Kaspa (KAS) Hits New All-Time High for Third Consecutive Month
beincrypto.com 01 August 2024 15:16, UTC Kaspa’s price reached a new all-time high today, reaching $0.2079. The altcoin has been on a bull run for the past three months, with a 91% increase in duration. The high demand and sustained rallies have resulted in KAS establishing a new ATH.
This is the third ATH formed by Kaspa’s price in the last three months, owing to the ongoing uptrend. The conviction among investors has also been considerably high, which is how the altcoin managed to counter the broader market bearishness over the past week.
In the last seven days, while Bitcoin’s price dropped below $65,000, KAS managed to post a 16.5% rise. A huge reason behind this is the declining correlation Kaspa shares with BTC. Currently at 0.33, a low correlation results in a token generally not following the path of BTC as closely as it otherwise would.
This is a boon for KAS and could rise further if the broader market cues remain bearish.
