According to CoinDesk, the KAS token of the Kaspa blockchain has been the best-performing cryptocurrency among the top 100 over the past week. Despite a 3.4% decrease in the total market value of digital assets to $2.22 trillion, the KAS token has seen a 26% surge. The token, which is ranked 27th in market value, has reached 18 cents and is approaching its record high of $0.196 set earlier this month, according to data from CoinGecko.
This performance follows the decision by bitcoin miner Marathon Digital to diversify its revenue stream by adding KAS mining. The company has reportedly mined 93 million KAS tokens since September. The Kaspa blockchain uses the GHOSTDAG (Greedy Heaviest Observed Sub-Tree Directed Acyclic Graph) protocol to improve its performance and scalability. Unlike traditional blockchains that prioritize the longest chain to achieve final consistency, GHOSTDAG also prioritizes additional blocks referenced by other blocks in the network, enhancing the blockchain's security and resilience.
The increase in the KAS token's value has been accompanied by a 58% rise in futures open interest to $65 million, with funding rates remaining positive, according to data from Coinglass. This indicates an influx of new money on the bullish side, supporting the rally in price.
