Kaspa price surges 12%: will KAS hit a new all-time high?

The cryptocurrency market remains bearish, with Bitcoin (BTC) attempting to hold onto a key price level after a recent sell off. 

Analysts have said the euphoria that drove prices higher after Donald Trump’s US election win on November 5 is fading.

But despite this, several altoins, including Pi Network (PI), Celestia (TIA) and Kaspa (KAS) are recording notable gains.

Kaspa price jumps 12% as Bitcoin reclaims $80K

Bitcoin recently plunged to lows of $76.7k, igniting a bearish firestorm that rippled across major altcoins.

Amid this panic, Kaspa (KAS), a mineable layer 1 protocol, saw its native token’s price fall to lows of $0.056.

However, with the BTC price rebounding above $80K amid market reaction to tariffs and other macro events, Kaspa has emerged as one of those tokens to steal the spotlight.

Over the past 24 hours, KAS price has spiked more than 12%, touching highs of  $0.074.

The gains came amid a bounce for Bitcoin.

As of 11:30 am CET, data from CoinMarketCap showed the KAS price hovered near $0.067.

The proof-of-work cryptocurrency’s market capitalization stood at $1.73 billion, while daily trading volume had increased 97% to over $197 million.

 Kaspa’s gains put it among top performers in the past 24 hours, with Coinglass data showing open interest was up 1.6% to over $63 million.

Whale activity driving Kaspa price up?

Kaspa’s recent price action isn’t just a byproduct of broader market optimism.

Data points to significant whale accumulation as a key catalyst. Over the past 30 days, large holders have been steadily stacking KAS, signaling confidence in its upside potential. 

The past 24 hours have witnessed further whale moves, with one such wallet that’s been largely dormant since November 2024, springing to life.

On-chain data shows the whale held a massive 722 million KAS, and executed a significant transfer of 330 million KAS, worth about $22 million, to the crypto exchange KuCoin. 

Curiously, another whale via an unknown wallet scooped up 200 million KAS from the exchange shortly afterwards.

With such movement taking place amid the latest dip, could whales be in on something?

Is KAS set for fresh upward momentum that pushes it to a new all-time high?

KAS price outlook

Kaspa’s price has been on a tear, but it’s still about 30% shy of its all-time high of $0.2075, hit in August 2024. 

But could KAS be gearing up to reclaim that peak?

A look at the daily chart for the PoW altcoin suggests a potential bullish flip.

Key indicators are signalling buyers are asserting control, which could explode if market conditions align. 

In August 2024, the news that a top Bitcoin mining company had added Kaspa to its operations catalysed a parabolic rise to the current ATH.

Whale accumulation may indicate confidence in Kaspa performance in coming months.

However, whale movements can also not signal just an upcoming pump.

Savvy traders know offloading by such lage wallets can spark sell-off pressure.

In this case, KAS might be on the cusp of a historic breakout, with price rising a notable 67% to a new ATH.

On the flip side, wild volatility also means a potential dump.

Key support levels would be around $0.05.