ForexMinute.com – Overstock CEO Patrick Byrne recently announced the hiring of two Counterparty developers for its upcoming decentralized stock exchange. This hiring ultimately intensified the Counterparty’s reputation in the cryptocurrency market, resulting into its entry in the top ten coins by market cap. The coin rose over 100% in the last 24 hours.
It was indeed a good opportunity for investors to move towards other “hypes”, especially after the last week’s blunder in other coins’ market. It would be unethical to credit only Overstock’s announcement to boost Counterparty (XCP) investments in the last few hours. A volatile jump like this is indeed attractive, but also signifies an equal risk of falling at the same velocity. For obvious reasons, influential actors build hype around such announcements by buying coins at their low level – a process known as pumping. When the hype inspires other new investors as well, the coin’s value reaches to its peak. Thereupon, influential actors sell their coins at peak prices, which eventually brings the coin’s value to bottom – a process known as dumping.
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But we cannot neglect one fast as well, that the hiring of Counterparty developers would indeed help the team gaining confidence among potential investors. Their association with a reputable name like Overstock can be played as an ace-card for future marketing plans. It is up to the coin’s team now that how they manage to reap the best out of this opportunity. XCP has always held the potential of being a great altcoin but is only left behind due to the influence of other well-marketed altcoins.
To contact the reporter of the story: Yashu Gola at email@example.com