2024-8-1 17:06 |
Kaspa’s price is enjoying the bullishness of its investors as the altcoin has managed to form a new all-time high.
The high demand and sustained increases, as well as the ongoing uptrend, have resulted in KAS noting this achievement.
Kaspa Investors Mine HardKaspa’s price is generally largely influenced by the broader market cues. However, this time, the situation is different. The altcoin is being pushed not by the market but by its community, especially the miners.
The mining hashrate, which has been rising consistently and rapidly since early July, halted and slightly declined on July 27. Kaspa’s price decline slightly impacted the hashrate, which has since gone up again.
Kaspa Hashrate. Source: 2MinersThis is a signal of growing adoption fueled by the demand for the altcoin as well as its reluctance to give in to bearish conditions.
In addition to this, in the last seven days, while Bitcoin’s price dropped below $65,000, KAS managed to post a 16.5% rise. A huge reason behind this is the declining correlation Kaspa shares with BTC.
Currently at 0.33, a low correlation results in a token generally not following the path of BTC as closely as it otherwise would. Usually, this is not a bullish sign, but considering the price of Bitcoin, it seems like a boon for KAS.
Kaspa Correlation to BTC. Source: TradingViewThis could translate into a further rise if the broader market cues remain bearish.
KAS Price Prediction: Forming New HighsKaspa’s price formed a new all-time high today, reaching $0.2079. The altcoin has been on a bull run for the past three months, noting a 91% increase in this duration.
This is the third ATH formed by Kaspa’s price in the last three months, owing to the ongoing uptrend. The conviction among investors has also been considerably high, which is how the altcoin managed to counter the broader market bearishness over the past week.
The previous all-time high of $0.198 is now the new support level for the altcoin. While the intra-day low did hit this support, Kaspa’s price bounced back to trade at $0.204 at the time of writing.
Kaspa Price Analysis. Source: TradingViewThe chances of losing this support are low, but a drop to $0.184 cannot be ruled out if selling ensues. Any further correction would invalidate the bullish thesis and the possibility of a new all-time high.
The post Kaspa (KAS) Hits New All-Time High for Third Consecutive Month appeared first on BeInCrypto.
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