Amid a Difficult Trading Day, KAS and RUNE Take the Lead: Here Is Why These Alts Surge

Choppy market conditions prevail for much of the crypto market, with many of the top ten cryptocurrencies in the red. Only top coins to buck the trend are BNB, Toncoin and Cardano’s ADA.

ADA is up 4.22% in the past 24 hours, but some other altcoins surpass even that. Kaspa and THORChain are up 9% and 7.8% respectively.

Related: Analyst Predicts Bitcoin Could Reach $265K and Suggests This Altcoin as a Strong Buy

Kaspa Soars On Listing Rumours

One of the reasons that KAS is likely gaining in price is due to rumours online and speculations that Binance may soon list the asset. Binance, the largest of all exchanges, which saw an impressive 75 million visits in April, is an important exchange to be listed on as it provides broad exposure.

However, it should be noted that this is just speculation and the mention of Kaspa as a ‘potential listing in 2024’ is not an official statement or endorsement by Binance.

KAS is currently trading at US$0.12 (AU$0.18) which is 35% below its all-time high of US$0.18 (AU$0.27) in February.

Kaspa is a proof-of-work cryptocurrency that uses the GHOSTDAG protocol, enabling a blockDAG structure which allows parallel blocks to coexist for enhanced security and rapid transaction processing.

It currently achieves a block rate of one per second with aspirations to reach 100 per second.

THORChain (RUNE) Chief Energy Officer Reiterates Goals

RUNE is surging on a post by the THORChain Chief Energy Officer jpthor89 clarifying the goals of the protocol.

He said THORChain aims to provide decentralised liquidity by attracting substantial Total Value Locked (TVL), ensuring robust security, and maximising monetisation through high trading volume.

The goal of @THORChain is to provide decentralised liquidity.

It will do this:
1) Attract as much TVL as possible
2) Protect that TVL with as much decentralised security as possible
3) Monetise that TVL as much volume as possible.

Repeat until TC is bigger than the biggest…

— JPTHOR (ACCEL) (@jpthor89) May 5, 2024

RUNE is currently trading at US$5.85 (AU$8.88) which is 72% below its all-time high of US$21.26 (AU$32.30) in 2021.

THORChain is a decentralised protocol enabling users to exchange cryptocurrencies across networks like Bitcoin and Ethereum without losing custody of their assets.

It uses liquidity pools to set prices rather than order books. RUNE is the native token used for governance and security, with nodes requiring a substantial stake in RUNE to participate in consensus.

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