanwhile, Bitcoin price is ticking above $23,000. Ethereum and DOGE are trading in the green, gaining 0.21% and 1.23% respectively. ETH price surpassed $1,700 again today after dropping to $1,661.86.
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