Bitcoin Cash

Kaspa

when

Optimism

Polygon

Prices of some mega-cap altcoins, including Optimism (OP) and Kaspa (KAS), are on the verge of new all-time highs thanks to heightened institutional interest in the cryptocurrency sector. 
Thanks to billions of dollars flowing into <a href="https://crypto.news/bitcoin-etfs-net-inflows/" data-type="post" data-id="14249506" target="_blank" rel="noreferrer noopener">Bitcoin ETFs</a>, crypto native investors appear to reinvest profits in altcoins.&nbsp; 
After weeks of a relentless rally between Jan. 23 and Feb. 16, the global altcoin sector has grown by $108 billion as some mega-cap altcoins are close to hitting new all-time highs this month.&nbsp; 
<h2 class="wp-block-heading" id="kaspa-kas-price-7-away-from-all-time-high">Kaspa (KAS) price: 7% away from all-time high&nbsp;</h2> 
Kaspa (KAS) is a Layer-1 proof-of-work (PoW) cryptocurrency currently ranked 31st on the global crypto charts with a market capitalization of $3.2 billion. Through its GHOSTDAG protocol, Kaspa combines the security and decentralization of a PoW architecture with high block rates and minimal confirmation times of a Proof of Stake (PoS) network. 
KAS has scored significant price gains in the last 3-weeks, outperforming not just the prominent PoW coins, including Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), Bitcoin Cash (<a href="https://crypto.news/price/bitcoin-cash/">BCH</a>), and Litecoin (<a href="https://crypto.news/price/litecoin/">LTC</a>), but also the overall altcoin market.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="678" src="https://crypto.news/app/uploads/2024/02/image-41.png" alt="Kaspa (KAS) Price 7% Away from All-time High" class="wp-image-14249635">
 <figcaption class="wp-element-caption">
 Kaspa (KAS) Price 7% Away from All-time High – Source: <a href="http://tradingview.com" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
Between Jan. 23 and Feb. 16, KAS’s price increased by 56%, adding $1.1 billion to its market capitalization. By scoring another 7% gain, KAS will surpass its previous global peak at $0.16, recorded on Nov. 19.&nbsp; 
Compared to the $108 billion growth in Total Market Cap, excluding BTC and <a href="https://crypto.news/price/ethereum/">ETH</a>, KAS has attracted about 1% of all capital inflows into the altcoin market in the last 3 weeks.&nbsp; 
<h3 class="wp-block-heading" id="why-is-kaspa-s-kas-price-rising">Why is Kaspa’s (KAS) price rising?&nbsp;</h3> 
The upcoming Bitcoin halving is one dominant narrative behind Kaspa’s recent growth spurt. Industry experts expect over 20% of Bitcoin miners will go offline when block rewards are slashed from 6.25 BTC to 3.13 BTC in April 2024.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="703" src="https://crypto.news/app/uploads/2024/02/image-42.png" alt="Kaspa (KAS) Price Breaking out ahead of Bitcoin (BTC) Halving " class="wp-image-14249636">
 <figcaption class="wp-element-caption">
 Kaspa (KAS) Price Breaking out ahead of Bitcoin (BTC) Halving | Source: <a href="https://www.nicehash.com/countdown/btc-halving-2024-05-10-12-00" target="_blank" rel="noreferrer noopener">Nicehash</a>
 </figcaption>
</figure> 
Many miners could channel their resources towards alternative Proof of Work networks, like Kaspa, that offer more attractive returns.&nbsp; 
Hence, investors appear to be piling funds in the KAS coin to front-run the potential upside from the fallout of the upcoming Bitcoin halving. This could effectively send KAS price racing towards a new all-time high in the coming weeks.&nbsp; 
<h2 class="wp-block-heading" id="optimism-op-price-9-away-from-all-time-high">Optimism (OP) price: 9% away from all-time high</h2> 
Optimism (OP) is a prominent layer-two blockchain built on Ethereum. Optimism benefits from the security of the Ethereum mainnet and provides enhanced scalability using its innovative, optimistic rollups.&nbsp; 
Like other Layer-2 scaling solutions, the OP allows cryptocurrency investors to carry out faster and more cost-effective defi transactions without interacting primarily with the Ethereum mainnet.&nbsp; 
OP token has drawn investors’ attention amid increased demand for defi transactions triggered by the crypto market rally.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="535" src="https://crypto.news/app/uploads/2024/02/image-43.png" alt="Optimism (OP) Price performance Jan 23 - Feb 16 2024" class="wp-image-14249637">
 <figcaption class="wp-element-caption">
 Optimism (OP) Price performance Jan. 23 – Feb. 16 2024. Source: <a href="https://www.tradingview.com/x/S7OXsAKY/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
Between Jan. 23 and Feb. 16, Optimism’s price beat the market average, gaining 53% and adding about $1 billion in market capitalization. On Feb. 15, the OP price peaked at just 10%, away from hitting its all-time high of $4.30, recorded on Jan. 12.&nbsp; 
<h3 class="wp-block-heading" id="why-is-optimism-s-op-price-going-up">Why is Optimism’s (OP) price going up?&nbsp;</h3> 
The ongoing OP price rally appears to be driven largely by industry-wide demand for defi services.&nbsp; 
While Optimistic roll-ups were launched in 2019, the OP governance token was only launched in June 2022. But despite being relatively new on the market compared to Polygon (<a href="https://crypto.news/price/polygon/">MATIC</a>), Optimism has quickly grown to become one of Ethereum’s most in-demand scaling solutions over the past year.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="582" src="https://crypto.news/app/uploads/2024/02/image-44.png" alt="Optimism (OP) TVL vs. Polygon (MATIC) TVL " class="wp-image-14249638">
 <figcaption class="wp-element-caption">
 Optimism (OP) TVL vs. Polygon (MATIC) TVL | Source: <a href="https://defillama.com/compare?chains=Optimism&amp;chains=Polygon" target="_blank" rel="noreferrer noopener">DeFiLlama&nbsp;</a>
 </figcaption>
</figure> 
Furthermore, the chart shows that Optimsm briefly surpassed Polygon network when its TVL peaked at $927.6 million on Jan. 11, the same day OP price hit an all-time high.&nbsp; 
This close correlation between OP price and TVL growth trends emphasizes that the fundamental demand for defi solutions is the main catalyst behind the ongoing rally.&nbsp; 
Optimism is home to over 100 protocols, the biggest being Synthetix (<a href="https://crypto.news/price/synthetix-network/">SNX</a>), a derivatives exchange, Uniswap (<a href="https://crypto.news/price/uniswap/">UNI</a>), a DEX, and Velodrome (VELO), an AMM.&nbsp; 
With demand for these critical defi services still on the rise, OP looks set to close the 10% gap and reclaim a new all-time high in the coming weeks.&nbsp;

Altcoins nearing all-time highs in February: KAS, Optimism in focus

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