A new video on YouTube by 2Bit Crypto describes the activities around Kaspa and the factors that have been making the price go up. The crypto analyst also made some price predictions
The video explains various reasons crypto investors need to be bullish on Kaspa, expecting the price to reach an all-time high soon.
The market cooled lately due to the Bitcoin 2024 conference, but Kaspa has remained strong, which is shown by a significant green candle on the chart.
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Factors Contributing to Growth
Some factors have been added to Kaspa’s price increase, like its increase in mining capabilities. Marathon Digital (MARA) is mining Kaspa, which is also showing strong institutional interest.
Kaspa network hash rate is nearing 600 petahash, suggesting growing support and security. Enhanced network security, miner confidence, and greater decentralization are crucial for scalability.
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There is a significant accumulation by large holders (100 million to 1 billion Kaspa). There is also significant growth in mid-level holdings (1,000 to 100,000 kaspa per wallet).
Many KAS token holders are not selling, showing strong holding sentiment.
Technical Indicators and Analysis
Technical indicators like the realized-to-realized ratio and MVRV are bullish.
Also, the 50-day, 100-day, and 200-day moving averages point to bullish potential. These bullish signs suggest that Kaspa could break out very soon.
Kaspa Price Predictions
Kaspa’s price action shows it could retest the all-time high of approximately $0.197 (20 cents). The price is currently at 186 on the 786 Fibonacci level.
A breakout is imminent, supported by the K20 narrative launch and new projects.
The price has the potential to reach 42 cents within 30 days, according to some analysts. It could hit the $1 mark and beyond in the 2024-2025 bull market.
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