Decred price prediction: What is decred (DCR)?
By Raphael Sanis and Peter Henn
Updated
It is a blockchain-based autonomous digital currency that “places coin holders in charge of shaping the future” but what is decred (DCR)?
Let’s see what we can find out about this coin, and also examine some of the decred price predictions that were being made as of 21 December 2022, too.
Decred explained
Decred operates in the style of a decentralised autonomous organisation (DAO), where it is giving investors the opportunity to manage and determine the future of its ecosystem.
Decred is building a secure, private and scalable blockchain to meet this goal. It even has its own decentralised treasury that rewards stakeholders and contributes to its mission of “financial sovereignty”.
Its major innovation is a hybrid proof-of-Work (PoW) and proof-of-Stake (PoS) mining consensus mechanism to guarantee that no single entity or individual controls the flow of transactions or makes modifications to Decred without the community’s approval.
DCR is the blockchain’s native coin, which serves as a means of exchange and is used for both governance and staking.
Holders of the decred coin establish and enforce the blockchain’s rules, determine the direction for future development and allocate funds from the project’s treasury. Changes to the system are voted on, and implemented only if approved by voters.
The project has prioritised decentralisation within its governance. Its voting system ensures that large institutions cannot unfairly influence a vote and all DCR holders are treated equally.
Decred price history
Let’s take a look at the DCR price history. While past performance should never be taken as an indicator of future results, knowing how the coin has behaved in the past can give us some very useful context if we want to either make or interpret a decred price prediction.
DCR went live on 10 February 2016 with an opening price of a little over $0.95 and fluctuated around that level for the rest of the year.
Decred saw its first major rally in 2018 when it rocketed to a high of $126.81 on 9 January, but then fell back down to a low of $40.66 on 5 April. After this, it managed to climb even higher and reach a daily high of $139.94 on 25 April – before it again fell back down to earth, reaching a low of $14.21 on 13 December.
But its most significant breakout to date took place in the first quarter of 2021. As the crypto market boomed, a new software update was announced in February, which improved voting and governance accessibility.
The following month a vote was put to its community to decentralise Decred’s treasury. The decred coin news revealed this had passed on 12 April and DCR surged to its all-time high of $250.02 five days later.
Calling all #Decred stakeholders.
— Decred (@decredproject) March 13, 2021
The vote to decentralize the Decred Treasury (DCP-0006) has commenced.
Set your voting preference in your wallet and put stakeholders in control of Decred's $100M+ treasury.
Follow the action here:https://t.co/weioVFuCx1
DCR could not hold this price and plummeed the following month. This mirrored a wider trend in the crypto market when Elon Musk tweeted about discontinuing bitcoin (BTC) payments for Tesla (TSLA) cars. Moreover, during the same time, the Chinese government strengthened its cryptocurrency crackdown.
Despite a slight rally in August after it was listed on the Bitcoin.com exchange, the DCR coin continued falling throughout the rest of 2021. It closed the year at $69.90.
The bearish trend stuck with DCR going into 2022, when a series of market crashes saw it sink to a low of $19.98 on 18 June before making of a recovery to $63.80 on 5 August. After that, it was time to go back down and, following the collapse of the FTX (FTT) exchange, it fell to $18.43 on 21 November.
In the month after that, it experienced some ups and downs and, on 21 December 2022, it was worth just under $20. At that time, there were 14,598,308 DCR in circulation out of a maximum supply of 21 million. This gave the coin a market cap of about $289m, making it the 87th largest crypto by that metric.
Decred price prediction round-up
With that all out of the way, let’s now take a look at some of the decred price predictions that were being made as of 21 December 2022. It is important to remember that price forecasts, especially when they concern a commodity as potentially volatile as crypto, end up being wrong more often than not. Also, it is worth pointing out that many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a somewhat mixed short-term decred coin price prediction, saying it could hit $20.29 by 26 December before falling to $19.10 by 20 January 2023. The site's technical analysis was bearish, with 20 indicators sending out downbeat signals against just nine making bullish ones.
Meanwhile, CryptoPredictions.com had a DCR price prediction which said that the coin could close 2023 at somewhere between $15.20 and $15.21, before going on to make a decred price prediction for 2025 which saw it start the year at $27.01 and end it at $34.11.
Next, WalletInvestor had a pretty negative decred price prediction for 2023, saying that it expected the bears to take over and for the coin to lose a lot of its current value over the course of the upcoming 12 months, with it dropping to between $2.45 and $2.46 by 21 December next year.
Finally , DigitalCoinPrice made a decred crypto price prediction which saw it trade at a potential $23.43 this year before going on to make a decred price prediction for 2025 of $88.23. The site thought DCR could break through the dollar barrier in 2027 and achieve an average of $282.05 in 2030.
When considering a DCR coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is decred a good investment?
It is hard to say. A lot will depend on how the market performs as a whole going forward.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the DCR token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Will decred go up or down?
No one can really tell right now. Although sites like DigitalCoinPrice are optimistic, the likes of WalletInvestor are far more bearish in their assessment of a decred future price. Remember that price predictions very often turn out to be wrong, and that prices can, and do, go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether DCR is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in decred?
Decred is an autonomous cryptocurrency that is putting its direction in the hands of its coin holders. DCR investors can have influence over numerous decisions, including treasury spending and consensus rules.
Whether you should invest in DCR is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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