Decred (DCR) is making more attempts to position itself as one of the leading coins, believing a fair market price should be higher. The DCR market price seems to be getting a boost from the team’s activity on the Consensus 2018 conference in New York.
DCR added a net 11% overnight to $100.07, on low, but steady volumes, and seems set on repeating its Bitcoin peak from last spring.
The Decred project is one with a steady development pace and regular updates. The price has incremented slowly, starting at $30 in the fall of last year. The presence of the team on the Consensus 2018 conference, however, is giving a short-term boost to the price.
But the less visible workings in the Decred network concern the hashrate. Decred has gained prominence and has attracted already existing ASIC miners. One of the bigger entities is F2Pool, a prominent Bitcoin miner.
The hashrate for Decred has more than doubled in the past month to 7,950.24 TH/s. In the past, the Decred hashrate was so low, that according to the team, just 15 ASIC machines could take over the network.
But now, in an example of “miners follow the money”, Decred is seeing an inflow of pools, which may positively affect the price.
According to the Decred community, the arrival of ASIC miners will not depress the price. Decred is a dual-layer network, where coins can not only be mined, but also staked for rewards. Hence, miners are in the position to also become verification nodes. In the past, Decred was GPU-mined, and small-scale miners sold regularly, creating a downward pressure on the price.
Some believe the Decred project is still fundamentally undervalued. For now, the coin has not gained as much prominence as Litecoin (LTC) or Bitcoin Cash (BCH), but it has survived for years with a strong community. Decred is also one of the few coins working on atomic swaps with the Bitcoin and Litecoin networks.