Kaspa Sees Double-Digit Gains as Market Cap Surpasses $3.43 Billion

Kaspa, a proof-of-work coin, has recorded double-digit gains in the past 24 hours. With a market capitalization exceeding $3.43 billion, Kaspa’s trading volume jumped over 14% to more than $143 million within the same period.

Kaspa Leads Top Altcoin Gainers Amid Bitcoin Recovery

As Bitcoin regained footing above $96,000 on Jan. 14, Kaspa led the top 100 coins by market cap, following other notable gainers such as Lido DAO and IOTA, both up more than 15% in the past 24 hours.

Kaspa’s Recent Surge and Upcoming Hardfork

Kaspa has gained significant attention since Bitcoin mining firm Marathon Digital added KAS to its mining operations. Ahead of its upcoming Crescendo hardfork, Kaspa currently ranks as the seventh-largest mineable coin, placing it behind notable cryptocurrencies like Bitcoin, Dogecoin, and Monero.

Kaspa uses a proof-of-work consensus mechanism, similar to Bitcoin. However, it employs a BlockDAG consensus algorithm, allowing for simultaneous block production. This differs from Bitcoin’s linear block process, where one block is produced roughly every ten minutes.

Price Movement and Market Analysis

After Marathon Digital added KAS to its mining operations in June 2024, Kaspa’s price touched its all-time high of $0.2074 on Aug 01, 2024. Although the altcoin is up 17% in the past week, it has seen a downside action across the crypto market, resulting in a 13% decline over the past 30 days. Kaspa is also down more than 35% from its ATH.

On the daily chart, Kaspa is retesting a key resistance area above $0.13. The Relative Strength Index at 60 and the bullish crossover of the Moving Average Convergence Divergence suggest momentum may be with the bulls.

Investors interested in altcoins and proof-of-work cryptocurrencies should keep a close eye on Kaspa’s price movement and upcoming hardfork.

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