Kaspa Spikes +20% Following Major Bullish Announcement, Decisive Move Past This Price Could Prolong KAS Rally

The price of the Kaspa (KAS) cryptocurrency spiked over 20% today following a major bullish announcement that smart contract and decentralized finance (DeFi) capabilities are officially in development for the Kaspa ecosystem.

The news was revealed by Braver Crypto, an X account that shared, “@BraverCrypto: $KAS Smart Contract & DeFi Crypto ecosystem officially in development. Excited to see what Dr. Yonatan Sompolinsky has in store for us. Given his proven track record & penchant for innovation, I’m sure it’ll be epic. Kaspa is currently $.134 & $3 billion market cap.”

For those unfamiliar, smart contracts are self-executing contracts with the terms directly written into code on a blockchain. This allows for automating agreements and transactions without needing intermediaries. DeFi refers to financial applications built on blockchain technology that can provide services like lending, borrowing, and trading without relying on central authorities.

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The revelation that Kaspa will integrate these capabilities was met with celebration from the project’s enthusiasts. “KASPA Enthusiast 𐤊” tweeted, “The news about the development of smart contracts by Kaspa Eco Foundation (@Kaspa_KEF) is causing a stir. $kas will see great things in the coming weeks and months.”

At the time of writing, Kaspa is trading at around $0.14, up over 15% on the day according to KASPA Enthusiast 𐤊 who stated, “#kaspa has broken through 14 cents for the second time in the last few hours and is up over 15%. The indicators of the $kas chart offer the possibility of a good pump.”

Technical analysis of the Kaspa price charts indicates the price is surpassing a significant resistance level of $0.15. If the price manages to close above this level, it is likely to experience a notable upward surge and potentially establish a new record peak. The positive market sentiment, accompanied by favorable fundamentals, further supports the possibility of an extended price rally.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.