The XCP price surged after Counterparty announced they recreated Ethereum on the Bitcoin-based Counterparty platform. Despite tapering off a bit following the rise, the XCP price still increased more than 60% in the past week.
Earlier this week, Bitcoin 2.0 platform Counterparty announced that they had successfully ported Ethereum’s smart contracts programming language into Counterparty. Essentially, this allows Counterparty users the functionality of Ethereum’s smart contracts system with the security of the Bitcoin blockchain. Ethereum has since responded to Counterparty’s announcement, arguing their quicker block times and independence from the Bitcoin core developers will render their platform superior in the long-run. In addition, Ethereum has “ported” Counterparty in just several hundred lines of code. Unfortunately, Ether isn’t trading yet to reflect these changes.
Nevertheless, Counterparty’s Ethereum port immediately caused the price of XCP–the native currency of Counterparty–to ignite on altcoin exchanges. From November 11-12, the XCP price rose from 1,557,764 satoshis to 2,220,921–a 42% increase that briefly gave Counterparty the 5th-highest market cap, knocking Dogecoin down to 6th.
However, the Counterparty price has cooled off a bit since the surge. The XCP price fell about 140,000 satoshis from November 12-14 to its current mark of 2,088,565 satoshis. Despite the cool-off, the XCP price has increased more than 60% in the past week.
Counterparty now has a market cap of about $22 million, which ranks it 6th among cryptocurrencies.
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Images from Counterparty, Ethereum and Shutterstock