Kaspa (KAS) turned out to be the biggest gainer of the last 24 hours as the largest of the cryptos are still facing a decline. KAS price jumped by over 10% while Bitcoin dropped marginally over the last day. However, this sudden surge comes in over the recent announcement done by Marathon Digital Holdings.

Kaspa jumps 17% in 7 days

The crypto mining company revealed that it is now mining Kaspa (KAS), a proof-of-work (PoW) digital asset. It mentioned that this major move aims to diversify Marathon’s digital asset portfolio. 

Data indicates that Kaspa is the fifth largest PoW digital asset by market cap. It is valued at approximately $4.1 billion. Its circulating supply is 24 billion KAS, with a block reward of 103.83 KAS and a terminal supply cap of 28.7 billion KAS.

KAS price is now up by 17% in the last 7 days. KAS is trading at an average price of $0.172, at the press time. Its 24 hour trading volume is up by 192% to stand at $172.15 million. This surge comes in when top cryptos like Bitcoin and Ethereum are struggling to keep up.

Bitcoin price is down by 11% in the last 30 days due to increased selling pressure. BTC is trading at an average price of $61,174, at the press time. It is holding a market cap of more than $1.2 trillion. On the other hand, Ether price is also down by around 13% in the same period of time. ETH is trading at an average price of $3,399, at the press time.

What’s next?

It is important to note that Kaspa is similar to Bitcoin in being an open-source, decentralized, and scalable Layer-1 protocol. It uses PoW as its consensus mechanism. Unlike Bitcoin’s linear blockchain, Kaspa uses a BlockDAG (Directed Acyclic Graph).

The mentioned stated that Marathon began evaluating Kaspa in May 2023. This was done in order to diversify its revenue streams. It deployed the first Kaspa ASICs in September 2023. As of June 25, 2024, Marathon has mined 93 million KAS, valued at approximately $15 million.

The cumulative crypto market cap surged marginally over the last day to stand at $2.26 trillion. Its 24 hour trading volume is down by 10% to stand at $56.82 billion. Bitcoin’s dominance is currently 53.29%, a decrease of 0.11% over the day. Top meme cryptos also recorded a major slump. Dogecoin (DOGE) and Shiba Inu (SHIB) printed red.