Kaspa price jumps 20% to lead top altcoins

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

The proof-of-work coin Kaspa (KAS) saw its market cap rise above $3.43 billion as trading volume jumped over 14% to more than $143 million within the same period. KAS ranked among the top altcoin gainers as Bitcoin (BTC) regained footing above $96,000 on Jan. 14.

As Bitcoin bounced back from its recent dip to $90,000, Kaspa led the top 100 coins by market cap, following ai16z and Fartcoin. Other notable gainers included Lido DAO and IOTA, both up more than 15% in the past 24 hours.

Kaspa 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, placing it behind Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic, and privacy-focused Monero.

Like Bitcoin, Kaspa uses PoW consensus mechanism. However, it differs by employing 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, 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.