Decred (DCR) Price Defies Gravity on Binance Listing
DCR has finally reached the goal of a Binance listing, with zero-fees trading opening on October 24.
Decred (DCR) saw its price shoot up after Binance announced its long-awaited listing. The exchange is adding only two pairs for now, against Binance Coin (BNB) and Bitcoin (BTC). Deposits have been opened, and trading will start on October 24 as of 04:00 UTC. Decred is being listed with zero fees, as per the new policy of Binance to reveal the payment for a new listing.
Starting at around 3:15 UTC, DCR jumped from around $38 to $45 within 15 minutes. It held at these new positions, trading at $45.65 as of 4:30 UTC. It is unknown how much the gains would last as the peak prices may lead to selling. DCR has been hovering around $36 for weeks.
The Binance listing, seen as an important milestone for the project, comes days after the live launch of the Politeia ticket voting system. The voting mechanism will distribute the Decred Development fund, which contains 570,000 DCR, or more than $26 million at current prices.
The Binance inclusion may see activity for DCR grow significantly. Right now, the coin depends on Bittrex and a handful of relatively small exchanges, where thin volumes and a limited order book are keeping prices stagnant. Binance may start to change that. However, DCR will not be paired with Tether (USDT) for the time being, and the price will remain strongly tied to BTC.
There are warnings DCR may first see sell-offs before trading picks up steam. The asset is down from a peak of near $105, yet the sudden rise to around $45 is viewed as shaky.
The addition of DCR to Binance comes a day after the announcement for Ravencoin (RVN) caused a similar pump. After peaking at around $0.06, RVN has started to retreat toward $0.05.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.