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Yes, you read that correctly — Kaspa has competition in the crypto space as well. One of its notable rivals is Alephium, which currently holds a market cap of $134 million, compared to Kaspa’s $3.6 billion.
Alephium utilizes an innovative sharding algorithm known as BlockFlow. This allows the network to process transactions simultaneously across multiple shards, significantly boosting its throughput. As a result, Alephium can handle up to 10,000 Transactions Per Second (TPS), a vast improvement over Bitcoin’s 7 TPS.
Rising Hashrate and Growth Potential
A crypto trader, who goes by the name “Marx,” recently pointed out Alephium’s rapidly increasing hashrate in a tweet, suggesting that ALPH could follow a growth trajectory similar to Solana’s. He notes that Alephium’s hashrate is poised for a significant surge, indicating growing interest and participation. Currently, the hashrate stands at 8.2 PH/s, which reflects strong network security and confidence among miners.
Marx highlights the stark difference between Alephium’s market cap and Kaspa’s, suggesting there’s significant room for growth. He attributes the rising hashrate to recent advancements in mining hardware from companies like Bitmain and IceRiver. The introduction of new ASIC miners is enhancing computational efficiency while maintaining energy efficiency.
Notably, upcoming releases of IceRiver’s AL0 and Bitmain’s Antminer L1 are expected to further revolutionize the mining landscape, leading to even greater technological efficiency in blockchain mining. Marx believes that Alephium’s expanding ecosystem, which incorporates oracles, smart contracts, and cutting-edge technologies like Proof of Less Work (PoLW) and sharding, positions it for a breakthrough similar to Solana’s meteoric rise.
Read also: How Kaspa’s Hashrate Can Position KAS As a Top10 Crypto This Bull Cycle
Recent Price Movements and Future Prospects
The price of ALPH has not been immune to the recent market correction, dropping 18% this week and 8% in the last 24 hours. As of now, Alephium is trading at approximately $1.56.Source: captainaltcoin.com