Decred (DCR) Price Rallies 15% This Week Following OKCoin Listing
Decred (DCR), a blockchain platform that leverages a hybrid proof-of-work (PoW) and proof-of stake (PoS) consensus model, became the latest altcoin listed on San Francisco-based crypto exchange OKCoin this week — notably the first direct USD pairing available to U.S. investors.
We are excited to announce that we have listed @decredproject on our platform. Deposit and withdraw are now open with spot trading for DCR/USD, DRC/BTC, and DCR/ETH available on Thursday, 03/14, at 7 pm PT. Check out our blog for more info: https://t.co/SLlIs7aC4C pic.twitter.com/5e5GczgFUQ
— OKCoin (@OKCoin) March 13, 2019
According to the announcement, Decred trading went live on OKCoin on Thursday at 7:00 PM (PT) with USD, BTC and ETH trading pairs.
“Our listing with OKCoin provides us with a significant fiat on-ramp, which offers greater access and ease-of-use to those looking to join the Decred community,” said Jake Yocom-Piatt, the project lead for Decred. “We’re building Decred to last for generations to come, which means giving coin holders a true stake in where the currency goes. The more participation in Decred, the closer we come to the ideal of a decentralized future ruled by the collective intelligence of a broad and robust community.”
This news comes several months after Decred gained a coveted listing on Binance, which helped DCR jump more than 25% at the time. The altcoin was able to gain a free listing due to its decision to cede control of its 570,000 DCR development fund (worth roughly $23 million) to its community. This type of activity has helped Decred stand out, gaining praise throughout the crypto community.
OKCoin CEO Tim Byun added in the listing announcement, “We are particularly impressed with Decred’s community-driven focus, as miners and non-miners alike are empowered to provide input, as well as vote on feature enhancements and recommendations for new tools. Decred’s approach fosters community growth, creating a project that is built to last.”
DCR is currently trading up around 15% on the week to $19.51, giving it a $184.7 million market cap and making it the 29th largest altcoin in the AltDex 100 Index (ALT100). Moving forward, Decred will have to break through stiff resistance in the $20 range if this week’s rally is to continue higher.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.