• Kaspa (KAS) crypto token surged to an all-time high before correcting by 10%.
• Technical indicators suggest a possible bullish continuation.
• The recent rally was fueled by a successful crowdfunding campaign.
Kaspa (KAS) Crypto Token Pumps to All-Time High
Kaspa KAS crypto price dropped 10% on Aug 3 to reach $0.043 in the European session, reaching an all-time high of $0.048 in the wake of a 250% rally since early June. The technical indicators suggest a possible bullish continuation. Notably, the KAS coin gave a choppy performance year-to-date, kicking off 2021 with a 900% surge from Jan 1 to Apr 2, then shedding over 70% of its valuation and starting the mentioned second leg up in early June. Despite the volatility, the MACD oscillator on the KAS token daily chart crossed back to the bullish phase and the relative strength index returned to the “normal” range. Moreover, trading volumes spiked on Aug 2, building up for four previous days.
Reason Behind Uptrend
One of the reasons behind this recent price jump was a crowdfunding campaign . “The Tier-1 Exchange Crowdfund for Kaspa has been successfully completed, thanks to your immense support! More details coming soon,” tweeted out by project on Aug 2nd A KAS listing on tier 1 exchange did not follow yet but it is available on several large exchanges against Tether (USDT). The list includes KuCoin, Gate.io, Bitget, MEXC etc. Meanwhile some Kaspa holders compare it to Bitcoin saying it has “real value just like BTC” while others don’t buy that premise. Controversial crypto personality Ben Armstrong also commented on this coin saying it is a “promising” project which might not do any favors as he has reputation for shilling other projects too and also CoinMarketCap had fluke ranking mistake about this coin which was later fixed..
Comparison With Bitcoin
Some of Kaspa holders compare it with Bitcoin claiming that it has real value just like BTC but there are few who don’t believe that premise because there was never any need for crowdfunding while launching BTC and this whole process shows centralization point where someone gives money for listing which makes people doubt about its authenticity even more than before .
Ben Armstrong’s Opinion
Ben Armstrong who is famous controversial crypto personality commented about this coin calling it promising project but due his past experience people had doubts about his opinion too as he is quite famous when it comes to shilling projects so his opinion might not do any favors either .
CoinMarketCap Ranking Mistake
The influencer’s mentioned ranking mistake refers to fluke happened on CoinMarketCap which later got fixed showing clear signs that things are going good despite some hiccups here and there .