The native token of scaling-focused blockchain project Kaspa, KAS, has seen a massive rally over the past days following its listing on major Korean cryptocurrency exchange Coinone.
KAS prices surged 28.78% in the last 24 hours to hit a new all-time high of $0.092917 before trimming gains slightly. Trading volumes also exploded higher by 121.50% to over $114 million as interest in Kaspa spiked across Korean markets.
Keypoints
- Kaspa is a proof-of-work cryptocurrency that uses the GHOSTDAG protocol and has seen significant price gains recently.
- The KAS token surged over 28% in the last 24 hours, reaching an all-time high price of $0.092917. Trading volume also jumped 121% to over $114 million.
- Kaspa was recently listed on major Korean exchange Coinone, which has exposed it to new investors and driven increased demand.
- The GHOSTDAG protocol allows for high throughput of around 1 block per second currently, with aspirations to reach 10-100 blocks per second.
- Kaspa features like block pruning, SPV proofs, and upcoming layer 2 subnetwork support provide enhanced scalability compared to traditional blockchains.
- The Coinone listing and subsequent price surge have propelled Kaspa into the top 30 cryptocurrencies by market cap as investor interest builds.
- Analyst sentiment remains bullish on Kaspa as it trades near its 5-day highs. The next key resistance level sits around $0.0789.
The robust performance allowed KAS to surge up the market cap rankings, cementing its position as a top 30 cryptocurrency project. Kaspa has significantly outperformed major coins like Bitcoin and Ethereum over recent sessions.
The Coinone listing marks Kaspa’s first entry into the South Korean crypto sector, which has provided immense exposure to an investor base enthusiastic about blockchain projects and digital assets. Kaspa’s novel GHOSTDAG protocol caught the attention of Korean traders.
Unlike conventional blockchain designs, GHOSTDAG utilizes parallel blocks that can coexist through consensus mechanisms, providing improvements to security, scalability and throughput. Kaspa is already processing 1 block per second but has ambitions to eventually reach 100 blocks per second.
Other technical features like block pruning, SPV proofs, and upcoming layer 2 subnetwork support position Kaspa as a potentially highly scalable blockchain platform. The team’s continuing innovation and development efforts have clearly resonated with investors.
According to analysis, Kaspa does appear to be in a volatile position following the parabolic rally and could be prone to profit-taking in the short-term. However, overall sentiment remains highly bullish on the project as it continues gaining traction and establishing itself as a high-potential cryptocurrency to watch.
The successful expansion into the South Korean market is the latest sign of Kaspa’s burgeoning appeal among crypto investors and traders. As development progresses, Kaspa looks poised for further growth as it builds out an ambitious vision focused on scalability, security, and real-world usage.
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