Is it possible to counterspell a counterspell?
Say another party member casts a spell, Lich goes for a counterspell and the wizard counterspells the counterspell

I can totally imagine 2 wizards countering each other's counterspells like in mtg

let's not buff wizards

you can :D

is it possible to counter-spell a counter-spell 

Quote from glaedr1 >>

is it possible to counter-spell a counter-spell 

 Yes, if both of the following are true:

1. the caster has not already used their reaction during the turn (since Counterspell has a casting time of 1 reaction), and
2. they have not already casted a spell this turn as a bonus action (in which case they would not be able to cast Counterspell this turn since it is is not a cantrip).

It is even used as an example of reaction spell timing in the Sage Advice Compendium:

Can you cast a reaction spell on your turn?

You sure can! Here’s a common way for it to happen: Cornelius the wizard is casting fireball on his turn, and his foe casts counterspell on him. Cornelius also has counterspell prepared, so he uses his reaction to cast it and break his foe’s counterspell before it can stop fireball.

Too op.  Imho :  should nit be near automatic. Just cast magic missle

1. Must have action saves

2. Make perception check to beaware that a spell is being cast

3. Insight check to determine spell type ( religious or arcane) , success +1, failure -2

4. Appriate spell craft check to determine school, +1, failure -2

5. Chance ofSucces as written. With above modifiers. Target caster still get concentration  check to still cast, -1per point on damage taken in round.

If the spell is coming from an object (wand of magic missiles, rod of fireballs, etc..), does counterspell still work? Seeing as there is no person waving their hands or speaking magic chants.

I think in first or second edition it was a class feature because all the years I've played, it was used as everyone who is a spellcaster had counterspell  automatically to use. you had to roll a spell percentage to match or beat their roll.

I don't care what Sage Advice says. It doesn't even make sense. In my games I would never allow a caster to cast 2 spells simultaneously.

Can you counterspell a cantrip?

Quote from manydoogs >>

Can you counterspell a cantrip?

Yes, and it's automatic because a cantrip counts as level 0, and spells of level 3 and lower are countered automatically.

I don't think there are very many situations where it's worth burning a level 3 spell slot to stop a cantrip from being used, but I'm sure it will happen occasionally.

Somatic components are gestures, you're thinking of verbal components. 

I didn't read all the comments but I feel something should be said about special circumstances regarding upcasting.

What if you were only able to use a 4th level counterspell against a 5th level spell? As DM I would rule the DC to beat is 1 less per level upcast, in this case 9 + the spell's level, so the ability check would be 14. And a 5th level counterspell against a 9th level spell would be 8 + 9; 17 instead of 19.

It feels like an advantageous opportunity to make a clutch roll easier when playing with reduced resources, and more exciting when used by tricky opponents.

In future games I run, this spell is banned both for the players and DM as it undermines everything. Unless it explicitly allowed, such as a Warcaster Wizard.

no

What is its compatibility with globe of invulnerability? The spell says you try to interrupt a creature casting a spell. But globe of invulnerability states that you aren't affected by spells 5th level or lower within the radius. Would this grant immunity to counterspell?

Quote from Colus_the_first >>

What is its compatibility with globe of invulnerability? The spell says you try to interrupt a creature casting a spell. But globe of invulnerability states that you aren't affected by spells 5th level or lower within the radius. Would this grant immunity to counterspell?

Mostly. If you're inside a Globe of Invulnerability, and you cast a spell, it can't be Counterspelled if Counterspell is cast at 5th level or lower. You could still be affected by someone upcasting Counterspell using a spell slot of level 6 or higher.

Edit: that's wrong, Globe of Invulnerability does specify that spells of 5th level or lower don't work even if upcast

Two things to keep in mind, though. First, someone could still Counterspell the initial casting of Globe of Invulnerability; its effects don't start until the spell is actually cast. Second, Globe of Invulnerability only stops spells cast from outside the globe.

Thanks, but I would argue the first statement inaccurate. "Any spell of 5th level or lower cast from outside the barrier can't affect creatures or objects within it, even if the spell is cast using a higher level spell slot." -Globe of Invulnerability. I would also argue that the location of where the spell is being cast is irrelevant as it states that any creature within the globe cannot be affected by any spell 5th level or lower, even if upcasted. I agree that it's primary weakness though, is being both a concentration spell and being able to be counterspelled in the first place.

Quote from Colus_the_first >>

Thanks, but I would argue the first statement inaccurate. "Any spell of 5th level or lower cast from outside the barrier can't affect creatures or objects within it, even if the spell is cast using a higher level spell slot." -Globe of Invulnerability. I would also argue that the location of where the spell is being cast is irrelevant as it states that any creature within the globe cannot be affected by any spell 5th level or lower, even if upcasted. I agree that it's primary weakness though, is being both a concentration spell and being able to be counterspelled in the first place.

Oh, you're right, I missed that bit about the spell slot level not mattering. My mistake.

But it doesn't say "any creature within the globe cannot be affected by any spell 5th level or lower". It says "any spell of 5th level or lower cast from outside the barrier can't affect creatures or objects within it". So where the spell is cast does matter.