Kaspa Price Surges by 12% Amid Market Recovery
According to TradingView, the cryptocurrency market remains bearish, with Bitcoin (BTC) attempting to stabilize after a recent sell-off. Despite this, several altcoins, including Kaspa (KAS), have shown remarkable gains. Kaspa, a minable Layer-1 protocol, saw its price jump by 12% in the last 24 hours, reaching a high of $0.074. This surge occurred as Bitcoin recovered to over $80,000 after dropping to lows of $76,700. At 11:30 AM CET, CoinMarketCap data indicated that KAS was trading at approximately $0.067, with a market capitalization of $1.73 billion and a daily trading volume that surged by 97% to over $197 million.
One of the key drivers behind Kaspa's recent price movement appears to be whale activity. On-chain data reveals significant accumulation by large investors over the past 30 days, signaling confidence in the token's potential. Notably, a previously inactive wallet holding 722 million KAS became active again, transferring 330 million KAS (valued at around $22 million) to the KuCoin exchange. Shortly after, another whale acquired 200 million KAS from the exchange. These movements suggest that whales might be positioning themselves for a potential price rally.
Despite the recent gains, Kaspa's price remains approximately 30% below its all-time high of $0.2075, achieved in August 2024. Analysts speculate that the token could be gearing up for a bullish breakout, with key indicators pointing to increased buyer control. However, the market's inherent volatility poses risks, with potential support levels around $0.05. The August 2024 rally, driven by news of a leading Bitcoin mining company adopting Kaspa, highlights the token's potential for explosive growth under favorable conditions. Whether KAS can reclaim its previous highs or face selling pressure from whale activity remains to be seen.
For more details, visit the original article on TradingView: https://de.tradingview.com/news/invezz:69f6a6ed2600c:0/
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