Kaspa's KAS Token Bucks Broader Market, Surges 26% in a Week
The rally was accompanied by an even-bigger surge in futures open interest.

- The Kaspa blockchain's KAS token is the best-performing top 100 cryptocurrency of the past seven days.
- The price rally was accompanied by an even-bigger surge in futures open interest.
There is always action in some pocket of the crypto market even when the headline numbers don't show much going on, just as the still surface of a pond can mask the extent of the dynamic ecosystem below.
That's been the case recently. Since last Friday, the negative price action in bitcoin
That decline, however, obscures the 26% surge in the Kaspa blockchain's KAS token. The token, ranked 27th in market value, has topped 18 cents and is nearing the record high of $0.196 reached early this month, according to data source CoinGecko. That makes KAS the best-performing coin among the top 100 digital assets in terms of market value.
The outperformance follows bitcoin miner Marathon Digital (MARA)'s decision to diversify its revenue stream by adding KAS mining. The company said it has mined 93 million KAS tokens since September.
Kaspa's proof-of-work blockchain utilizes the GHOSTDAG (Greedy Heaviest Observed Sub-Tree Directed Acyclic Graph) protocol to enhance its performance and scalability.
GHOSTDAG prioritizes not just the longest chain but also additional blocks referenced by other blocks in the network, thereby making the blockchain more secure and resilient. Traditional blockchains tend to select the longest chain to achieve final consistency, which slows down the network's transaction throughput.
KAS' weekly gain is accompanied by a 58% surge in futures open interest to $65 million, with funding rates holding positive, according to data source Coinglass. That shows an influx of new money on the bullish side and validates the rally in price.

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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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