The post Kaspa Becomes Top 30 Cryptocurrency in Epic Rally; But This Altcoin Could Mirror KAS Success Once ETFs Get Approved appeared first on Coinpedia Fintech News
Since June, Kaspa (KAS) is up an astronomical 71669%, making it the best performing cryptocurrency over this period. Just in the last 24 hours, KAS has surged over 30% to hit a new all-time high around $0.14. This meteoric rise has propelled Kaspa into the top 30 cryptocurrencies globally by market capitalization of over $2.8 billion.
But what’s the reason behind this parabolic surge? Let’s examine the fundamentals.
Kaspa is a decentralized, open-source, and highly scalable layer-1 blockchain protocol. It implements a novel consensus mechanism called GHOSTDAG that allows it to process transactions with lightning speed and high security.
As a proof-of-work cryptocurrency like Bitcoin or Monero, Kaspa has no central governance. It is entirely community-driven and follows the ethos of permissionless, censorship-resistant money.
KAS is the native token of the Kaspa network, used to pay fees and distribute mining rewards. The project was founded by cryptographer Yonatan Somplinsky, one of the creators of GHOSTDAG.
Kaspa’s blockDAG architecture generates multiple blocks per second to post transactions to its ledger. This allows for fully confirmed transfers in just 10 seconds, making Kaspa tailor-made for everyday transactions.
The network also offers user-friendly wallets with advanced security features. And it facilitates private, anonymous transfers through innovations like one-time addresses.
Beyond the tech, Kaspa is aggressively forming partnerships to boost adoption. Most recently, it integrated with the exchange Uphold for direct KAS deposits and withdrawals.
Major crypto influencers have taken notice as well. Sjuul Analysis, with 320k followers, recently called KAS his top altcoin pick. He highlighted that Kaspa already ranks among the top 35 projects without even being listed on major exchanges yet. Once it gets added to the likes of Binance, Coinbase and others, Sjuul expects its price to continue skyrocketing.
I've been shilling $KAS for a while now, and it's already up 90%
#KASPA is among the top 35
projects by market cap, even without major exchanges like Binance, Coinbase, Kraken, Bitstamp, Bitfinex, HTX (Huobi), Gemini, CryptoCom, and Okx on board.
Now, imagine where #Kaspa… https://t.co/IdUOOk68RB pic.twitter.com/nnk5XpSyse
— Sjuul | AltCryptoGems (@AltCryptoGems) November 13, 2023
Technically, KAS shows no signs of slowing down. Its RSI sits at a healthy 57 on the daily chart. As long as this momentum indicator stays below 70, further upside looks likely.
Now that we’ve covered the KAS craze, let’s shift gears to another hot topic – Bitcoin ETFs.
The Impending Bitcoin ETF Explosion
A project capitalizing on the impending ETF wave is Bitcoin ETC (BTCETF). This ERC-20 token has already raised over $850,000 in its ongoing ICO. And its price has increased from the initial $0.005 to $0.0054, with another leg up expected in just 4 days.
So what’s BTCETF all about? It aims to capture the impending explosion of crypto demand once SEC finally approves the first physically-backed Bitcoin ETFs.
Bloomberg analysts give this over 90% chance of happening before January 2024. When it does, a tsunami of institutional money is expected to flood into Bitcoin and other digital assets.
As a taste of what’s to come, BlackRock recently filed for a Spot Ethereum ETF. The $9 trillion asset manager could trigger an influx of fresh institutional capital into crypto if approved.
BTCETF wants to ride this wave through intelligent tokenomics. Its model involves burning 25% of the total supply through 5 milestone events tied to the ETF approval process.
For example, 5% of tokens get destroyed once the SEC first approves a Bitcoin ETF. Another 5% burn occurs when the first ETF officially launches. Further milestones are set when $1 billion enters Bitcoin ETFs, and if Bitcoin hits $100k.
This deflationary mechanism rewards BTCETF holders as Bitcoin ETFs gradually roll out. The project also keeps its community updated on the latest ETF developments through their website, whitepaper and social media channels.
By aligning itself closely with the imminent Bitcoin ETF narrative, BTCETF has generated tremendous buzz. Investors believe its ingenious token burning model could generate 100x returns as the first SEC-approved products launch.
Capitalizing on this anticipation while incentivizing holding makes BTCETF an enticing moonshot bet. Its grassroots community approach has already garnered avid support during the ongoing presale.
When bona fide Bitcoin and Ether products emerge, BTCETF will be ready to ride the wave.
For full details on BTCETF’s milestones, tokenomics and the evolving ETF landscape, check out their website and whitepaper. As the SEC decision draws near, this new altcoin offers traders direct exposure to the impending ruling and aftermath.
The crypto ETF race has begun. With intelligent tokenomics and laser focus, BTCETF just might take the checkered flag.
#PressRelease [Source: Coinpedia]