Kaspa price has shown a significant recovery, approaching its highest point this year even as other cryptocurrencies face challenges. KAS has increased for four consecutive days, reaching $0.18, a 32% rise from its lowest level this month.

In the second quarter, Kaspa has outperformed major cryptocurrencies. Bitcoin, Ethereum, Solana, and Ripple’s XRP have declined by 12.5%, 4.35%, 22%, and 25%, respectively.

Kaspa vs Bitcoin, Ethereum, Solana, and XRP

Kaspa’s rebound is tied to its rising open interest in the futures market, which has increased for seven consecutive days, reaching its highest level since June 7th at $61 million. Most of this interest is concentrated in Bybit, Binance, and Bitget.

The recent rally came after Marathon Digital, a major Bitcoin mining company, announced its active mining of Kaspa. This move is crucial as Bitcoin mining companies seek growth opportunities following the recent halving event.

Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset compute operations.

Other Bitcoin mining companies are also making strategic moves. Riot Platforms initiated a bid for Bitfarms, while Hut 8 raised $150 million for AI infrastructure development.

Similar to Bitcoin, Kaspa operates on a proof-of-work (PoW) network and has a maximum supply limit of 28.7 billion tokens. With 24 billion tokens already mined, miners are competing to mine the remaining 4 million coins.

Recent data indicates that Kaspa’s hash rate has surged to a record high of 362.89 PH/s. Hash rate is a crucial metric reflecting mining hardware performance. Additionally, Kaspa’s mining difficulty has increased to a record high of 357.36p, up from 141p at the start of the year.

However, a key challenge for Kaspa is its low trading volume. Its 24-hour trading volume stands at $128 million, significantly lower than Pepe’s $700 million.

Kaspa Price Nearing Key Level

Kaspa’s price rebound has brought it close to two critical resistance levels. The first level is $0.1893, its highest point on February 20th, and the upper side of a cup and handle pattern, a bullish market indicator. The second resistance level is $0.1940, where Kaspa experienced a false breakout earlier this month and its all-time high. Surpassing these levels could signal further upside potential in the near term.

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