Sunday, July 14, 2024

    Asian Cryptocurrency Trading Update: Decred Creeps Up in Sideways Market

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    FOMO MomentsCurrent performing altcoins are Decred, Verge, Digibyte and Mixin.

    Crypto markets are predictably sideways again as we enter the weekend. The bounces are getting smaller indicating that a breakout could be imminent. Bitcoin has made no movements in the past 24 hours and remains at $7,670. Likewise with Ethereum which is hovering around the $600 mark where it has been for the past few days. Altcoins are a mixed bag with half gaining small amounts and half losing them. None in the top 25 have posted any significant gains so we have to go beyond it to find Decred trading well today.

    CMC reports that DCR is up 5% on the day to $108 from $103 this time yesterday. Currently at 28th position this altcoin has had a solid week where it has climbed 11% from $97 this time last weekend. Over the past month has made over 30% gains from a level just over $80 this time last month. It has been one of the top performing altcoins for the past couple of months climbing steadily from the beginning of April. Against Bitcoin Decred is up 4.8% on the day to 1415000 satoshis from 1350000 sats this time yesterday. Weekly gains on BTC have been been a solid 8.5% from 1305000 satoshis this time last Saturday.

    Apart from retweeting a number of images of attractive women wearing Decred jackets there is nothing on the feed to indicate current price momentum. DCR seems to be one of the bullish coins of the moment; project leader Jake Yocom-Piatt recently proposed an alternative to the existing crypto exchange model. Decentralized exchanges (DEX) are the next natural stages in the evolution of the cryptocurrency industry and Decred intends on being part of that.

    DCR has been traded predominantly on little known exchange Fex which has almost 60% of the total. Bittrex, Upbit and Poloniex also share some of that volume which has climbed from $4.5 million to over $6 million over the past 24 hours. Decred is currently 28th spot on the market cap list with $775 million.

    This entire week has seen no real movement in crypto markets. Since yesterday the total capitalization has inched up less than a percent to $345 billion where it currently stands. This is very close to the levels the markets were at this time last weekend. 24 hour trade volume has dropped slightly to $13.5 billion. Most of the other altcoins are pretty flat during Asian trading this morning but a couple seem to be doing slightly better and they are Verge up 4.2%, Digibyte up 8.5% and Mixin up 7.4%.

    More on Decred can be found here:

    FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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