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Binance Launches Kaspa Futures, Pushing KAS’s Yearly Gains Above +2,450%

Key takeaways

  • Kaspa (KAS) has been listed on Binance following a period of sustained bullish price action
  • KAS has also recently been listed on several other leading CEXs, including Bybit, Coinone and Poloniex
  • The KAS price prediction algorithm expects a short-term consolidation following an uptrend that has seen KAS break into the top 30 cryptocurrencies by market cap

KAS unveiled as new listing on Binance following a +163% move in the past month

The current price of Kaspa (KAS) is $0.122, down -4.49% in the past 24 hours. This follows a breakout year for KAS in which it has skyrocketed +2,353% YTD, a move that includes a +163% move in the past month alone.

After breaking into the top 30 cryptocurrencies by market capitalization just 17 months after the token was first made available on the open market during a fair launch, KAS has now been announced as a new listing on Binance exchange.

Binance revealed that KAS is now available on the perpetual futures market (Perps) with up to 50x leverage in a Tether (USDT) trading pair. While KAS is not yet available on the spot market, the futures market listing may be a precursor for a full Binance listing for KAS.

?Incoming… #Binance Futures will launch the USDⓈ-M KAS perpetual contract at ?Nov 17 2023, 02:00 (UTC).https://t.co/cBoKr8d2jI https://t.co/TPbsMPBrYe

— Kaspa (@KaspaCurrency) November 16, 2023

Kaspa’s bid to boost adoption could be aided by recent exchange listings

Kaspa had previously sought to land tier-1 exchange listings starting a crowdfunding initiative back in July. The project, which has been community-driven since launch, raised $30,000 to fund liquidity pools and comarketing with an unnamed tier 1 exchange. Since then, KAS has been unveiled as a new listing on several new exchanges including Bybit, Poloniex, Coinone, and now Binance.

The layer-1 blockchain makes GPU mining processes more efficient, combining a proof-of-work (PoW) consensus mechanism with a directed acyclic graph (DAG) to optimize block finality. This makes the Kaspa network more efficient than alternative PoW chains, not just in terms of energy expenditure for miners, but also in terms of processing transactions.

The addition of KAS to 4 new centralized exchanges is expected to boost the level of exposure for the asset. CEXs make trading cryptocurrency simpler and more accessible, and KAS is now available for trading on leading CEXs in various locations around the world. Coinone, for example, is a leading CEX in South Korea while Binance is the most used CEX in the world with a 43.9% share of spot market trading according to CoinGecko.

As stated by Kaspa during the $30,000 crowdfunding campaign: “Securing a spot on a Tier-1 exchange could serve as a potent catalyst for Kaspa, spurring its growth and increasing acceptance on a global scale.” Since the beginning of August, KAS has risen +205%.

Algorithm predicts cool-off for KAS over the next 30 days

The KAS price prediction algorithm has forecasted that the rapid rate of price appreciation will slow down for Kaspa this month. After a +163% impulsive wave in recent weeks, KAS is now expected to consolidate its price near the top of the recent range. In total, the algorithm expects a +2.5% move by 17th December.

The reduced volatility forecasted by the price prediction model may be due to a lack of historical data as much as anything else. KAS has skyrocketed during a sustained period of price discovery that can more or less be traced back to its fair launch date in June 2022.

Since the cryptocurrency has been in an uptrend for 17 consecutive months, this may negate traditional technical analysis in terms of evaluating whether or not KAS is overbought. The token launched at a near-0 price level with deflationary tokenomics on a valuable new blockchain, so the entire 17-month move could be seen as laying the foundation for more reliable price analysis to be made in the future.

Regardless, the wider crypto markets may now be entering a period of short-term consolidation after the total crypto market cap (TCAP) rose +26.61% in the past 30 days. A slight retracement from here could be likely, which would reinforce the algorithm’s sentiment of a consolidation for KAS.

Bottom line: KAS is consolidating its break-out year in terms of price action with brand-new Tier 1 exchange listings

The +2,353% YTD price increase for KAS has made it the best-performing asset in the crypto top 50, rising from a $82.35 million market cap on January 1st to reach its current valuation of $2.53 billion at the time of writing.

Kaspa has consolidated the recent gains with a series of high-profile exchange listings which may make KAS even more accessible to traders and investors alike. Tier 1 exchanges may bring more daily trading volume for KAS, with the series of positive listings culminating in Binance, which is by far the biggest exchange in the world in terms of spot trading volume.

The KAS price prediction algorithm may be struggling to keep up with the rapid rate of price appreciation that Kaspa has enjoyed this year, which means that its +2.5% prediction over the next 30 days should be taken with a pinch of salt. This would be a period of uncharacteristically low volatility for KAS, which is likely the result of its price action being out of alignment with most technical analysis indicators.

To summarize, KAS continues to gain traction through tier-1 exchange listings. If the wider crypto markets retrace in the next month, KAS could certainly see a consolidation before continuing on its path of discovery to find its fair market value. Find out more about the Kaspa blockchain’s consensus protocol by reading how to mine KAS here.

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