Markets
Kaspa’s KAS token price curbs broader crypto market decline, rises 26% in a week
There’s still action in certain pockets of the crypto market, even when the big numbers don’t show much, just as the still surface of a pond can obscure the extent of the dynamic ecosystem beneath .
This has been the case recently. Since last Friday, the negative evolution of bitcoin prices (BTC) and ether (ETH) caused the total market value of digital assets to decline by 3.4% to $2.22 trillion, painting a bleak picture of the crypto market.
The drop, however, overshadows a 26% surge in the Kaspa blockchain’s KAS token. The token, ranked 27th by market cap, has surpassed 18 cents and is approaching the record high of $0.196 reached earlier this month, according to data source CoinGecko. That makes KAS the best-performing coin among the top 100 digital assets by market cap.
This outperformance follows the decision of bitcoin miner Marathon Digital (MARA) to diversify its sources of revenue into added KAS miningThe company said it has mined 93 million KAS tokens since September.
Kaspas proof of work The blockchain uses the GHOSTDAG (Greedy Heaviest Observed Sub-Tree Directed Acyclic Graph) protocol to improve its performance and scalability.
GHOSTDAG prioritizes not only the longest chain, but also additional blocks referenced by other blocks in the network, making the blockchain more secure and resilient. Traditional blockchains tend to select the longest chain to achieve final consistency, which slows down the network’s transaction throughput.
KAS’s weekly gain comes alongside a 58% jump in open futures positions to $65 million, with funding rates remaining positive, according to data source Coinglass. This shows an influx of new funds on the bull side and validates the price rise.