Kaspa (KAS) Surges 20% with Rising Hashrate: All the Details

Kaspa (KAS), a prominent cryptocurrency currently ranked among the top 25 largest digital assets by market capitalization, has experienced a significant surge in value over the past 24 hours. The altcoin has seen a remarkable 20% increase, bringing its price to $0.1769 with a trading volume of $221 million. This surge has resulted in a market capitalization of $4.2 billion for Kaspa.

Despite its recent success, it is important to note that Kaspa (KAS) has yet to be listed on major exchanges such as Binance and Coinbase. While Binance has introduced Kaspa perpetuals, the digital asset has not been officially listed on the exchange. Despite this, Kaspa has shown immense potential in recent weeks, climbing the ranks to become the 25th largest cryptocurrency.

In the past 24 hours, the KAS token reached a high of $0.18 from a low of $0.144, coming within 7.6% of its all-time high of $0.1894 recorded in February 2024. Over the past seven days, the token has surged by 27%, and over the past month, it has seen an impressive 56% increase in value, according to CoinMarketCap data.

Technical analysis indicates that buyers are currently driving the price trajectory of the Kaspa (KAS) coin. The relative strength index (RSI) for KAS stands at 79.9, signaling that the cryptocurrency is overbought. While this may suggest a good time to sell, it is important to remember that the crypto market is highly volatile, and predictions are not always accurate.

The rise in Kaspa’s value can be attributed to its unique features as a proof-of-work (PoW) cryptocurrency utilizing the GHOSTDAG protocol. Developed by R&D company DAGLabs with investment from PolyChain, GHOSTDAG allows blocks created simultaneously to coexist within the consensus, rather than discarding them. The network boasts extremely high block rates, currently producing one block per second with plans to increase to 10 per second.

One social media user, known as “Kaspa Enthusiast,” highlighted the correlation between Kaspa’s hashrate and its price action. The user predicted that the “real pump starts when the lines cross,” indicating that the rising hashrate is driving the increase in price. Data from 2miners shows a steady rise in Kaspa’s hashrate since May, with values climbing from 229 Ph/s to 314 Ph/s at the time of writing.

Comparing the hashrate on a yearly basis, Kaspa has seen significant growth since August of the previous year, with values rising from 9.10 Ph/s to 173 Ph/s in February. The largest mining pool on Kaspa is WoolyPooly, boasting a current pool hashrate of 1.03 Ph/s.

Overall, the recent surge in Kaspa’s value can be attributed to its innovative technology, rising hashrate, and growing interest from investors. As the cryptocurrency continues to gain traction in the market, it will be interesting to see how it performs in the coming weeks and months.