Counterparty (XCP) has regained its footing after a steep fall from all-time highs near 0.023 BTC reached last month.
XCP soared multifold in October and November, starting out at 0.005 BTC. A series of positive achievements drove prices to all-time highs. It then gave up half its value, which is not an abnormally high retracement after gaining over 300%. After some stability near 0.015 BTC, it fell further to as low as 0.0093 BTC.
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It has since bounced back by more than 50%, making it one of the most volatile top-ranked cryptocurrencies. It is currently trading at 0.134 BTC ($4.15).
Its market cap is now $11 million, falling in rank to 11th after climbing as high as 5th. The combined effects of its lower BTC-denominated prices and lower Bitcoin prices have thus weighed on its dollar-based valuation.
The volatility is also a reminder of the increasing competition in the Bitcoin 2.0 space, which Counterparty also has to share with the likes of Ripple, BitShares, Nxt, Mastercoin, Stellar and more.