Famous cryptocurrency trader Peter Brandt shared his views on two important trends in the cryptocurrency market. The first is the remarkable price action of Kaspa (KAS) and the second is the current price dynamics of Bitcoin (BTC). Known for his expertise in graph analysis, Brandt offers valuable perspectives on these developments. Thus, shedding light on potential future directions. Here are the details…
Strong bullish trend for KAS
Peter Brandt commented on the altcoin in his last interaction on Twitter. He expressed his positive outlook on Kaspa’s local currency KAS, which is a layer-1 solution. Recognizing the strong uptrend, Brandt highlighted the impressive performance of KAS. Thus, he pointed out that the crypto-asset has increased twenty-fold in less than a year. The fact that KAS operates as a proof-of-work (POW) cryptocurrency is cited by Brandt as a positive factor.
Definitely in a strong bull trend, up 20-fold in less than a year. It is a POW coin — that is a positive IMO pic.twitter.com/07w4DKgIns
— Peter Brandt (@PeterLBrandt) August 15, 2023
Highlighting the KAS/USDT daily chart, Brandt shared his views on the coin’s upward trend. At the time of writing, KAS was up 6.43 percent in the last 24 hours to reach $0.041. These gains have been particularly remarkable given the prevailing losses in cryptocurrencies. CoinGlass data reported $153 million worth of crypto liquidations in the past 24 hours. Despite this challenging market environment, KAS has positioned its market cap at approximately $834 million. Thus, it was able to maintain an upward trajectory.
680 percent increase in the year
Kaspa’s journey during the year was nothing short of remarkable, with a staggering 686.04 percent change. According to CoinGecko data, over the course of a year, KAS has increased by a staggering 1,760 percent. The altcoin’s price rally started in late May. It gained significant momentum since early June after finding support at the $0.013 level. This rally culminated on August 6 at an all-time high of $0.051. Then there was a moderate decrease.
Built on the GHOSTDAG protocol, Kaspa has demonstrated its potential as a PoW consensus engine. Its native token KAS serves as a core element for on-chain transactions and reward distribution. Especially, cryptocoin.comAs we reported, the project reached an unprecedented milestone by reaching 10 blocks per second (BPS) on the testnet in June.
Important trend line for Bitcoin drew attention
Turning his attention to Bitcoin, Brandt highlighted an important trend line stemming from the cryptocurrency’s bottom in 2023. Emphasizing the importance of the $28,574 support level, Brandt stated that a break below this level could indicate a bearish trend or a potential bear trap for Bitcoin. According to the latest data from CoinGecko, Bitcoin is currently trading at $29,116, just above this critical level.
Bitcoin seriously challenging multi-contact point trendline from 2023 bottom. Move through Aug low would be bear signal or bear trap. $BTC pic.twitter.com/FR5eqwgJis
— Peter Brandt (@PeterLBrandt) August 16, 2023
Bitcoin’s recent market behavior has been characterized by unusual calm, with volatility reaching historic lows. The cryptocurrency is stuck in a tight range between $29,000 and $30,000. Thus, this led to discussions about the sustainability of the situation. Glassnode, a leading crypto market intelligence firm, commented on current market conditions. He pointed to the “very boring” nature of the market, which could continue for a while.
Low volatility continues for Bitcoin
The protracted period of low volatility led to various comments among market participants. Some consider this a temporary stage. On the other hand, others think this may indicate a more permanent shift than Bitcoin’s volatility. Remarkably, the two largest cryptocurrencies, Bitcoin and Ethereum, exhibit lower volatility compared to traditional assets such as oil and gold. Data analysis firm Kaiko has revealed that the 90-day volatility of Bitcoin and Ethereum is 35% and 37%, respectively, while the volatility of oil is 41%.
As the cryptocurrency community observes this phase of stagnant volatility, the question remains whether a decisive move will occur in either direction in the coming days. All in all, veteran trader Peter Brandt’s views offer valuable perspectives on both KAS’s bullish momentum and Bitcoin’s current price dynamics. With his extensive experience and expertise, Brandt’s analysis provides valuable insights for traders, investors and enthusiasts navigating the complex landscape of cryptocurrencies.
