There has been a constant rise in the hashrate of Kaspa since the beginning of May, with the value surging from 229 Ph/s to 314 Ph/s at the time of writing.
Kaspa (KAS), one of the leading cryptocurrencies ranked among the top 25 largest digital assets by market capitalization, has skyrocketed almost 20% in the last 24 hours, printing significant gains for the holders.
KAS is currently trading at a price of $0.1769 with a trading volume of $221 million, up 203.05% with a market capitalization of $4.2 billion. The altcoin has shown massive potential in the past few weeks, ranking as the 25th largest cryptocurrency.
However, it is crucial to note that Kaspa (KAS) is yet to be listed on leading exchanges like Binance and Coinbase. While Binance has listed Kaspa perpetuals, it has yet to introduce the digital asset on the exchange.
In the past 24 hours, the KAS token reached a high of $0.18 from a low price of $0.144 and is just 7.6% off from its all-time high of $0.1894 witnessed in February 2024. The token is up 27% in the past seven days and more than 56% in the past month, according to CoinMarketCap data.
Diving deeper into the technicals, it is clear that the buyers are currently in control of the token’s price trajectory. As per TradingView, the relative strength index (RSI) of the Kaspa (KAS) coin reads 79.9, which means that the cryptocurrency is overbought. This could be a good time to sell, but the crypto market is inherently volatile, and predictions are never accurate.
Photo: TradingView
Why Is Kaspa (KAS) Rising?
Notably, Kaspa is a proof-of-work (PoW) cryptocurrency that uses the GHOSTDAG protocol. The project was created by R&D company DAGLabs with investment from PolyChain. In contrast to traditional blockchains, GHOSTDAG allows blocks created simultaneously to coexist rather than discarding them, organizing them within the consensus.
More importantly, the network has extremely high block rates – currently one block per second, with goals of reaching 10 per second.
A user on social media platform X (formerly Twitter) pointed out the correlation between the Kaspa hashrate and the price action of the digital asset. As visible from the graph, the prices are catching up with the hashrate, and the user called “Kaspa Enthusiast” predicted that the “real pump starts when the lines cross”.
Photo: Kaspa Enthusiast / X
According to the data from 2miners, there has been a constant rise in the hashrate of Kaspa since the beginning of May, with the value surging from 229 Ph/s to 314 Ph/s at the time of writing.
Comparing the hashrate on a yearly basis, the Kaspa hashrate has climbed significantly since August last year. The values rose from 9.10 Ph/s to 173 Ph/s in February. Additionally, the largest mining pool on Kaspa is WoolyPooly, with a current pool hashrate of 1.03 Ph/s.
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