Decred Price Surges Over 27 Percent After Binance Listing Announcement

Decred Price Surges Over 27 Percent After Binance Listing Announcement

Binance, the world’s largest crypto exchange by trading volume, announced the listing of Decred (DCR). After the news was released that trading for DCR/BNB and DRC/BTC pairs will be available starting Oct. 24, the token’s price surged by 27 percent.

According to historical data from CoinMarketCap, the market cap of DCR which was hovering around $330 million in the whole of October saw a $90 million jump to $420 million within few hours of listing on Binance.

According to the announcement, Binance will open trading for DCR/BNB, and DCR/BTC trading pairs at Oct. 24, 2018, 04:00 AM (UTC), but have enabled users to deposit DCR in preparation for trading effective immediately.

Following their Oct. 8 decision to make new cryptocurrency listing fees transparent and donate 100 percent of those fees to charity, Binance did not charge a listing fee for Decred.

Jonathan Zeppettini, International Operations Lead, Decred told CryptoSlate:

“The Decred community is honored to be listed with Binance. We see it as validation of Decred’s core principles, it’s Politeia system of governance, and it’s approach to get listed on the best exchanges without raising funds from investors or outsourcing risk.”

A Positive Reaction from the Market

Decred is the second altcoin to be added to Binance in October 2018, following the Oct. 12 listing of Ravencoin. Following its Binance listing, RVN pumped around 32 percent within 24 hours of the announcement on Oct. 11.

Mirroring Ravencoin’s growth, DCR surged nearly 27 percent in less than two hours after the announcement and is currently trading at $46.58, its highest level since early August. Compared to other major altcoins such as Cardano which has collapsed nearly 94 percent since January 2018, Decred seems to be leading the altcoin game.

The Decred Project expressed their gratitude on Twitter:

Decred is self-described as an “open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain,”  and separates itself from Bitcoin and other digital currencies thanks to its governance.

Powered by a hybrid consensus model of PoW and PoS, the company recently launched a new system called “Politeia.” The censorship-resistant blockchain-anchored public proposal platform enables DCR stakeholders to decide which proposals get funded by the project treasury.

Decred | DCR

Updated: May 10 at 5:22 am PDT

Decred, currently ranked #26 by market cap, is up 10.02% over the past 24 hours. DCR has a market cap of $426.87M with a 24 hour volume of $18.62M.

Chart by CryptoCompare

Decred is up 10.02% over the past 24 hours.

Cover Photo by American Public Power Association on Unsplash

Filed Under: Altcoins, Binance, Crypto Exchanges, Price Watch
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.