Decred (DCR) is a popular cryptocurrency that combines both Proof of Work (PoW) and Proof of Stake (PoS) into its consensus mechanism. At the time of this blog post writing, Decred token (DCR) is currently sitting inside the top 40 cryptocurrency rankings by market cap. While Decred has good rankings compared to many other altcoins, but the daily trading volume is not really big. In other words, the trading volume does not really support big money if you plan to buy a large amount of DCR tokens at once.
With this article, we will analyze what is Decred, where is Decred on the crypto market nowadays, and Decred price prediction for the rest of 2019.
What Is Decred (DCR)?
Decred claims it is an autonomous digital currency with autonomous self-rule. With Decred’s consensus voting model, funding and decision making being decentralized. There’s no centralized third party that can influence the decision. At least that’s the official claim from Decred official website.
The goal of Decred is to have a cryptocurrency that runs totally autonomous with votes from miners and DCR token holders that can influence improvements of the blockchain network. Decred blockchain integrates some changes from the Bitcoin protocol. Many of Decred developers are early adopters of Bitcoin blockchain, but they became disillusioned with how Bitcoin mining operations are very centralized. Decred developers believed by reducing hard forks that can divide the community, the community can be more united.
Also, they believe by integrating Proof of Work with Proof of Stake within one same system, it will help decentralization further. The mixed system in Decred reduces individual weaknesses within Proof of Work as well as Proof of Stake. Here, the miners can still get block rewards while the verifiers (who need to stake DCR tokens) will also receive their own reward.
While the concept is great but many crypto enthusiasts criticize Decred as yet another public blockchain that’s not actually needed. Some Decred critics believe there are too many public blockchains that try to do the same thing and Decred does not really offer anything new to the table.
Decred (DCR) Token In The Crypto Market Today
Decred (DCR) is one of the top 40 altcoins by market cap. DCR good position on the market, however, is not really followed by good trading volume. DCR only has ~$2.4 million daily trading volume. That is actually not very good if you are trying to buy or sell a medium-sized amount of DCR tokens instantly. According to CoinMarketCap, DCR’s largest trading volume can be found on OceanEx against both VET and USDT. DCR is currently trading at ~$25.34 each token.
The cryptocurrency market, in general, is still very optimistic despite the past one month DCR hasn’t been doing well against USD. Decred token is actually doing quite OK against bitcoin if you check its price action recently. Decred (DCR) token price has been going up from January 2019 to the time of this blog post writing. It was trading under $19 in the beginning of the year, and now it is trading more than $25. Compared to many others altcoins, actually Decred (DCR) does not really go up this year.
And compared to last year, from July to August 2018, DCR was trading above $40 per token. The price has been going down since then before it went up again this year.
2019 Decred Price Prediction For The Rest Of The Year
Regarding Decred price prediction, most likely Decred (DCR) will remain under $30 for a while. Everything in the crypto market depends on bitcoin’s movement as of now. Very likely Decred price prediction and movement will also follow whatever Bitcoin does against USD. If Bitcoin can eventually break $14000, it’s possible Decred will also go up. There does not seem to be any important event in the near future for Decred. It means the price prediction for Decred is not independent of other altcoins. Decred has a promising future, and it might stay inside top 40-50 market cap for the rest of the year.
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