Kaspa Surpasses Solana, Bitcoin, and XRP in Price Race
Kaspa’s price resurgence is bringing it close to its peak for the year, standing out against a backdrop of other cryptocurrencies facing downward pressure. KAS has seen a four-day upward trend, currently trading at $0.18, marking a 32% increase from its recent low.
In the second quarter, Kaspa has notably outperformed major cryptocurrencies like Bitcoin, Ethereum, Solana, and Ripple’s XRP, which have experienced declines of 12.5%, 4.35%, 22%, and 25%, respectively.
The recent recovery of Kaspa coincides with a rise in its open interest in the futures market over seven consecutive days, reaching its highest level since June 7th at $61 million. Notably, Bybit, Binance, and Bitget have seen significant interest in the currency.
A significant boost to Kaspa’s value occurred following the announcement by Marathon Digital, a prominent Bitcoin mining company, that it has actively engaged in mining the coin.
In a strategic move amid the aftermath of the recent Bitcoin halving event, various mining companies are seeking avenues for expansion. Riot Platforms made a bid for Bitfarms, while Hut 8 secured $150 million for AI infrastructure development.
Similar to Bitcoin, Kaspa operates on a proof-of-work (PoW) network with a capped supply of 28.7 billion tokens, with 24 billion already mined. Miners are currently pursuing the remaining 4 million coins.
Recent data indicates a notable uptrend in Kaspa’s hash rate, reaching a record high of 362.89 PH/s, reflecting the efficiency of mining hardware. Additionally, the mining difficulty has surged to a record high of 357.36p, surpassing the starting point of 141p at the beginning of the year.
Despite these positive indicators, Kaspa faces a challenge with its trading volume, which has been relatively low. Its 24-hour trading volume stands at $128 million, trailing Pepe’s $700 million volume.
Kaspa’s price is approaching key resistance levels, notably $0.1893, its highest swing on February 20th, and the upper boundary of the cup and handle pattern. A breakout above $0.1940, where a false breakout occurred earlier this month and the all-time high was set, could signal further upside potential in the short term.
