Kaspa is among the top-gaining altcoins, recording double-digit gains in the past 24 hours.
During the given timeframe, Kaspa’s (KAS) market capitalization surpassed $3.43 billion due to an increase in trading volume that exceeded 14%, reaching over $143 million. Within this duration, KAS was among the altcoins experiencing significant growth as Bitcoin (BTC) recovered and climbed above $96,000 on January 14th.
After Bitcoin recovered from its previous drop to $90,000, Kaspa stood out among the top 100 cryptocurrencies by market capitalization, with ai16z and Fartcoin following closely behind. Lido DAO and IOTA also saw significant gains, with increases of more than 15% over the past 24 hours.
Kaspa has garnered noticeable interest because Marathon Digital, a Bitcoin mining company, recently incorporated KAS into its operations. As the Crescendo hardfork is approaching, Kaspa currently stands as the seventh most mineable cryptocurrency, with coins like Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic, and privacy-conscious Monero ranked ahead of it.
Similarly to Bitcoin, Kaspa operates using the Proof of Work (PoW) agreement system. However, unlike Bitcoin, which produces blocks sequentially, approximately every 10 minutes, Kaspa employs a BlockDAG consensus algorithm that enables multiple blocks to be generated concurrently.
In June 2024, Marathon Digital incorporated Kaspa into its mining activities. Consequently, the price of Kaspa reached an all-time high of $0.2074 on August 1st, 2024. Over the past week, Kaspa has seen a 17% increase in value. However, due to recent declines within the cryptocurrency market, Kaspa’s price has dropped by 13% over the last month. Furthermore, it is currently trading more than 35% below its all-time high.
On the day-to-day graph, it’s testing a significant resistance zone that lies above $0.13. The Relative Strength Index (RSI) is at 60 and the Moving Average Convergence Divergence (MACD) shows a bullish cross, indicating that the bulls might have the upper hand.
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2025-01-14 22:21