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

Table of Contents

crypto.news

Other articles published on Feb 16, 2024

Altcoin VeChain Poised for Notable Expansion, Analyst Predicts

How Avalanche became the 9th largest crypto in Q4 2023

Bitcoin-Yen pair sets new record amid pressure on Japan’s fiat currency

5 AI Stocks You Need on Your Watchlist

Pushd presale soars as Ethereum eyes $27k and Chainlink faces trap

XRP's Strategic March Towards $1.4 Amid Bullish Market Trends

Join our free newsletter for daily crypto updates!