After Strong Start, PrimeCoin Struggles in 2014

PrimeCoin (XPM) is down  today by 1.2% to 3.975 mBTC ($3.74) on Cryptsy. After jumping by nearly 40% to 5

PrimeCoin (XPM) is down  today by 1.2% to 3.975 mBTC ($3.74) on Cryptsy. After jumping by nearly 40% to 5 mBTC ($4.70) at the start of 2014, XPM has lost steam and has closed lower nearly every day this year.  Like BTC/USD, the cryptocurrency has exhibited relatively flat behavior over the last week, hovering about the 4 mBTC ($3.76)  mark but still showing warning signals of gradual decline toward its previous support level of 3 mBTC of late December. It has recently sunk below moving averages measured in several periods.

XPM/BTC over previous 10 days. Chart source: Cryptocurrency charts
XPM/BTC over previous 10 days. Chart source: Cryptocoin charts

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Previously, it shot up to an all-time high of 6 mBTC ($5.64) during the digital currency craze in early December, only days after sinking to 1 mBTC- a 500% swing. Accounting for intraday swings, it briefly touched 12 mBTC during a moments of overhyped buying.

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PPC/BTC over previous 6 months. Chart source: Cryptocurrency charts
XPM/BTC over previous 6 months. Chart source: Cryptocoin charts

PrimeCoin was developed by Sunny King, also the developer of Peercoin. It differs from Peercoin by solely employing proof-of-work computation, and is unique in that its system searches for chains of prime numbers.

Its performance since inception has also differed: while Peercoin has performed well over time– it is up 250% vs BTC since its creation, PrimeCoin has lost half its value relative to BTC, joining the club of currencies such as Feathercoin that have struggled to grow. Its market cap currently sits at $13.8M.

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