The anhysteretic magnetization of the granular metallic alloy Cu 90 Co 10 is experimentally studied over a wide temperature range ͑2-700 K͒. The measurements definitely exclude that this alloy is a simple superparamagnet, even in the high-temperature limit, although some features of granular systems ͓such as the typical Langevin-like form of the anhysteretic magnetization curves M (H)͔ are often taken as evidence of superparamagnetism. A phenomenological theory is proposed, explicitly considering that particle moments interact through long-ranged dipolar random forces, whose effect is pictured in terms of a temperature T*, adding to the actual temperature T in the denominator of the Langevin function argument. This simple formula explains all features of the experimental M (H) curves. The theory indicates that the actual magnetic moments on interacting Co particles are systematically larger than those obtained fitting the magnetic data to a conventional Langevin function. The Cu 90 Co 10 granular alloy is therefore identified as an ''interacting superparamagnet'' ISP. The ISP regime appears as separating the high-temperature, conventional superparamagnetic phase from the low-temperature, blocked-particle regime. In this way, a magnetic-regime diagram can be drawn for each granular system. The competition between single-particle and collective blocking mechanisms is briefly analyzed. The proposed interpretation is thought to be applicable to other fine particle systems; its main features and intrinsic limits are discussed.