Decred (DCR) has almost reached parity with Litecoin (LTC), behaving in an odd way - appreciating further in the latest market downturn, instead of tanking. The coin, which has a unique mix of mining and notarization by nodes, started picking up speed in the past few months.
For Decred, the community has expressed concerns that the rapid price rise may not be the best option - and yet, for this asset, the time may have come. In the past weeks, DCR released news of an upcoming decentralized exchange.
But the immediate news behind the rapid price appreciation were the two listings on OKEx and HuobiPro, exposing DCR more widely to the Korean markets. However, the community is still discontent that a Binance listing has a high fee. Because Decred is a highly decentralized project, starting years ago as a grassroots coin, it does not have a fund for the listing, unlike newer projects who have the fee as part of their plan.
DCR rose to $99.28, nearly 10% up overnight from recent lows, and the climb seems unstoppable. DCR still has a long way to go, as even now volumes rarely cross $10 million in 24 hours. Right now, more than 81% of DCR volumes are against Bitcoin - and during the latest slide, the asset was used as a hedge for Bitcoin risk.
But Decred may indeed have a claim on Bitcoin, by standing among the A-listed coins. DCR, along with Litecoin, are among the assets capable of atomic swaps with the Bitcoin network. This makes DCR one of the powerful coins, with a strong team and regular updates.
DCR also has so far limited exposure to Tether (USDT) trading, except through Bittrex dollar positions. But OKEx is one of the biggest holders of USDT, so a pairing is quite possible.
The really dramatic change, however, is the hashrate, which has quadrupled in the past month. Difficulty for DCR has increased exponentially since April, showing that ASIC mining has been supporting the coin. For now, F2Pool remains the biggest mining entity, at times with more than 51% of DCR hashing power.