In a recent YouTube video, Crypto Zx delved into the current market status of Kaspa (KAS), discussing both its short-term challenges and long-term potential.
Despite the overall positive trend in the cryptocurrency market, Kaspa has experienced a slight decline, dropping 3.6% against USD and 5% against BTC, as highlighted by Crypto Zx.
The analyst pointed out the impact of increasing Bitcoin dominance on the performance of altcoins, including Kaspa. At the time of his analysis, Kaspa’s price was around 16.25 cents, with its market valuation falling below $4 billion.
Additionally, the daily trading volume is approximately $147.7 million. This performance contrasts with the broader crypto market trend, where most digital assets are showing gains.
Bitcoin’s Influence on Kaspa
Bitcoin’s upward movement has influenced the overall crypto market. However, Kaspa has lagged behind, experiencing a 4% decline.
Crypto Zx noted that Bitcoin’s dominance index is reaching yearly highs, which typically results in decreased altcoin performance.
“Bitcoin dominance is starting to reach yearly highs, which is not the best news for altcoins,” Crypto Zx stated. This trend suggests that investors are favoring Bitcoin over altcoins like Kaspa.
KAS Analysis and Market Sentiment
Despite the short-term setback, Crypto Zx remains optimistic about Kaspa’s long-term prospects.
The analyst noted that Kaspa has shown positive momentum over the past few weeks. “If you got into Kaspa just two days back, you are up 30% still right now despite the recent dip,” he explained.
Technical indicators reveal that Kaspa is facing resistance at current levels. However, the crypto continues to create higher highs and higher lows, indicating an overall upward trend. This pattern suggests potential for future growth once market conditions improve.
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