NEW YORK - Kaspa (KAS), a cryptocurrency that has seen a remarkable 163% gain over the past month, has made its debut on Binance's perpetual futures market, allowing traders to take positions with up to 50x leverage in USDT pairings. This move comes as Kaspa continues to demonstrate strong performance in the crypto space, despite a slight price dip of 4.49% to $0.122 today.
The introduction of Kaspa to Binance's futures market follows its successful crowdfunding campaign which raised $30,000 for liquidity and marketing initiatives. Since its fair launch in June 2022, Kaspa has been listed on other leading centralized exchanges (CEXs) such as Bybit and Coinone. The cryptocurrency is not yet available for spot trading on Binance.
Kaspa's innovative proof-of-work directed acyclic graph (PoW-DAG) hybrid consensus mechanism has significantly enhanced GPU mining efficiency and transaction speed. These advancements have propelled Kaspa into the top-30 cryptocurrencies by market capitalization in just 17 months since its launch.
The day before its listing on Binance Futures, Kaspa announced the upcoming addition via Twitter at 02:00 UTC on Thursday. Despite today's market fluctuations, Kaspa has experienced an extraordinary year-to-date increase of 2,353%, growing its market cap from January's $82.35 million to a current valuation of $2.53 billion.
Looking ahead, a price prediction algorithm suggests that Kaspa may see a modest growth of 2.5% by December 17th amidst a consolidating crypto market, which overall has risen by 26.61% over the past month. This forecast aligns with Binance's significant presence in the spot trading volume, currently holding a dominant share of 43.9% according to CoinGecko's report.
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