Kaspa price jumps 20%, leading the top altcoins

Kaspa has surged by 20% in the past 24 hours, making it one of the top-gaining altcoins. The proof-of-work cryptocurrency saw its market capitalization rise to over $3.43 billion, with a notable increase in trading volume, which jumped by more than 14% to exceed $143 million. This upward movement came as Bitcoin regained some ground, pushing past $96,000 on January 14 after a brief dip to $90,000.

Kaspa’s price surge has attracted significant attention, particularly since Bitcoin mining giant Marathon Digital incorporated KAS into its mining operations. As Kaspa approaches its Crescendo hardfork, it has become the seventh-largest mineable cryptocurrency, following Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic, and privacy coin Monero. Kaspa employs the proof-of-work (PoW) consensus mechanism, similar to Bitcoin, but stands out by using a BlockDAG consensus algorithm, which enables simultaneous block production. This contrasts with Bitcoin’s linear block production process, where one block is mined approximately every ten minutes.

Kaspa’s price hit an all-time high of $0.2074 on August 1, 2024, following Marathon Digital’s addition of KAS to its mining operations. However, despite recent price gains, the coin is still down 13% over the past 30 days and is more than 35% below its all-time high. In the past week, though, Kaspa has risen by 17%.

Currently, Kaspa is testing a key resistance level above $0.13. Indicators like the Relative Strength Index (RSI) at 60 and a bullish crossover in the Moving Average Convergence Divergence (MACD) suggest that upward momentum could continue for Kaspa in the short term.