Kaspa (KAS), the native token of the proof-of-work cryptocurrency Kaspa, has experienced a remarkable surge of 20% in its price, edging closer to a potential all-time high.

As of the latest update, Kaspa (KAS) has witnessed a staggering 200% surge in trading volume and an impressive 18% increase in price over the past 24 hours. Notably, the cryptocurrency asset has demonstrated significant growth, rising by 25% in the previous seven days and an impressive 61% in the last 30 days, indicating a positive outlook for the altcoin in the current month.

According to data from CoinMarketCap, the token now holds the 26th position in the global cryptocurrency rankings, boasting a trade price of $0.176, a circulating supply of approximately 23,828 million KAS tokens, and a market capitalization of $4.09 billion.

Kaspa stands out as a cryptocurrency platform designed to deliver high-performance, scalability, and security. Its key innovation lies in the utilization of the GhostDAG protocol, which facilitates faster block times and increased transaction throughput compared to conventional blockchains. Unlike traditional blockchains, GhostDAG eliminates the creation of orphan blocks in parallel, enabling them to coexist while ensuring consensus.

The recent surge in price follows a notable post by trader Christian Ludwig on Jun. 3, highlighting potential catalysts that could propel the price of Kaspa to as high as $1 in the foreseeable future. These catalysts include the introduction of Kaspa KRC20 smart contracts, the platform's potential to emerge as a leading stablecoin transfer network, and the integration of the Ethereum Virtual Machine, facilitating interoperability with the ETH network.

Furthermore, an upcoming Blockdag upgrade is anticipated to enhance the network speed by up to 10 times, further fueling the bullish sentiment surrounding Kaspa.

Earlier, on May 30, Kaspa's hashrate surged to approximately 300 PH/s, although still a fraction of Bitcoin's hashrate. However, it remains substantially higher than Ethereum Classic's, enhancing network security. Kaspa's network is built upon one of Satoshi Nakamoto's earlier concepts, featuring accelerated currency production with more frequent halving events.

With a maximum supply of 28.7 billion coins and halving occurring annually, Kaspa's mining competition intensifies as the majority of coins have already been mined. As the network gains traction, miners aim to accumulate coins in anticipation of favorable price movements.

Despite its significant supply, KAS has garnered attention, nearly breaking into the top 25 assets by market capitalization. However, the adoption of Kaspa has been relatively gradual in 2024, as the crypto community shows a preference for meme tokens that are easier to acquire.

Looking ahead, the Kaspa community anticipates a price surge to $1, contingent upon the resurgence of L1 narratives. Leveraging its DAG structure, speed, and robust mining ecosystem, Kaspa aims to bolster its influence in the blockchain landscape, although it lags behind in token creation and value-generating projects compared to other networks.