Kaspa price jumps 20% to lead top altcoins

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

Proof-of-work coin Kaspa (KAS) saw its market capitalization rise to over $3.43 billion, while its trading volume increased by over 14% to over $143 million during the same period. KAS was among the top gainer altcoins as Bitcoin (BTC) rebounded above $96,000 on January 14.

As Bitcoin rebounded from its recent drop to $90,000, Kaspa ranked among the top 100 coins in terms of market capitalization, after ai16z and Fartcoin. Other notable gainers included Lido DAO and IOTA, which are up over 15% in the last 24 hours.

Kaspa has received a lot of attention since Bitcoin mining company Marathon Digital added KAS to its mining operations. Prior to the upcoming Crescendo hardfork, Kaspa ranks as the seventh largest minable coin, behind Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic and the privacy-focused Monero.

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

Marathon Digital added KAS to its mining operations in June 2024, and the Kaspa price reached an all-time high of $0.2074 on August 1, 2024. While the altcoin gained 17% last week, the recent negative movement across crypto sees KAS trading in the red by 13% in the last 30 days. KAS also fell more than 35% from its ATH.

It is retesting the key resistance area above $0.13 on the daily chart. The Relative Strength Index is at 60 and the Moving Average Convergence Divergence is bullish, indicating that the momentum may be with the bulls.