Kaspa, one of the most prominent altcoins, has experienced a tremendous surge in the past 24 hours, recording double-digit profits and solidifying its position among the top-gaining digital currencies of the day.
The proof-of-work coin, Kaspa (KAS), saw an impressive climb in its market cap, which now stands over $3.43 billion. The trading volume experienced a spike of more than 14%, exceeding $143 million within the same period. Amid the resurgence of Bitcoin (BTC), which regained its position above $96,000 on January 14 after a recent dip to $90,000, Kaspa emerged as a leader among the top 100 coins by market cap. It followed closely on the heels of ai16z and Fartcoin, with Lido DAO and IOTA also showing notable gains of more than 15% in the past 24 hours.
Kaspa’s popularity has seen a significant rise since Bitcoin mining firm Marathon Digital decided to add it to its mining operations. The upcoming Crescendo hardfork has also drawn attention to this altcoin. Currently, Kaspa ranks as the seventh-largest mineable coin, following Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic, and the privacy-focused Monero.
Kaspa shares its proof-of-work (PoW) consensus mechanism with Bitcoin. Yet, it differentiates itself by employing a BlockDAG consensus algorithm, allowing for simultaneous block production. This is a stark contrast to Bitcoin miners who earn rewards through a linear block process, producing one block approximately every ten minutes.
Marathon Digital incorporated KAS into its mining operations in June 2024, following which the price of Kaspa touched an all-time high of $0.2074 on August 01, 2024. Despite the altcoin showing an upward trend of 17% in the past week, the recent downside action across the crypto market has resulted in KAS trading 13% in the red over the past 30 days. Furthermore, KAS is down more than 35% from its all-time high.
On the daily chart, KAS is retesting a crucial resistance area above $0.13. Indicators such as the Relative Strength Index, currently at 60, and the bullish crossover of the Moving Average Convergence Divergence suggest that momentum might be shifting in favor of the bulls.
This dynamic performance by Kaspa is a testament to the volatility and potential of the cryptocurrency market. As the landscape continues to evolve, it’s clear that Kaspa is one to watch.
