Kaspa Hashrate Is Skyrocketing – When Will The Price Follow?

KAS is currently making headlines as its network hashrate nears an impressive 20 petahash per second (PH/s) according to crypto trader Cryptographur. For those not familiar with the term, a hashrate measures the computational power used to maintain a blockchain network. This burgeoning hashrate indicates an incredibly healthy and secure network, and suggests substantial miner interest.

Experts have weighed in, unanimously agreeing that KAS has become one of the most lucrative coins to mine at present. This robust hashrate growth seems to be driven by favorable block rewards, and the coin’s appreciating value. Miners are flocking to KAS as they perceive the ecosystem to be more rewarding compared to others.

In an additional twist, KAS has a programmed mining reward reduction event scheduled just 7 days from now. Analogous to Bitcoin’s famed “halving” events—though occurring on a monthly basis—this reduction is designed to decrease the coin’s emission rate. This could drive supply scarcity, possibly increasing the coin’s value even further.

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Majority of Coins Already in Circulation

Of note is the fact that over 70% of KAS coins are already in circulation. This high percentage of circulating supply implies that a majority of the coin’s potential inflation is already accounted for. In essence, this could act as another bullish indicator, setting the stage for increased demand and potentially higher prices.

As the clock ticks down to the next mining reduction and with the hashrate surging to new highs, KAS presents a compelling case for both miners and investors alike. Whether you’re a crypto veteran or a newcomer, this coin is quickly becoming too significant to ignore.

The price action and market structure of blockchain project KAS is currently showing signs of weakness according to crypto trader @i_am_jackis.

In the past, when KAS’s price broke above a prior all-time high (ATH), it consistently made the ATH level new support, either as a wick or body close. However, in the move above its December 2022 ATH of $0.035, KAS failed to hold this level as support.

After briefly breaking out, KAS returned inside the previous trading range established in April 2022 between $0.015 and $0.035. With this move back into the range, KAS lost the potential support of the breakout level and its upward log trend.

Per the analysis, KAS is likely to find support around the point of control and fair value of the April range at $0.026. However, bounces may be temporary as the market structure is now broken. Without renewed strength, KAS could fall further to test the range’s value area low.

Notably, this recent price action has so far followed a fractal or repeating pattern previously seen in KAS’s market cycle. In that historical case, the breakdown marked the start of a sustained 40% drawdown from the ATH.

While fundamentals may differ now, the technical analysis suggests KAS’s upside momentum has stalled. Its failure to establish the former ATH as support opens up downside risk. Traders will be cautiously watching price action and structure near $0.026 for signs of potential recovery.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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