It was only a matter of time before Counterparty (XCP) took on a major correction. The cryptocurrency had been on a winning streak since late July, gaining as much as 775% up until mid-November.
XCP is currently trading at 0.014 BTC ($5.18) on very low volume, down by 46% since its peak 2 weeks ago. A slew of good news had kept it rolling, including developments involving Overstock and Ethereum. The latter appears to be now wearing off. It is not impossible that some of the Overstock euphoria over will wind down as well, potentially sending prices back toward 0.01 BTC, a previous point of stability.
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XCP joins both Ripple’s XRP and Stellar (STR) as non-bitcoin derived currencies facing recent pullbacks after monumental gains.
Despite the pullback, XCP is still up by nearly 400% since its summer doldrums, good enough for 8th spot in market cap ($14.2 million). When Stellar (STR) was at its peak, 5 of the top 9 currencies were of the non-Bitcoin derived family. Now, it’s 4 of the top 7.