coincodex.com
Key takeaways
- Kaspa (KAS) announced as new Bybit listing following a recent crowdfunding campaign from its community
- The KAS token rose 12% in the aftermath of the announcement and currently finds itself 729% up YTD
- The Turing complete layer-1 has a current market cap of $818 million and looks ready to keep on growing
KAS unveiled as new Bybit listing after rising 729% YTD
Kaspa (KAS) was listed on Bybit on 7th September following a positive year of price action for the layer-1 blockchain. In total, KAS has risen 729% since the start of the year and has outperformed the rest of the crypto markets by a significant margin. In the same timeframe the total crypto market cap (TCAP) has risen 34.87%.
?What you've all been waiting for and so graciously helped make possible! #Kaspa is excited to announce the upcoming listing of $KAS on @Bybit_Official spot trading platform!
— Kaspa (@KaspaCurrency) September 6, 2023
? Listing time: 10:00 AM September 7, 2023 UTC
Join the event: https://t.co/X7qrAxZKkG #TheCryptoArk… pic.twitter.com/0aqqHPoPa0
Today’s listing follows a crowdfunding campaign launched by the Kaspa community that was designed to fund more ‘Tier 1’ exchange listings. The project revealed that an unnamed exchange was willing to list the KAS token, as long as the project paid the listing fee. It now seems clear that Bybit was the exchange in question and the community-driven fundraiser was successful.
Kaspa’s community has been growing rapidly in recent months. Kaspa is a Turing complete blockchain that uses a novel BlockDAG consensus protocol to process transactions more efficiently than traditional proof-of-work blockchains, and the network uses Rust to program smart contracts which can also help to create complex dApps for the ecosystem. Since January 1st, Kaspa has grown in popularity across all major social media platforms, including a 298% increase in Twitter followers.
Kaspa social activity between May and September 2023, via Stack
KAS will now be available on Bybit spot markets and is tradeable with USDT. The platform also offers a KASUSDT perpetual futures market, and has launched a promotional campaign that will provide 700 KAS tokens to the first 912 new users who pass KYC and buy $100 worth of KAS in the new spot market.
Algorithm predicts sideways price action for Kaspa over coming month and major surge in 2024
After forming multiple new all-time highs during 2023, the CoinCodex price prediction algorithm expects the growth to slow down for KAS over the coming months. The 1-Month KAS price prediction forecasts a 2.33% rise, holding close to its current price level without any major changes in either direction.
1-Month KAS price prediction, via CoinCodex
This follows several months of upward price movement for KAS. The token has been in an uptrend since it first launched in May 2022, consistently jumping to new highs and recovering soon after short-term retraces. This shows strong demand for the new layer-1 blockchain during its early stages of development, and the new Bybit listing could help to boost the project’s reach even further.
From the current price level, the algorithm predicts that KAS will more than double by 2025. The forecast includes a major surge to the $0.10 price level in October 2024 before gradually retracing back to the $0.05 mark in the subsequent months.
Bottom line: Kaspa outperforms crypto markets and continues to make great strides
Besides two stablecoins, the other eight cryptocurrencies that make up the top 10 tokens by market capitalization are layer-1 blockchains; besides Bitcoin (BTC), the remaining seven layer-1s in the top ten are Turing complete. Since Kaspa is a Turing complete layer-1 blockchain itself, its rapid ascent to a near-billion-dollar market cap should come as little surprise to investors.
With a growing user base and continued project developments, Kaspa looks ready to continue its upward trend. The KAS token’s current market cap is now $818 million, and ever-increasing publicity via high-profile exchange listings such as Bybit could help drive adoption for the blockchain even further. By 2025, the CoinCodex algorithm predicts the KAS valuation to more than double once again.
KAS all-time chart, via CoinCodex