Kaspa’s price has made a remarkable recovery and is steadily approaching its highest point this year, other cryptocurrencies continue to face pressure. Over the past four days, KAS has experienced consistent rise and is currently trading at $0.18, marking a 32% increase its lowest level this month.
In the second quarter, Kaspa has outperformed many large-cap cryptocurrencies such as Bitcoin, Ethereum, Solana, and Ripple XRP. These coins have witnessed declines of 12.5%, 4.%, 22%, and 25% respectively.
The rebound of Kaspa coincides with continuous increase in its open interest in futures market for the past seven days, reaching highest level since June 7th at $61 million. Bybit, Binance, Bitget account for most of this.
Thursday’s rally was triggered by Marathon Digital announcement that they have been actively mining Kaspa coin. This move is significant considering that Bitcoin mining companies are seeking growth opportunities following recent halving event. Riot Platforms made an aggressive bid for Bitfarms while Hut raised $150 million to develop AI infrastructure.
Similar to Bitcoin, Kaspa operates on a proof-of-work (PoW) network with a maximum supply limit of 28.7 billion tokens. Currently, miners are competing to mine over 4 million coins as approximately 24 billion tokens have already been mined.
Recent data indicates that Kaspa’s hash rate has experienced a strong upward trend and reached an all-time high of 362.89 PH/s.rate serves as an essential metric reflecting mining hardware performance. Additionally, the mining difficulty has soared to another record high of 357.36p compared to its starting point at 141p earlier this year.
However, one major challenge faced by Kaspa is its low trading volume over an extended period of time; currently standing at $128 million in of daily volume which falls below Pepe’s $700 million mark.
Kaspa’s rebound brings it closer to two crucial resistance levels on the price chart: first being the significant level at $0.1893 – which represents its highest swing on February