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Decred DCR/USD is a forked version of the Bitcoin BTC/USD protocol; however, it is specifically designed to improve the organization as well as the decentralization of the cryptocurrency.
The main way through which it achieves this is by utilizing a hybrid consensus mechanism.
The future hard fork as a catalyst for growth
We saw a community vote which agreed to limit “malicious miners,” which are essentially the miners that have a history of artificially pumping-and-dumping DCR from accessing Decred.
The community also came in agreement towards raising the rewards for the Decred Proof-of-Stake (PoS) validators, which are the entities that validate the blocks which are submitted by miners, from 30% to 80%, which suggests that consensus wants to switch away from Proof-of-Work (PoW).
In other words, after this hard fork, Decred users would be incentivized to lock up their DCR for a certain time frame, which reduces their active supply from the market and bolsters the price.
Should you buy Decred (DCR)?
On April 19, 2022, Decred (DCR) had a value of $61.05.
To truly see what this value point indicates for the value of DCR, we will be going over its all-time high point of value, alongside the token’s performance throughout the previous month.
When we look at its all-time high point of value, Decred (DCR) had its ATH on April 17, 2021, when the token reached a value of $247.35. We can see that the token was $186.3 higher in value or by 305% at its ATH.
Looking at how the token performed throughout the previous month, Decred (DCR) had its lowest point of value on March 16 at $49.36.
Its highest point of value was on March 28 at $67.05. Here we can see that the token increased in value by $17.69 or by 36%.
With this in mind, we can expect DCR to reach $80 by the end of April, a value increase surrounding the excitement and hype of its hard fork.
The post Prior to its hard fork, should you buy the DCR token now? appeared first on Invezz.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.