Kaspa Blockchain Surges 26% Amidst Crypto Market Decline
#KASPA #KAS #KaspaBlockchain
The recent downturn in the crypto market, marked by a 3.4% drop in total market value, obscures a notable development. The Kaspa blockchain's KAS token has surged by 26%, making it the best-performing asset among the top 100 digital assets in terms of market value.
Bitcoin and Ethereum's Impact
Since last Friday, negative price action in Bitcoin (BTC) and Ethereum (ETH) has pulled the overall market down to $2.22 trillion. This decline paints a grim picture for many digital assets. However, Kaspa's KAS token stands out with its impressive performance, reaching 18 cents and nearing its record high of $0.196 earlier this month, according to CoinGecko.
Marathon Digital's Strategic Move
One of the driving factors behind KAS's surge is Bitcoin miner Marathon Digital's (MARA) decision to diversify its revenue stream by adding KAS mining. Since September, Marathon Digital has mined 93 million KAS tokens, significantly contributing to the token's performance.
Kaspa's Unique Blockchain Protocol
Kaspa's blockchain utilizes the GHOSTDAG (Greedy Heaviest Observed Sub-Tree Directed Acyclic Graph) protocol to enhance its performance and scalability. Unlike traditional blockchains that prioritize the longest chain, GHOSTDAG also considers additional blocks referenced by other blocks in the network. This approach makes the blockchain more secure and resilient, improving transaction throughput and final consistency.
Surge in Futures Open Interest
Kaspa's weekly gain is also reflected in a 58% surge in futures open interest, reaching $65 million, with positive funding rates, according to Coinglass. This influx of new money on the bullish side validates KAS's price rally, indicating strong market confidence in its future potential.
