Market

Kaspa (KAS) Price Forms a New All-Time High Amid Bearish Woes

Published

on


Kaspa’s price reached a new all-time high today, reaching $0.2079. The altcoin has been on a bull run for the past three months, with a 91% increase in duration. The high demand and sustained rallies have resulted in KAS establishing a new ATH.

Kaspa Correlation to BTC. Source: TradingView

This is the third ATH formed by Kaspa’s price in the last three months, owing to the ongoing uptrend. The conviction among investors has also been considerably high, which is how the altcoin managed to counter the broader market bearishness over the past week. 

In the last seven days, while Bitcoin’s price dropped below $65,000, KAS managed to post a 16.5% rise. A huge reason behind this is the declining correlation Kaspa shares with BTC. Currently at 0.33, a low correlation results in a token generally not following the path of BTC as closely as it otherwise would.

Kaspa Price Analysis. Source: TradingView

This is a boon for KAS and could rise further if the broader market cues remain bearish.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Exit mobile version