Peercoin (PPC) has given back the bulk of its gains from its rally that started 2 weeks ago, losing over 40% in 24h to fall as low as 0.0023 BTC ($0.95). It is currently worth 0.0026 BTC in flat trade, although with the compounding effects from Bitcoin’s fall, its dollar-denominated decline continues. Earlier, it fell as low as $0.90.
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PPC had gained over 140% 2 weeks ago upon the unveiling of Nubits, which ironically enough, was touted as the solution to cryptocurrency’s volatility. PPC then proceeded to lose 50% in just over 24h, then bounced back by 40%, then gradually slid 20% and finally plummeted another 40%. This makes for the wildest stretch of trading for any major cryptocurrency in recent memory.
Apparently, traders are no longer enamored. The Nubits website now describes how this new currency is simply tied to the dollar: 1 Nubit (NBT) = $1. “No complex math at the point of sale is needed.” NBT can be purchased on the CCEDK exchange.
Peercoin has fallen back to 7th in market cap rank (4th among mineable currencies). Its total valuation is now $25.2 million.