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The crypto market is experiencing a downturn this week. Bitcoin is now trading below $61k, while most altcoins are facing significant declines. Even Kaspa, which has a robust community and typically experiences slower price drops, is down 3% today. The KAS price is now slightly below $0.18.
It’s important to note that a 3% decline might be minor for some coins, but for Kaspa, it’s substantial given its strong community and the enthusiasm among its holders.
Market Analysis and Kaspa Price Analysis
YouTuber “Crypto ZX,” who has 50k subscribers, updated his outlook on Kaspa in his video today. He noted that the overall cryptocurrency market is seeing a lot of red, with most coins down over the last hour. Despite this, there is a slight relief as some coins begin to bounce back.
Bitcoin’s dominance index is rising, which typically results in altcoins declining more significantly compared to Bitcoin. Bitcoin is still below its confirmation level. Despite this, Kaspa has outperformed BTC, being up 0.4% in BTC comparison.
The market valuation for Kaspa is $4.5 billion with a 24-hour trading volume of about $110 million. The price situation is not as negative as it might seem at first glance.
Crypto ZX highlights that Kaspa is holding its previous all-time high level from February as a significant support level. There is a possibility of retesting the $0.18 mark if Bitcoin continues to decline.
Despite a drop over the past 24 hours, Kaspa is still up 35% from its lows on June 18. It is close to its all-time high zone and has seen higher highs and higher lows, maintaining an upward trend in line with Bitcoin’s performance.
The YouTuber suggests that Bitcoin’s performance over the weekend could significantly impact Kaspa. If Bitcoin retests its support levels or drops below the $53,000 yearly low, Kaspa could see further downside.Source: captainaltcoin.com