Kaspa, a relatively recent entrant to the cryptocurrency market, has emerged as one of the top performers this weekend, experiencing a remarkable surge in value. This surge aligns with a broader trend, as the entire market capitalization of the crypto market has grown by over 5%, underscoring a substantial increase in overall value.
In the past week alone, Kaspa’s price has soared significantly, contributing to its standout performance in the dynamic cryptocurrency landscape.
The value of Kaspa (KAS) surged last week after it was added to the Coinbase Global platform, hitting a record high. This is frequently linked to the “Coinbase effect,” which gives the listed commodity a sense of legitimacy.
Also, following the announcement of possible expansion in the Bitcoin cloud mining phenomenon, the altcoin saw a sharp increase. In the next days, there will also be updates on KAS’s integration with the OKX wallet and a $1 million airdrop.
The sentiment gained steam when one of the biggest cryptocurrency exchanges in the world, Binance, declared that it would launch Kaspa for perpetual trading, Friday, drawing interest from investors.
The token’s price climbed by 15% in just one day as a result of this statement, while trading volume increased by 80% between Thursday and Friday. With better order execution and lively buyer-seller interaction, the increased activity indicates that the market is reacting favorably to the listing.
Source: Coingecko
At the time of writing, KAS was trading at $0.135, up nearly 6% in the last 24 hours, and commanding a solid 55% rally in the last seven days, data from crypto price aggregator Coingecko shows.
KAS market cap currently at $2.8 billion. Chart: TradingView.com
As November commenced, there was a notable positive turn of events as the price successfully breached the upper boundary, signaling a potential shift in market dynamics.
Subsequently, the Kaspa coin witnessed substantial price movement, attaining a fresh annual peak. However, it encountered resistance and was turned away at the $0.09732 mark, leading to a correction with a decline exceeding 10% in value.
KAS seven-day price action. Source: Coingecko
Despite this setback, Kaspa’s price regained traction, surpassing resistance levels and steadily appreciating. In more recent developments, the price confronted rejection at $0.137, setting the stage for an imminent retest of this level, the outcome of which remains uncertain.
On average, the price of a newly listed coin on the Coinbase exchange tends to increase by over 80% within the first five days of its listing. Notably, Kaspa has had a growth of more than 60% since reaching a low of $0.0800 on November 13.
The act of becoming publicly listed on the top cryptocurrency exchange in terms of trading volume is indicative of establishing credibility and authenticity.
Even while metrics like the Relative Strength Index (RSI) indicate that Kaspa might be overbought, upside is still possible. Long-term investors may have an opportunity if KAS can break above $0.140 and achieve a new range high of $0.148, according to market observers.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pixabay