The Kaspa cryptocurrency (KAS) gained over 5% in the last 24 hours, trading around $0.05 amid growing buzz around the blockchain platform’s scalability vision and undervalued market status.
According to crypto analyst Cryptographur, Kaspa exhibits massive upside potential to $0.14, which would represent a 3x gain from current levels. He argues a $1 billion market capitalization is reasonable given Kaspa’s focus on unmatched transaction speeds.
Kaspa emphasizes scalability and already produces 1 block per second. But according to Kaspa news, it aims to soon reach 10 blocks per second and ultimately 100 blocks per second in the future.
This would dwarf the 7 transactions per second capability of major networks like Bitcoin and Ethereum. By combining high scalability with equal decentralization and security as Bitcoin, Kaspa seeks to achieve the holy grail of blockchain technology.
The increased buzz led to a 24-hour volume spike of over 70% for the KAS token as the crypto market awakens from its bear slumber. With leading cryptocurrency Bitcoin also pushing key resistance at $30,000, market sentiment appears to be improving.
Kaspa launched in 2021 with a core focus on scaling decentralized finance and Web3 applications through fast, inexpensive transactions. Its blockchain utilizes a novel proof-of-work algorithm called Hecate that allows high throughput.
While Kaspa remains highly speculative in the embryonic stage, its base-layer scaling solutions have attracted attention from investors and developers alike. With momentum accelerating, KAS may very well have room to run if broader tailwinds persist.
Of course, potential headwinds abound as well in the form of competition, regulation, and market volatility. But traders seem increasingly bullish on Kaspa’s prospects as crypto looks to turn the page on 2022’s bear carnage.
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