Kaspa price jumps 20% to lead top altcoins

Kaspa is among the top-gaining altcoins, recording double-digit gains in the past 24 hours.

The proof-of-work coin Kaspa (KAS) saw its market cap rise above $3.43 billion as trading volume jumped over 14% to more than $143 million within the same period. KAS ranked among the top altcoin gainers as Bitcoin (BTC) regained footing above $96,000 on Jan. 14.

As Bitcoin bounced back from its recent dip to $90,000, Kaspa led the top 100 coins by market cap, following ai16z and Fartcoin. Other notable gainers included Lido DAO and IOTA, both up more than 15% in the past 24 hours.

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Kaspa has gained significant attention since Bitcoin mining firm Marathon Digital added KAS to its mining operations. Ahead of its upcoming Crescendo hardfork, Kaspa currently ranks as the seventh-largest mineable coin, placing it behind Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic, and privacy-focused Monero.

Like Bitcoin, Kaspa uses PoW consensus mechanism. However, it differs by employing a BlockDAG consensus algorithm, which allows for simultaneous block production. In contrast, Bitcoin miners earn rewards through a linear block process, where one block is produced roughly every ten minutes.

Marathon Digital added KAS to its mining operations in June 2024 – and Kaspa price went on to touch its all-time high of $0.2074 on Aug 01, 2024. While the altcoin is up 17% in the past week, the recent downside action across crypto sees KAS trade 13% in the red over the past 30 days. KAS is also down more than 35% from its ATH.

On the daily chart, is retesting a key resistance area above $0.13. The Relative Strength Index at 60 and the bullish crossover of the Moving Average Convergence Divergence suggests momentum may be with the bulls.

Read more: Bitcoin headed to $250k, says Fundstrat’s Lee

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