Peercoin Bounces Back, Volumes Highest Since Late 2013

Peercoin (PPC/USD) has been one of the best performers in the crypto markets during the past week, rising as much

Peercoin (PPC/USD) has been one of the best performers in the crypto markets during the past week, rising as much as 30% in volatile trade. It is currently trading at $0.386 on BTC-e, its main trading venue, where it is traded against USD and BTC.

One week ago, abnormal trading activity sent its price soaring to nearly $1.00. Aggregate USD and BTC-based volume spiked as high as 3 million PPC (equivalent to roughly $1.5 million) during a 3-hour span, suggesting that oversized buy orders were responsible. The figures are the highest since late 2013, even surpassing those from September when PPC climbed multifold after introducing Nubits.

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Volumes during the past 24 hours continue to be well above normal, either due to residual effects from last week’s volatility or due to renewed interest in trading the coin. Roughly $170,000 worth of PPC has changed hands during the past 24 hours, the fifth-most among cryptocurrencies.

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The volume and price performance have rivalled that of Darkcoin (DRK) during the past week. DRK and PPC are the two best performers amongst major coins during the period.

Still, PPC is trading not far off 15-month lows, and more than 95% off its peak near $8.00 in late 2013. It hit a low of $0.23 in mid-January.

Peercoin currently ranks 10th in market cap, worth $8.4 million.

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