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Kaspa (KAS) has been making waves in the altcoin market lately, with its impressive surge of over 60% in the past 14 days, according to CoinGecko data.
The cryptocurrency is based on the GHOSTDAG protocol, which is a generalization of the Bitcoin Consensus. This protocol offers several advantages over traditional blockchain consensus mechanisms, including higher throughput and faster confirmation times.
Kaspa Emerges As Top Performer
Recently, the Kaspa team announced a significant new feature that is set to go live on the KAS testnet. The 10BPS feature promises to deliver “unmatched” transaction speeds of up to 10,000 transactions per second (TPS).
This is a massive improvement over the current transaction speeds of other major cryptocurrencies like Bitcoin and Ethereum, which typically offer only a fraction of this throughput.
According to the announcement, the 10BPS feature is currently being stress-tested on the KAS testnet, where it is setting new records for crypto BPS.
🚀Groundbreaking 10BPS will be live and public on the $KAS testnet at 7AM UTC.
Stress testing block and transaction rates & setting new records for #crypto #BPS.
More on how to participate soon.
Witness this milestone live: https://t.co/ZjXVeSwUKY#POW #RustyKas #rustlang pic.twitter.com/hjxXXhc5fo
— Kaspa (@KaspaCurrency) June 26, 2023
This considerable jump in transaction speed could be a game-changer for the Kaspa protocol, as it looks to gain more market share from established Layer 1 protocols such as Ethereum, Cardano, and Solana.
In addition to the 10BPS feature, the Kaspa blockchain offers several other impressive features that make it a compelling choice for developers and users alike.
One of the key features of the Kaspa blockchain is its scalability. The protocol is designed to support a high throughput of transactions, which makes it well-suited for use cases that require fast and efficient processing.
This scalability is achieved through the use of the GHOSTDAG consensus mechanism, which allows for a high degree of parallelism and concurrency in the processing of transactions.
Another key feature of the Kaspa blockchain is its security. The protocol is designed to be highly resistant to attacks, with a robust set of cryptographic algorithms and other security measures built in. This ensures that the network remains secure and reliable, even in the face of potential threats.
Will KAS Bullish Momentum Continue?
The cryptocurrency market has been on an upward trend lately, with many cryptocurrencies posting impressive gains over the past week.
Among these is KAS, which has seen a price increase of 28.90% in the last 7 days, outperforming both the global cryptocurrency market (up 9.80%) and similar Layer 1 (L1) cryptocurrencies (up 12.90%).
As of today, KAS is trading at $0.02558, with a 24-hour trade volume of $9 million. While the price has declined slightly by 0.83% in the last 24 hours, the overall trend is positive, with the cryptocurrency market showing signs of recovery after a period of consolidation.
In the short term, KAS is facing resistance at $0.02609, which it has struggled to break through since Saturday. However, if the token manages to overcome this resistance level and attract more players to its ecosystem, its bullish momentum may continue and new all-time highs could be within reach.
Conversely, in the event of a further price drop, the $0.02449 level may serve as a support floor for KAS. This means that if the price falls to this level, it may find some buying support from investors looking to enter the market at a lower price.
According to Coingecko, KAS has a total supply of 19 billion tokens, with a market capitalization of $495,310,928.
Featured image from Unsplash, chart from TradingView.com