Kaspa, the rising cryptocurrency, has made its way onto Binance’s futures market after a successful crowdfunding campaign that raised $30,000 for liquidity and marketing initiatives. Although it has been listed on other major centralized exchanges (CEXs) like Bybit and Coinone since its fair launch in June 2022, Kaspa is not yet available for spot trading on Binance.
One of the key factors contributing to Kaspa’s popularity is its innovative proof-of-work directed acyclic graph (PoW-DAG) hybrid consensus mechanism, which has significantly improved 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 announcement of Kaspa’s listing on Binance Futures came a day after the cryptocurrency revealed the upcoming addition on Twitter at 02:00 UTC on Thursday. Despite the current market fluctuations, Kaspa has seen an extraordinary year-to-date increase of 2,353%, with its market cap growing from $82.35 million in January to a current valuation of $2.53 billion.
Looking ahead, a price prediction algorithm suggests that Kaspa may experience a modest growth of 2.5% by December 17th, amidst a consolidating crypto market that has risen by 26.61% over the past month. This forecast is in line with Binance’s strong presence in the spot trading volume, currently holding a dominant share of 43.9% according to CoinGecko’s report.
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