Peercoin price sent soaring 140% on unveiling of Nubits, which aims to solve crypto volatility problem
Peercoin (PPC) is having its biggest rally since late 2013, soaring 140% in the past 60h. It is now trading at $1.75 (4 mBTC). This, despite the declines experienced in Bitcoin and the broader crypto markets today.
Peercoin had been stuck in a vicious cycle of decline for much of 2014, falling by more than 85% since its peak in early January. It is still a long way off but the jump has been large enough to bring it back to within 57% of its all-time bitcoin-denominated highs.
It has thus easily reclaimed 5th spot in market cap rank, returning the favor to Dogecoin, which had overtaken Peercoin during a rally of its own last week. PPC's total valuation is now $38 million. It ranks right behind Litecoin among mineable currencies.
Over $3.3 million worth of PPC has been traded in the past 24h, 2nd only to Bitcoin.
Rises of such a scale have become a rarity for mature, top ranked coins. They are more typical for new or small cap alts, often pumped to unrealistic levels sustained for minimal periods of time.
The rise has been attributed to the announcement of the coming launch of Nubits for September 23. Nubits is a project launched by the developers of Peershares, which seek to decentralize finance and have dealings settled in Peercoin. Beyond this, few details are known about the project. The website will get into specifics following launch and currently showcases the countdown toward it. It does make reference to comments by Deloitte in June:
"Just as speculators buy and sell global currencies to profit from fluctuations in currency value, increasing numbers of bitcoin speculators are now investing short term in the virtual currency, which in turn fuels Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders . This has reduced bitcoin’s utility as a medium of exchange—no one wants to use bitcoin to make future commitments, or even buy a cup of coffee, when its value can change by 30 percent overnight. Unless bitcoin’s volatility settles, it will be used less as a currency and more as a vehicle for speculation.”
The partial irony of the whole thing is that prices have skyrocketed because of something designed to help stabilize them. The understanding is that the coin will indeed have more value to offer when not subject to wild price swings. Such swings have been highlighted by many as one of the major drawbacks of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw in their pursuit for equal treatment as money.
Peercoin (PPC) is having its biggest rally since late 2013, soaring 140% in the past 60h. It is now trading at $1.75 (4 mBTC). This, despite the declines experienced in Bitcoin and the broader crypto markets today.
Peercoin had been stuck in a vicious cycle of decline for much of 2014, falling by more than 85% since its peak in early January. It is still a long way off but the jump has been large enough to bring it back to within 57% of its all-time bitcoin-denominated highs.
It has thus easily reclaimed 5th spot in market cap rank, returning the favor to Dogecoin, which had overtaken Peercoin during a rally of its own last week. PPC's total valuation is now $38 million. It ranks right behind Litecoin among mineable currencies.
Over $3.3 million worth of PPC has been traded in the past 24h, 2nd only to Bitcoin.
Rises of such a scale have become a rarity for mature, top ranked coins. They are more typical for new or small cap alts, often pumped to unrealistic levels sustained for minimal periods of time.
The rise has been attributed to the announcement of the coming launch of Nubits for September 23. Nubits is a project launched by the developers of Peershares, which seek to decentralize finance and have dealings settled in Peercoin. Beyond this, few details are known about the project. The website will get into specifics following launch and currently showcases the countdown toward it. It does make reference to comments by Deloitte in June:
"Just as speculators buy and sell global currencies to profit from fluctuations in currency value, increasing numbers of bitcoin speculators are now investing short term in the virtual currency, which in turn fuels Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders . This has reduced bitcoin’s utility as a medium of exchange—no one wants to use bitcoin to make future commitments, or even buy a cup of coffee, when its value can change by 30 percent overnight. Unless bitcoin’s volatility settles, it will be used less as a currency and more as a vehicle for speculation.”
The partial irony of the whole thing is that prices have skyrocketed because of something designed to help stabilize them. The understanding is that the coin will indeed have more value to offer when not subject to wild price swings. Such swings have been highlighted by many as one of the major drawbacks of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw in their pursuit for equal treatment as money.