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Legendary Trader Peter Brandt Weighs in on Kaspa (KAS) Price Activity

Wed, 08/16/2023 - 16:55
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Tomiwabold Olajide
Kaspa built on GHOSTDAG protocol, generalization of Bitcoin consensus algorithm
Legendary Trader Peter Brandt Weighs in on Kaspa (KAS) Price Activity
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Veteran trader Peter Brandt has commented on the price action of KAS, the native coin of Kaspa, a Layer 1 solution.

In response to a Twitter user's request for him to express his thoughts on KAS as a prominent chartist, Brandt commented positively about KAS, noting the crypto asset was definitely in a strong bullish trend.

Brandt draws his inference from gains posted by KAS so far in the year, noting the coin was up twentyfold in less than a year. He added that being a proof-of-work (POW) cryptocurrency might be positive for KAS.

KAS/USDT Daily Chart, Courtesy: Peter Brandt/TradingView

"Definitely in a strong bull trend, up 20-fold in less than a year. It is a POW coin; that is a positive, IMO," Brandt responded by sharing a KAS/USDT daily chart.

Veteran Trader Peter Brandt Gives Golden Advice to Crypto Traders

At the time of writing, KAS was up 6.43% in the last 24 hours to $0.041. The gains are significant given the fact that Bitcoin, Ethereum and most crypto assets traded in losses at press time, with crypto liquidations amounting to $153 million in the last 24 hours, per CoinGlass data.

The recent price action on Kaspa left its market capitalization at around $834 million at press time. So far this year, Kaspa has seen a change of 686.04%. The gains are even larger in one year, as KAS is up 1,760%, per CoinGecko data.

Kaspa has been on an ascent since late May. Notably, the price rally effectively started in early June after Kaspa hit support at the $0.013 level. Following that, the price of KAS surged substantially, reaching an all-time high of $0.051 on Aug. 6 before declining.

Kaspa is built on the GHOSTDAG protocol, a generalization of the Bitcoin consensus algorithm. The native token of the project, KAS, is used for all on-chain transactions and to distribute mining rewards.

Kaspa (KAS) Soars 13% in Day, Reasons Behind Its Massive Surge

Kaspa, which aims to be the fastest and purest proof-of-work consensus engine, reached a historic milestone in June as it achieved an unprecedented 10 blocks per second (BPS) on its testnet.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.