In the past year, Bitcoin (BTC) has experienced substantial growth, surging over 145% in value. However, another cryptocurrency has overshadowed Bitcoin’s growth by gaining 350% in the same period. Kaspa (KAS), a project with high block speeds and high security, has given Bitcoin a run for its money in the last year.
Kaspa’s (KAS) Price Movement in the Last 12 Months
Over the past year, Kaspa’s value has been on a wild ride. At the start of April 2023, Kaspa’s value 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 a consolidation stage during 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.
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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. Currently, Kaspa trades at the $0.14 mark, a slight increase of 0.90% over the past day, indicating that more people are buying KAS than selling it. In the last 24 hours, over $37 million worth of Kaspa has been traded, signifying a lot of activity around the cryptocurrency.
Price Prediction of Kaspa (KAS)
Despite not being the most popular cryptocurrency out there, Kaspa sits at number 41 on CoinMarketCap and has a market value of over $3.2 billion. Kaspa’s price movement in the last 12 months highlights the entire concept of market rotation and the emergence of the Proof of Work (PoW) blockchain mechanism viability. Experts predict that the impending bull run and the upcoming Bitcoin halving event will ignite a rally in the crypto market, and 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
As for Bitcoin, it has been on an eventful ride in the past year. In 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 then, BTC has been on a steady climb and currently sits at $67,500.
Several factors are driving Bitcoin’s rise, including the upcoming Bitcoin halving event, which 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.
Additionally, the recent approval of spot ETFs means that institutional and retail investors can now trade Bitcoin 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 feature has always been a major selling point for Bitcoin enthusiasts, and now even major financial institutions are paying attention to it. With big players entering the game, more investors are feeling confident about Bitcoin’s future, which can scale up demand for the cryptocurrency and therefore elevate its price.
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Bitcoin’s scarcity and limited supply also drive its price up. There are only 21 million Bitcoins that will ever exist, and as more Bitcoins are mined and put into circulation, the rate at which new ones are created reduces drastically, creating 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.