Kaspa (KAS) Rallies 17% as Bitcoin (BTC) Regains Footing Above $96K

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

Top-gaining altcoin Kaspa (KAS) saw its market cap rise above $3.43 billion on Jan. 14, as the coin’s price rallied by double digits.

The proof-of-work coin’s trading volume jumped over 14% to reach more than $143 million within the same 24-hour period. Meanwhile, Bitcoin (BTC) price regained footing above $96,000 after bouncing back from a recent dip to $90,000.

Kaspa ranked among the top altcoin gainers on a day when most of the coins in the top 100 saw gains. Other notable gainers included Lido DAO (LDO) and IOTA (MIOTA), both up more than 15% in the past 24 hours.

The altcoin 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.

The list includes Bitcoin, Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), and privacy-focused Monero (XMR).

Like Bitcoin, Kaspa uses a proof-of-work consensus mechanism. However, it differs from Bitcoin in that it employs 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, KAS 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.