There are few things as thrilling in the world of cryptocurrencies as a new altcoin project that gets the cryptosphere’s attention.
Kaspa (KAS), ranked 188th by market capitalization, is one such project making headlines. Despite being a lesser-known altcoin in the highly-stacked cryptocurrency market, Kaspa has emerged as a genuine challenger, having been inspired by the revolutionary principles of Bitcoin.
At the time of writing, KAS was trading at $0.0131, up an impressive 84.5% and emerging as the only crypto with such massive rally in the top 200 coins listed by Coingecko.
In the last 24 hours, KAS has registered a 7% gain, though it lost just a mere 0.5% in the last hour. The altcoin’s market cap currently stands at $220.4 million, latest data shows.
The total market cap of all cryptocurrencies at the time of writing remains at just a little over $1 trillion, data from TradingView shows.
Lesser-Known Altcoin Dominates Rivals In Monthly, Bi-Weekly Scale
KAS has been on a solid run, tallying an impressive 137% increase in the last 30 days; the crypto has likewise been a strong performer in the bi-weekly timeframe, with 84%.
Even though the cryptocurrency market is exhibiting symptoms of a slowdown after a strong start to the year, Kaspa investors are in no hurry to take profits at this time. Currently, the 24-hour trade volume for KSA is $3.7 million.
Kaspa is a proof-of-work (PoW) cryptocurrency which utilizes the GHOSTDAG protocol. The Kaspa token comes with a number of interesting features, including the ability to pay for goods and services, reduced trade fees, and voting and governance rights.
Image: CoinEx
Kaspa: Solid Scalability
According to CoinStats, there are almost 17 billion KAS coins in circulation. It has the same maximum supply of 17 billion units.
Kaspa provides the same level of security as Bitcoin (BTC), but its scaling capacity is significantly greater. Kaspa’s (KAS) scalability is unmatched by other PoW blockchains.
On top of a proof-of-work architecture, Kaspa claims to be the fastest and most scalable rapid confirmation transaction layer. All the transactions sent to the miners can be promptly added to the innovative blockDAG-structured ledger.
Some altcoins are designed to remedy specific Bitcoin flaws, such as transaction speed or energy consumption, while others have distinctive characteristics, such as privacy or smart contract functionality.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
The Growing Allure Of Altcoins
Altcoins have become increasingly popular over the past several years, with hundreds of distinct altcoins accessible for trading on cryptocurrency exchanges.
When investing in cryptocurrencies, it is vital to conduct research and understand the potential risks and rewards, as with any investment.
Meanwhile, according to CoinCodex’s current Kaspa price forecast, the price of Kaspa is expected to increase by 32% and reach $ 0.0176 on March 8, 2023.
Based on the coin’s technical indicators, the prevailing mood is Bullish, while the Fear & Greed Index indicates 51 (Neutral).
-Featured image from Generation Iron