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Breaking Kaspa (KAS) Hits New All-Time High for Third Consecutive Month

2 mins
Updated by Ryan Boltman
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In Brief

  • Kaspa (KAS) reached a new all-time high of $0.2079 today.
  • Despite Bitcoin's drop, Kaspa (KAS) rose 16.5% in the past week.
  • Low correlation with Bitcoin (0.33) could lead to further KAS gains.
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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 Hard

Kaspa’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: 2Miners
Kaspa Hashrate. Source: 2Miners

This 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.
Kaspa Correlation to BTC. Source: TradingView

This could translate into a further rise if the broader market cues remain bearish.

KAS Price Prediction: Forming New Highs

Kaspa’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.
Kaspa Price Analysis. Source: TradingView

The 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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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