Bitcoin (BTC) has been on a steady climb since the past year, surging over 145%. However, despite BTC’s impressive growth, another crypto overshadowed Bitcoin, gaining 350% in the same period — Kaspa (KAS) has given Bitcoin a run for its money in the last year.
Analysts, traders, and crypto enthusiasts all expect BTC to blaze past the $100,000 mark in 2024 as the Bitcoin halving event nears. Likewise, most altcoins including Kaspas, are expected to follow suit post halving. In this article, we delve into Bitcoin and Kaspa’s past year performance and give insights into the possible outlook of the two cryptocurrencies in the coming year.
Kaspa’s (KAS) Price Movement in the Last 12 Months
Kaspa is a project characterized by high block speeds and high security. The last year has been spectacular for the cryptocurrency as it exploded over 350%. At the start of April 2023, Kaspa hovered around the $0.03318 mark and plunged to $0.01571 by the end of June.
Like the rest of the market, Kaspa went through the consolidation stage in the summer period. The token traded in a tight range between $0.02537 and $0.031. Between October and November, Kaspa hit its highest-ever price as it traded at $0.147381.
Since the turn of the year, there has been a positive price growth for Kaspa. The token has recovered back to about $0.1397, an over 250% increase in the previous year.
Price Prediction of Kaspa (KAS)
Kaspa currently trades at the $0.14 mark, a slight increase of 0.90% over the past day — showing more people are buying KAS than selling it! There has also been over $37 million worth of Kaspa traded in the last 24 hours, signifying a lot of activity around the cryptocurrency.
Kaspa might not be the most popular crypto out there — it currently sits at number 41 on CoinMarketCap — but it has a market value of over $3.2 billion. Kaspa’s price movement in the last 12 months points out the entire concept of market rotation and the emergence of the PoW blockchain mechanism viability.
The impending bull run and the upcoming Bitcoin halving event are expected to ignite a rally in the crypto market, and many experts predict Kaspa will benefit from the spoils, potentially reaching the $0.3 mark before the end of the year.
Bitcoin’s (BTC) Performance in the Last 12 Months
Bitcoin has been on quite an eventful ride this past year! Although 2022 was a little bit wild for the king of crypto, things have been scaling up lately. As of April 2023, Bitcoin was still recovering from the previous year’s ups and downs with the coin sitting at around $30,000. But ever since that time, BTC has been on a steady climb and currently sits at $67,500. There are a few reasons why Bitcoin might be on the rise, and here are three key drivers:
- The Upcoming Bitcoin Halving Event: One big reason for the skyrocketing of Bitcoin’s price can be ascribed to the halving event. Bitcoin halving is basically what you’re thinking — it means the number of new BTCs created will be cut in half. The upcoming halving event is creating a lot of news and making headlines and experts expect Bitcoin to climb even higher post halving.
- Universal Adoption: Another reason Bitcoin might be on the rise is the recently approved spot ETFs — institutional and retail investors can now trade Bitcoin just like stock or options. Bitcoin was designed to be neutral against inflation, meaning it wouldn’t lose value as quickly as regular money during tough economic times — this has always been a major advertising point for Bitcoin enthusiasts, but now even major financial institutions are paying attention to this feature. With big players entering the game, more investors are feeling confident about Bitcoin’s future, and this can scale up demand for the cryptocurrency and therefore elevate its price.
- Scarcity & Limited Supply: Another highlight that could be scaling up the price of Bitcoin is that there’s a limited number of BTC that will ever exist — only 21 million! As more Bitcoins get mined and put into circulation, the rate at which new ones are created reduces drastically — this gives room for a scenario where there’s a lesser supply of Bitcoin and a higher demand. The classical case of supply and demand could be another reason why Bitcoin’s price is increasing fast.
Looking Ahead For Bitcoin (BTC) and Kaspa (KAS)
So, what are the future possibilities for Bitcoin and Kaspa? Experts are cautiously optimistic. Bitcoin’s history of peaking up back from dips and the fact that big institutions are getting on board suggests that it has room to grow in the long run. Kaspa is also making a name for itself and many experts believe it is just getting started.
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