One underrated Bitcoin killer out of seemingly endless numbers of altcoins suddenly outperformed everyone else with a huge price rally after it announced some updates.
Decred is a cryptocurrency that seeks to provide an alternative to Bitcoin as a security-focused digital currency for those who want a long-term store of value.
The design of Decred is meant to promote greater democracy and equality by preventing powerful individuals or central planning committees from gaining an unfair influence over the future of this project.
Think of it as a hybrid between proof-of-work and proof-of-stake consensus models.
Decred is an independent blockchain with its own constitution that outlines the principles of Decred, how it will be governed and what projects can exist on this network.
The project lead, Jake Yocom-Piatt, recently announced to his Twitter followers that he had presented a new community proposal to change their website.
new proposal to update website and messaging – work is already complete, seeking reimbursement and approval to deploy.
D.R.E.A.M. 2: Dream Harderhttps://t.co/OFSU8QxRh8
— Jake Yocom-Piatt (@behindtext) August 4, 2022
It appears that Decred experienced an unexpected surge in value following the announcement of this new update. It’s unclear whether there is any connection, but it seems like something worth looking into.
DCR has been on an absolute tear. In just a few short hours, the price went from $27.42 to over $70.45, with gains of 156%.
DCR is up roughly 40% on the week at the time of writing, but it’s still about 84% down from its all-time high.
Bitcoin And Major Altcoin
At the time of writing, Bitcoin is priced at $23,247, up 1.27%. In the past 24 hours, Bitcoin hit a high of $23,359 and as low as $22,930.
According to analysis from experts at TradingView, BTC may be picking up momentum to make a really strong spike, hitting the top of its established trading range. However, after many efforts, the coin has not been able to completely break through the $23,500 barrier.
Today, the Fear & Greed Index holds steady at 30/100. Bitcoin’s second rally in 10 sessions failed to lift the index. For the bulls, this index needs to return to 40/100 and the neutral zone to provide support for BTC.
BTC needs to avoid the $23,146 pivot point to target $23,400 and the first major resistance at $23,436. A drop below the pivot point will bring Bitcoin to the first major support at $22,888.
Meanwhile, major altcoins also gave a positive signal:
- Ethereum (ETH) reached $1,711, up 1.77%.
- BNB reaches $327.39, up 5.55%
- Ripple (XRP) Priced at $0.37, Up 0.48%
- Cardano (ADA) hits $0.53, up 3.85%
- Solana (SOL) reached $41.39, up 4.35%
- Polkadot (DOT) reached $8.81, up 3.35%
- Polygon (MATIC) reached $0.91, up 1.45%
- Avalanche (AVAX) reached $ 27.80, up 5.66%
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)