Kaspa has not been impressing lately with its price continuing to go down, closing bearish in the last three weeks, and this week is already looking like it could follow the same path. The token, which is known to always spike well, is giving a disappointing performance that has been troubling its holders.
Holden Blaize, a YouTube channel with more than 10,000 subscribers addresses concerns about Kaspa’s recent price performance. Despite a notable 16% dip over the past month, the crypto analyst maintains an optimistic outlook for Kaspa’s future, particularly as we approach the end of the year.
Kaspa’s current market cap stands at around $3.3 billion. The price has been consolidating, which can instill fear in the market, but the analyst believes this is part of a broader pattern.
Although the price was perilously close to breaking the local low from August, Kaspa has managed to bounce back. This suggests a potential double-bottom pattern, which could lead to a significant price surge.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +What you'll learn 👉
Chart Analysis and Technical Patterns
Blaize discusses Kaspa’s 100-day cycle pattern, indicating that Kaspa tends to undergo a mini-cycle roughly every 100 days. Historically, each of these periods has resulted in a new all-time high. Based on this analysis, he predicts that Kaspa will hit a new all-time high before December 4, 2024, despite the ambitious 60% climb required.
The crypto analyst notes that several bullish factors could facilitate this, primarily driven by an anticipated breakout of Bitcoin. When Bitcoin crosses the $80,000 mark, many top altcoins, including Kaspa, are expected to follow suit.
Future Outlook and Altcoin Season
The analyst remains bullish on Kaspa’s performance for Q4 of 2024 but tempers expectations, suggesting that any gains might be modest compared to what could happen in early 2025. He emphasizes the relationship between Bitcoin and altcoins, pointing out that Bitcoin’s breakout from its prolonged consolidation phase could trigger a rally for altcoins, including Kaspa.
Blaize believes that Kaspa’s true strength lies in its long-term performance. Having outperformed Bitcoin for over a year, it signals strong potential during the upcoming altcoin season. Despite the recent price dip below 13 cents, he advises against panic, suggesting that Kaspa’s current oversold condition indicates a bottom may be near.
Read Also: What’s Next in Ripple vs SEC Case After Appeal Notice, and How Will It Affect XRP Price?
Kaspa’s Mining, Technology and Rising Tokenomics Is Maintaining Its Strength
The analyst discusses Kaspa’s increasing mining difficulty due to its emission schedule, which allows for more mining initially but tapers off over time. Currently, the project is about 36 months into this schedule, and as mining becomes less profitable, it could create scarcity and positively impact the price.
He notes that Kaspa’s hash rate is rising, indicating that the network is attracting more computational power—an encouraging sign for the blockchain’s health and security.
Holder activity appears bullish, with a significant portion of Kaspa’s supply remaining unmoved for extended periods. Approximately 24.9% of the supply has not been sold in over a year, and around 48% hasn’t moved in over six months. This suggests that holders are accumulating Kaspa rather than selling, indicating long-term confidence in the project.
TKaspa has made significant progress in its technology, achieving 10 blocks per second on its testnet, which is nearing implementation on the mainnet. This advancement could be revolutionary for a proof-of-work system, with Blaize believing it could significantly enhance Kaspa’s price. The potential for smart contracts on Kaspa also excites him; if it can develop capabilities akin to Ethereum or Solana, it could emerge as the preferred blockchain due to its higher security and faster transaction speeds.
Potential Exchange Listings and Catalysts
A major catalyst for Kaspa’s price could come from listings on major exchanges like Coinbase or Binance. While the timing remains uncertain, Blaize is confident that Coinbase cannot overlook Kaspa indefinitely, especially as its technological capabilities and demand increase.
He speculates that exchanges may wait for a period of crypto market euphoria—possibly post-U.S. elections or in 2025—to list Kaspa, allowing them to capitalize on heightened attention and trading activity.
Currently ranked #28 on CoinMarketCap, the analyst believes Kaspa has significant room for growth. He argues that it should surpass projects like Pepe and Litecoin, potentially challenging Bitcoin Cash. Although reaching the top 10 will be a tough feat, Blaize is convinced that Kaspa could rise to become a top 5 coin in the long run, perhaps within the next two market cycles.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
