Kaspa (KAS) Hits New All-Time High. Can It Reach $1?

• Kaspa (KAS) reached an all-time high of $0.1688 with a $3.7B market cap.
• The upcoming Bitcoin halving in April 2024 is driving Kaspa’s growth, with miners eyeing alternative PoW networks.

In the midst of a surging crypto market, Kaspa (KAS), a Layer-1 proof-of-work (PoW) cryptocurrency, has reached an all-time high of $0.1688, boasting a market cap of $3.7 billion. This swing comes as Bitcoin ETFs witness billions of dollars flowing in, prompting crypto investors to explore alternative avenues for investment.

Kaspa (KAS) Price Chart (Source: CoinMarketCap)

Since the SEC approved the BTC ETF on January 10th, the global altcoin sector has surged by $140 billion until February 16th. This rally has propelled several mega-cap altcoins close to reaching new all-time highs this month, indicating increased interest and confidence in the cryptocurrency market.

In that, Kaspa stands out for its GHOSTDAG protocol, which merges PoW security with Proof of Stake (PoS) speed. This unique feature has helped KAS perform exceptionally, outpacing major PoW coins like Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and the overall altcoin market.

Why is Kaspa (KAS) Surging?

Between February 1st and February 17th, KAS’s price surged by more than 73%, resulting in a $1.4 billion increase in its market capitalization. With an additional 18% gain in the last 24 hours, KAS has surpassed its previous global peak at $0.154, recorded on November 20th, 2023.

One significant narrative driving Kaspa’s recent growth is the upcoming Bitcoin halving expected in April 2024. Industry experts anticipate that over 20% of Bitcoin miners will go offline as block rewards are halved from 6.25 BTC to 3.13 BTC. This reduction in rewards could lead many miners to redirect their resources towards alternative Proof of Work networks like Kaspa and Litecoin, which offer more favorable returns.

Consequently, investors are directing more funds to KAS coins ahead of the Bitcoin halving, hoping for a potential uptrend. This could drive KAS’s price to new highs in the future.