In a dynamic cryptocurrency market, Kaspa (KAS) has emerged as a strong contender in the altcoin race, posting notable gains and breaking through the $0.1109 barrier in the last 24 hours, representing a 10.5% gain over that time period.
Interestingly, the bullish momentum for KAS may be far from over as potential catalysts loom on the horizon. These catalysts could propel the token to new all-time highs, surpassing the previous peak of $0.1527.
KAS targets $2-$3 in next bull round
In a recent post on X (formerly Twitter), cryptocurrency analyst Daan de Roover expressed optimism about the future of Kaspa, offering compelling reasons for the coin's potential growth.
One of the key factors is the fair launch of Kaspa, that is, KAS tokens were not reserved for listing on the exchange. This bullish characteristic becomes apparent as Kaspa is not listed on major exchanges such as Binance, Coinbase and OKX.
If these exchanges decide to list Kaspa, de Rover states that they will have to purchase KAS tokens on the open market, thereby increasing demand and liquidity.
Given Kaspa's reputation and the excitement surrounding the project, de Rover believes realistic price targets of $2 to $3 are achievable in the next bull run, representing a 2,650% increase from current price levels.
An upward trend in the KAS price on the daily chart. Source: KASUSDT on TradingView.com.
To understand de Rover's thesis, in November 2023, NewsBTC reported the listing of KAS on Coinone, one of the largest cryptocurrency exchanges in South Korea.
Following this listing, KAS experienced a significant surge, resulting in it becoming one of the 33 largest cryptocurrencies by market capitalization (currently 38). In a matter of days, KAS skyrocketed from $0.05139 to the current all-time high of $0.1545 on November 19th.
This surge represented a price increase of over 200%, highlighting the significant boost that exchange listings can provide to the Kaspa ecosystem and its price action.
If Kaspa gets listed on major exchanges like Binance and Coinbase, we can expect similar or greater growth and market presence, even greater than Coinone's listing. This development will attract a wider range of investors and contribute to the overall success of the coin, according to De Rover's price analysis.
A closer look at Kaspa
Kaspa gained attention due to its use of a Proof-of-Work (PoW) consensus mechanism and implementation of the BlockDAG (Block Directed Acyclic Graph) architecture.
This design allows multiple blocks to coexist in parallel, effectively solving the problem of high block orphan rates typically associated with traditional blockchains.
Inspired by the seminal work of Satoshi Nakamoto, Kaspa strives to preserve key aspects of the Bitcoin (BTC) consensus. These include the PoW mining method, a deflationary economic model, and decentralized decision-making processes.
By implementing these fundamental principles, Kaspa strives to provide a reliable and secure foundation for its blockchain ecosystem.
Kaspa's functionality is based on the GHOSTDAG protocol, which allows parallel blocks to exist and be ordered through consensus. This approach, known as BlockDAG, provides secure operation while maintaining high blocking rates.
Kaspa currently runs at one block per second and aims to achieve even higher speeds of 10 to 100 blocks per second.
Interestingly, this scalability potential sets Kaspa apart from many other blockchain networks, potentially attracting the attention of investors, and may be one of the reasons for the current price increase, which has seen KAS rise continuously for over a year with a peak of 1471%.
Overall, by addressing issues related to orphan rates and offering a decentralized and community-oriented approach, the network aims to provide a strong foundation for a wide range of applications requiring secure blockchain solutions.
Featured image from Shutterstock, chart from TradingView.com