Kaspa price has recovered and is slowly nearing its highest level this yr as different cryptocurrencies stay below strain. KAS has risen for 4 straight days and was buying and selling at $0.18, up 32% from its lowest degree this month. 

Kaspa has outperformed most large-cap cryptocurrencies within 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 curiosity within the futures market rising for seven straight days and moved to its highest degree since June seventh. It stood at $61 million, with many of the curiosity being in Bybit, Binance, and Bitget. 

Thursday’s rally occurred after Marathon Digital, one of many largest Bitcoin mining firms, introduced that it has been actively mining the coin. 

This is a crucial transfer at a time when many Bitcoin mining firms are on the lookout for methods to develop after the latest halving occasion. Riot Platforms made a hostile bid for Bitfarms  whereas Hut 8 raised $150 million to construct AI infrastructure. 

Like Bitcoin, Kaspa is a proof-of-work (PoW) community with a most provide restrict of 28.7 billion tokens. 24 billion of those ones have already been mined, that means that miners are battling to mine over 4 million cash.

Current information reveals that Kaspa’s hash charge has been in a robust uptrend and has now jumped to a report excessive of 362.89 PH/s. Hashrate is a crucial metric that displays the efficiency of mining {hardware}. Additionally, its mining issue has soared to a report excessive of 357.36p, greater than the place it began the yr at 141p. 

Nevertheless, the important thing problem for Kaspa is that its buying and selling quantity has been low for some time. Its 24-hour buying and selling quantity stood at $128 million, decrease than Pepe’s $700 million.

Kaspa price nearing key degree

KAS price chart

Kaspa’s rebound has pushed it close to two vital resistance ranges. First, it’s nearing the essential degree at $0.1893, its highest swing on February 20t, and the higher facet of the cup and deal with sample proven in inexperienced. A cup and deal with is among the most bullish patterns available in the market.

Kaspa can be nearing the resistance at $0.1940, the place it shaped a false breakout earlier this month and its all-time excessive.  Cruising above that degree may level to extra upside within the close to time period.