Markets
Kaspa’s KAS Token Price Bumps Crypto Market Down, Up 26% in a Week
There is always movement in some sector of the cryptocurrency market, even when the headline numbers don’t show much, just as the still surface of a pond can mask the extent of the dynamic ecosystem beneath.
This was the case recently. Since last Friday, negative price action in bitcoin (BTC) and ether (ETH) lowered the total market value of digital assets by 3.4% to $2.22 trillion, painting a gloomy picture of the cryptocurrency market.
This decline, however, overshadows the 26% increase in the Kaspa blockchain’s KAS token. According to data source CoinGecko, the token, ranked 27th in terms of market value, has surpassed 18 cents and is approaching the record high of $0.196 reached earlier this month. This makes KAS the best-performing coin among the top 100 digital assets by market value.
The outperformance follows bitcoin miner Marathon Digital’s (MARA) decision to diversify its revenue stream adding KAS miningThe company said it has mined 93 million KAS tokens since September.
By Kaspa work test The blockchain uses the GHOSTDAG (Greedy Heaviest Observed Sub-Tree Directed Acyclic Graph) protocol to improve its performance and scalability.
GHOSTDAG prioritizes not only the longest chain, but also additional blocks referenced by other blocks in the network, thus making the blockchain more secure and resilient. Traditional blockchains tend to select the longest chain to achieve eventual consistency, which slows down the network’s transaction throughput.
KAS’s weekly gain is accompanied by a 58% increase in futures open interest to $65 million, with positive funding rates, according to data source Coinglass. This shows an influx of new money on the bullish side and validates the price rally.