Kaspa (KAS) Price Recovers, Nears Yearly High 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.

Cryptocurrency price updates and analysis show that Kaspa price has recovered and is slowly nearing its highest point this year as other cryptocurrencies remain under pressure.

On Thursday, the coin was trading at $0.18, up 32% from its lowest level this month. This comes as other large-cap cryptocurrencies continue to struggle.

According to recent data, Bitcoin, Ethereum, Solana, and Ripple’s XRP dropped by 12.5%, 4.35%, 22%, and 25%, respectively, in Q2.

Kaspa vs Bitcoin vs Ethereum vs Solana vs XRP

However, Kaspa has outperformed these coins and is now nearing its highest level in 2023. The coin has risen sharply in the past few weeks, outpacing the broader cryptocurrency market.

The rebound in Kaspa price coincided with a rise in open interest in the futures market. The open interest rose for seven straight days and moved to its highest level since 7 June.

At the time of writing, the futures open interest stood at $61 million, with most of the interest being in Bybit, Binance, and Bitget.

The rally on Thursday came after Marathon Digital, one of the largest Bitcoin mining companies, announced that it had been actively mining the coin.

“Today we're announcing that we have been actively mining Kaspa,” said Marathon.

“Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset compute operations.”

The company added that it will share more details in a press release, which was published later.

This move is significant, especially at a time when several Bitcoin mining companies are exploring growth avenues following the recent halving event.

notably, Riot Platforms made a hostile bid for Bitfarms, while Hut 8 raised $150 million to build AI infrastructure.

Like Bitcoin, Kaspa operates on a proof-of-work (PoW) network and has a maximum supply of 28.7 billion tokens. Out of this, over 24 billion coins have already been mined.

Hence, miners are now battling to mine over 4 billion coins, which is a large amount of cryptocurrency that is still available to be mined.

Recent data showed that Kaspa hash rate has been in a strong uptrend and has now jumped to a record high of 362.89 PH/s. Hashrate is a key metric that reflects the performance of mining hardware.

In addition, the mining difficulty has soared to a record high of 357.36p, which is significantly higher than where it started the year at 141p.

However, a key challenge for Kaspa is that its trading volume has been low for a while. On Thursday, its 24-hour trading volume stood at $128 million, which is lower than even Pepe, which had a volume of $700 million.

The coin needs to attract more traders and investors to boost its liquidity and support further price gains.

The post Kaspa Price Nears Key Level as Marathon Digital Announces Coin Mining appeared first on CoinGape.

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