Peercoin (PPC) has gradually slid from its September/October peaks that saw it jump as high as $2. It has since given up 75% to fall as low as $0.51, more than offsetting its September gains. It is currently trading at $0.56 on BTC-e.
In slightly surpassing lows last seen during the August volatility, PPC is trading at its lowest levels in over a year.
In bitcoin terms, it is not doing quite as bad; the price of bitcoin itself has been a significant contributor to its dollar-based losses. It did fall, however, to a low of 0.0014 BTC, its lowest point since during the August sell-off when it briefly touched 0.00115.
Q8 Trade Gains Recognition for ‘Most Trusted Trading Platform in MENA’Go to article >>
A sizeable USD-based market exists for the coin, where it trades in roughly equal quantities relative to its BTC-based market.
It has also traded below its 50-day moving average (MA) for the longest stretch since prior to the September rally.
Excitement around the launch of its related Nubits currency has waned, and the market has seen little reason to favor PPC over its struggling peers.
The slump has sent Peercoin to 9th spot in market cap rank, its total valuation now $12.3 million. It is just ahead of Counterparty, itself having slumped in November. “Old school” altcoins like Peercoin and Namecoin, long a staple among the ten most valuable coins in 2014, have fallen from their ranks in favor of several 2nd generation cryptocurrencies.