KAS, the native token of the proof-of-work cryptocurrency Kaspa, has soared 20% as its price nears a potential all-time high.

At the time of writing, Kaspa (KAS) has experienced a 200% increase in trading volume and an 18% increase in price during the previous 24 hours. The cryptocurrency asset has risen 25% in the previous seven days and 61% in the last 30 days, indicating an optimistic prognosis for the altcoin this month.

According to CoinMarketCap, the token now ranks 26th in the global cryptocurrency list, with a trade price of .176, a circulating supply of around 23,828 million KAS tokens, and a market capitalization of .09 billion.

Kaspa is a cryptocurrency designed to provide a high-performance, scalable, and secure blockchain platform. Kaspa’s distinguishing feature is its usage of the GhostDAG protocol, which enables faster block times and higher transaction throughput than typical blockchains. GhostDAG, unlike standard blockchains, does not create orphan blocks in parallel. Instead, GhostDAG lets them to cohabit while enforcing consensus.

The current price increase follows a June 3 X post by trader Christian Ludwig, who pointed out the potential catalysts that are likely to drive the price of Kaspa to as high as in the coming months. Among them is the introduction of Kaspa KRC20 smart contracts, the Kaspa network’s potential to rise as the next best stablecoin transfer network.

Other potential drivers cited by Ludwig to reach the price target were the Ethereum Virtual machine bringing the ETH network to Kaspa and an upcoming Blockdag upgrade that will boost its network speed by up to 10 times.

Earlier on May 30, Kaspa’s hashrate had grown to approximately 300 PH/s, which remains a fraction of Bitcoin’s hashrate. However, the rate remains approximately 20 times higher than Ethereum Classic’s, making it more difficult to attack. 

Kaspa’s network is based on one of Satoshi Nakamoto’s previous concepts. Bitcoin’s creation schedule was expected to be substantially shorter. This idea prompted Kaspa to provide rapid currency production, with halving occurring more frequently. 

Kaspa will, at max, contain a total of 28.7 billion coins, with a halving occurring every year. At the current hashrate, more than 23 billion coins have already been produced, accounting for more than 82% of the total supply. The competition to mine the remaining coins will intensify, and miners will be forced to cover their costs through fees. 

The majority of KAS trading takes place through ByBit, Gate.IO, and KuCoin, while the crypto community hopes for a Binance listing. As Kaspa’s popularity grows, miners may try to amass coins in the hopes of seeing positive price action.

Because of its huge supply, KAS is relatively noticeable, nearly cracking the top 25 assets by market capitalization. 

Kaspa has been distributed to approximately 500K addresses, holding more than a “dust” amount. However, People are adopting Kaspa at a slow pace in 2024 because they are more interested in meme tokens, which are easier to acquire. 

The Kaspa community anticipates a price increase of from present levels. However, KAS can only rise up if L1 narratives return to the forefront. Kaspa’s blockchain leverages its DAG structure, speed, and mining to boost its influence. The network is still behind in token creation and value-generating projects. 

OKX, one of the largest centralized exchanges (CEX) by trading volume, announced the launch of its CEX and a web3 wallet in the Netherlands.

On June 3, the exchange shared on X that it will support more than 150 cryptocurrencies and 60 crypto-euro trading pairs. 

Notably, the exchange rebranded from Okcoin Europe Ltd. to OKX on April 10.

Per the announcement, OKX teamed up with the local online payments company iDEAL to allow its Dutch users to easily deposit and withdraw funds from their accounts. Moreover, users can also use the Single Euro Payments Area (SEPA) for free euro deposits and withdrawals.

In addition to the CEX platform, OKX also launched a self-custodial web3 wallet, called OKX Wallet, for its Dutch users. The OKX Europe general manager Erald Ghoos said that the wallet and the exchange have been carefully crafted by a team of experts after reviewing customer feedback.

Ghoos added that OKX holds “a crypto service provider registration with De Nederlandsche Bank (DNB) and a virtual financial asset service provider license in Malta.”

On May 24, OKX withdrew its application for the Virtual Asset Service Provider (VASP) license in Hong Kong. The exchange halted operations in the region on May 31. However, OKX did not explain the main reason behind leaving one of the fastest-growing cities for crypto companies. 

According to data provided by CoinMarketCap, OKX has a 24-hour trading volume of .7 billion with almost 5.9 million weekly visits. The total assets under its management reach .8 billion with Bitcoin (BTC) having the largest share of 46.2%, worth .69 billion.

The Bitcoin (BTC) price has gained bullish momentum, surpassing the ,000 mark, after a bearish weekend.

BTC is up by 1.3% in the past 24 hours and is trading at ,080 at the time of writing. The flagship cryptocurrency’s market cap surpassed the .35 trillion mark with a daily trading volume of .7 billion.

The bullish momentum comes after a few large investments around the Bitcoin ecosystem. Per a report on June 1, Paradigm helped the Bitcoin staking protocol Babylon raise million. 

Moreover, Tether, the USDT issuer, rushed to buy up to 0 million worth of Bitdeer shares in a private deal. Bitdeer is a popular Bitcoin mining company and its shares are worth between and .

The Republic of Tatarstan, also known as Tataria, is trying to build the largest Russian Bitcoin mining company, worth roughly 0 million. Innopolis Tech, a fintech company governed by a former Russian minister of communications, will be leading the project.

According to data provided by Santiment, the number of active addresses on the Bitcoin network has been consistently declining over the past four days — falling from 683,150 on May 31 to 538,240 unique daily active addresses at the reporting time.

Data from Santiment shows that the total supply in profit has slightly increased — rising from 18.28 million BTC to 18.33 million coins. Notably, 19.707 million Bitcoins have entered circulation so far. 

The BTC Relative Strength Index (RSI) is currently sitting at the 54 mark, according to Santiment. The indicator shows that Bitcoin is still in good condition for a steady bullish momentum.