Kaspa (KAS) is up more than 15% in the last 24 hours and is top of the leaderboards as far as the most talked about cryptocurrency is concerned per data from CoinMarketCap.
The coin outperformed several established players over the weekend amid a broader upswing that witnessed a 2% increase in the total crypto market capitalization.
Analysts credit this green run to the announcement by Binance that it would launch Kaspa for perpetual trading, a move that often endows the respective cryptocurrency with a sense of legitimacy, which can stimulate market interest and boost its price.
🎉Incoming… Futures will launch the USDⓈ-M KAS perpetual contract at 🗓Nov 17 2023, 02:00 (UTC). — Kaspa (@KaspaCurrency)
News of its inclusion on Binance coincided with the altcoin’s noteworthy price hike last week, where it grew by more than 51% per information from CoinGecko.
According to the same website, over a fortnight, the price of KAS shot up by at least 148%, while its 30-day performance improved by nearly 192%.
The Binance announcement led to a 15% increase in Kaspa’s price in a single day and an 80% surge in trading volume over two days.
The listing also led to a surge in trading volume, translating to a greater liquidity and creating a more dynamic market for KAS.
At the time of writing, Kaspa was trading at $0.135884, representing more than 15% increase in the last 24 hours and an impressive 51% rally in the past week.
The market also anticipates further updates on Kaspa’s integration with the OKX wallet and a $1 million airdrop, which are expected to drive further interest.
November brought a positive turn of events, with Kaspa breaching the upper boundary and setting a new annual high. A correction followed this peak, with a decline of more than 10% in value. Yet, KAS bounced back, surpassing resistance levels and steadily appreciating.
Despite confronting resistance at $0.137, some market watchers believe the stage is set for an imminent retest of this level.
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