- KAS rose by 19.54% in seven days and 10.31% in 24 hours.
- Marathon, the largest mining company, has joined Kaspa’s mining career.
The cryptocurrency market has experienced a downturn over the past 30 days. However, Kaspa [KAS] has defied market trends and continued to maintain its upward trend.
At press time, KAS was trading at $0.1757, up 10.31% in 24 hours. It is also up 19.54% in the past seven days.
According to CoinMarketCapKAS it has a market capitalization of $4.2 billion, which represents an increase of 10.35% in 24 hours.
In particular, the continued sustained growth of KAS while other altcoins are experiencing a downside has captured the attention of the crypto community regarding the factors driving the surge.
A notable factor driving the recent rise of KAS is the announcement of the largest crypto mining company, Marathon.
On their official X page (formerly Twitter), they shared about the current investment in Kaspa and stated that:
“Today we are announcing that we have been actively mining Kaspa. Diversification has been key to our investments in energy solutions and technological innovations, and remains crucial in our digital asset computing operations.”
Marathon’s announcement is a big deal because the company has only mined BTC since 2010. Therefore, with the announcement, KAS becomes the only PoW that has mined other than BTC.
Following the marathon announcement, Michael Saylor, the world-renowned cryptocurrency investor, announced that he would be purchasing KAS. In a tweet on X (formerly Twitter), he said that,
“Take a bite.”
Saylor’s announcement has left KAS enthusiasts optimistic: Cr7ptopreneur shared that,
“The only thing more optimistic than @MarathonDH announcing that they are mining $KAS would be for @saylor himself to come out and tell everyone that he is buying #KASPA. Oh wait, I think he just did it?”
What Kaspa’s fundamentals indicate
Source: TradingView
AMBCrypto analysis shows that KAS is well positioned for a sustained uptrend. At the close of this edition. KAS has an RSI of 65, which has been experiencing bullish momentum.
This indicates that prices have been rising and the trend is likely to continue as there is still room before they reach overbought territory.
Source: Tradingview
Likewise, SMA is showing bullish momentum after falling below prices on June 21. Therefore, over the last 5 days, KAS has seen positive market sentiment and upward price movement.
Source: Coinglass
Looking further, our coinglass analysis shows that Kaspa has seen increasing open interest over the past 7 days. In the past week, it has increased from $40.4 million to $57.15 million. The increasing open interest implies that traders are opening new positions without closing existing ones.
Source: Coinglass
Additionally, Kaspa has seen a decrease in liquidation over the past 7 days for both short and long positions. In the past 24 hours, it has experienced a liquidation of $58,000 for long positions and $44,000 for short positions.
Read Kaspa [KAS] Price prediction 2024-25
These low liquidations show the confidence of investors in the assets, who maintain their positions while new positions emerge, resulting in the stability of the current trend.
If the positive market sentiment continues, KAS prices will reach $0.192, which is the next resistance level. If KAS experiences a correction, prices will drop to $0.158, which is the next critical support level.
Next: Will Ethereum Spark the Next Wave of Crypto Spot ETFs?
This is an automatic translation of our English version.
