Kaspa Surpasses Solana Bitcoin and XRP in Race Towards Crucial Price Milestone
Kaspa’s price has made a strong recovery and is gradually approaching its highest point of the year, while other cryptocurrencies continue to face pressure. KAS has experienced a four-day upward trend and is currently trading at $0.18, marking a 32% increase from its lowest point this month.
In the second quarter, Kaspa has outperformed many large-cap cryptocurrencies such as Bitcoin, Ethereum, Solana, and Ripple’s XRP, which have seen respective drops of 12.5%, 4.35%, 22%, and 25%.
The rebound of Kaspa coincides with a seven-day consecutive rise in its open interest in the futures market, reaching its highest level since June 7th. The open interest is currently at $61 million, with significant interest seen on platforms like Bybit, Binance, and Bitget.
The rally on Thursday was triggered by Marathon Digital, one of the largest Bitcoin mining companies, announcing its active mining of Kaspa. This move is significant as many Bitcoin mining companies are seeking avenues for growth following the recent halving event. Riot Platforms has made a hostile bid for Bitfarms, while Hut 8 has raised $150 million to develop AI infrastructure.
Similar to Bitcoin, Kaspa operates on a proof-of-work (PoW) network with a maximum supply limit of 28.7 billion tokens. Currently, 24 billion tokens have already been mined, leaving miners to compete for the remaining 4 million coins.
Recent data reveals that Kaspa’s hash rate has been consistently increasing and has now reached a record high of 362.89 PH/s. The hash rate is an important measure of mining hardware performance. Additionally, the mining difficulty for Kaspa has surged to a record high of 357.36p, surpassing its starting point at 141p for the year.
However, Kaspa faces a significant challenge in terms of its trading volume, which has remained low for some time. Its 24-hour trading volume currently stands at $128 million, lower than Pepe’s $700 million.
Kaspa’s price is approaching two crucial resistance levels. Firstly, it is nearing the significant level at $0.1893, which was its highest swing on February 20th, and the upper side of the cup and handle pattern depicted in green. The cup and handle pattern is regarded as one of the most bullish patterns in the market.
Furthermore, Kaspa is approaching the resistance at $0.1940, where it experienced a false breakout earlier this month and reached its all-time high. If it manages to break above this level, it could indicate further upside potential in the near future.
