Kaspa price has recovered and is slowly nearing its highest point this year as other cryptocurrencies remain under pressure. KAS has risen for four straight days and was trading at $0.18, up 32% from its lowest level this month.
Kaspa has outperformed most large-cap cryptocurrencies in the second quarter. Notably, Bitcoin, Ethereum, Solana, and Ripple’s XRP have dropped by 12.5%, 4.35%, 22%, and 25%, respectively.
Kaspa vs Bitcoin vs Ethereum vs Solana vs XRP
Kaspa’s rebound coincided with its open interest in the futures market rising for seven straight days and moved to its highest level since June 7th. It stood at $61 million, with most of the interest being in Bybit, Binance, and Bitget.
Thursday’s rally happened after Marathon Digital, one of the biggest Bitcoin mining companies, announced that it has been actively mining the coin.
— MARA (@MarathonDH) June 26, 2024Today we're announcing that we have been actively mining Kaspa.
Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset compute operations. Read the full press release: https://t.co/rwiXIJCx7q
This is an important move at a time when many Bitcoin mining companies are looking for ways to grow after the recent halving event. Riot Platforms made a hostile bid for Bitfarms while Hut 8 raised $150 million to build AI infrastructure.
Like Bitcoin, Kaspa is a proof-of-work (PoW) network with a maximum supply limit of 28.7 billion tokens. 24 billion of these ones have already been mined, meaning that miners are battling to mine over 4 million coins.
Recent data shows that Kaspa’s hash rate has been in a strong uptrend and has now jumped to a record high of 362.89 PH/s. Hashrate is an important metric that reflects the performance of mining hardware. Also, its mining difficulty has soared to a record high of 357.36p, higher than where it started the year at 141p.
However, the key challenge for Kaspa is that its trading volume has been low for a while. Its 24-hour trading volume stood at $128 million, lower than Pepe’s $700 million.
Kaspa price nearing key level
KAS price chart
Kaspa’s rebound has pushed it near two important resistance levels. First, it is nearing the crucial level at $0.1893, its highest swing on February 20t, and the upper side of the cup and handle pattern shown in green. A cup and handle is one of the most bullish patterns in the market.
Kaspa is also nearing the resistance at $0.1940, where it formed a false breakout earlier this month and its all-time high. Cruising above that level could point to more upside in the near term.