Marathon, the biggest mining company, has joined the Kaspa mining race.
KAS increased by 10.31% in a day and 19.54% in a week. The cryptocurrency market has seen a decline in the last 30 days.
According to CoinMarketCap, KAS has a market capitalization of $4.2 billion, which represents a 10.35% increase in just one day. This has drawn the attention of the cryptocurrency world to the reasons behind its growth, while other cryptocurrencies are seeing a decline.
Marathon, the largest cryptocurrency mining company, announced that is one of the major factors behind the recent rise of KAS.
He discussed his recent investment in Kaspa on his official X (formerly Twitter) profile, saying,
“Today, we’re announcing that we have been actively mining Kaspa. Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset computing operations.”
Considering that Marathon has only been mining Bitcoin since 2010, the company’s announcement is significant. As a result, since the announcement, KAS is the only POW it has mined other than BTC.
Following the Marathon announcement, Michael Saylor, the world-renowned crypto investor, announced he was buying KAS. In a tweet on X (once in the past Twitter), he said that,
“Take a bite.”
Saylor’s announcement has left KAS enthusiasts optimistic, with Cr7ptopreneur sharing that,
“The only thing more bullish than @MarathonDH announcing that they’re mining $KAS is if @Saylor himself came out and told everyone he’s buying #KASPA—oh wait, I think he just did??”
What do Kaspa’s basic principles show?
Source: TradingView
At the time of publication, KAS is well positioned for a long-term uptrend. KAS, which has an RSI of 65, is trending upward.
Source: TradingView
Similarly, the SMA exhibits a positive trend after the price dropped below the June 21 low. As a result, KAS has seen upward price movement and good market sentiment over the past five days.
Source: Coinglass
It has grown from $40.4 million to $57.1 million in the past week. The rising open interest seems to show that traders are starting new positions without liquidating their existing ones. It has seen $58k in long-position liquidations and $44k in short-position liquidations in the past 24 hours. Minimal liquidations show that investors have confidence in the assets.
If the optimistic market mindset continues, KAS prices will reach the next resistance level: $0.192. If there is a pullback, KAS prices will fall to $0.158, which is the next important support level.
