Except for Helium and AAVE, no other altcoins are producing notable gains today, even though the market is doing pretty solid this weekend.
In their today’s video, the Crypto ZX Channel provided an update on Kaspa (KAS) and the overall cryptocurrency market. The host delved into recent market trends, Bitcoin dominance, and Kaspa’s price action, offering viewers a comprehensive look at the current state of affairs.
As of Sunday morning, the crypto market is showing some positive movement, with many coins up by 2-3%. Interestingly, Kaspa price seems to be lagging behind, down by 1.2%. Despite this slight dip, Kaspa’s market valuation remains robust, staying above the $4 billion mark. The 24-hour trading volume hovers around $42 million, suggesting that even with the recent retracement, the broader market conditions for Kaspa remain stable.
The host paid particular attention to Bitcoin’s performance, noting that its dominance index is on the rise and may soon hit a yearly high. This trend is expected to continue, potentially influencing the entire market, including Kaspa. When Bitcoin dominance increases, it typically indicates that more capital is flowing into Bitcoin rather than altcoins like Kaspa.
Read also: How Many Kaspa (KAS) Tokens Do You Need to Become a Millionaire?
This shift can lead to reduced liquidity and lower price movements for Kaspa and other altcoins as traders focus more on Bitcoin. Conversely, when Bitcoin dominance decreases, it suggests that traders and investors are moving funds from Bitcoin to altcoins, often resulting in an “altcoin season” where coins like Kaspa may see significant price gains.
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Show more +This week, Bitcoin tested the $60k resistance level but couldn’t maintain its position above it. The host emphasized that breaking through and sustaining above this resistance is crucial for confirming a bullish trend in the broader market.
Looking at Kaspa’s performance, the weekly time frame reveals impressive gains over the past year. Since May 2023, Kaspa has seen nearly a 10x return. While there have been recent retracements, the long-term trend remains upward, with higher highs and higher lows forming a bullish pattern.
On the hourly time frame, Kaspa’s price is currently in a consolidation phase, bouncing between support and resistance levels. The key target for bulls is to break past the 17.3 cents resistance level. If Kaspa can overcome this hurdle, it could pave the way for further upward movement.
The coming days and weeks may provide more clarity on whether Kaspa can break out of its current consolidation and resume its upward trajectory.
Read also: Kaspa Price Analysis: Here’s Why KAS Offers a 35% Trade Opportunity NOW
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