Casper Notches 14% Rally In The Weekly Charts – Will CSPR Soar Higher?
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In the last week, the crypto market has been on an upswing, with most assets recording little amount of market gains. However, CSPR, the native token of the Casper Network, is one of the biggest gainers, surging by 13.9% over the last seven days.
While fairly popular, CSPR has been one of the most impressive tokens of 2023, with a staggering profit record. Chart data from Coingecko shows that the altcoin soared by 60% in the month of April, moving its total market gains in 2023 to a stunning 114.4%.
At the time of writing, CSPR is trading around $0.058, with a 6.5% price jump in the last 24 hours. Its daily trading volume, valued at $14.98 million, is up by 41.65%. Meanwhile, its market cap value is set at an impressive $682.12 million.
CSPR Trading At $0.058 | Source: CSPRUSDT Chart on Tradingview.com
What Is Casper (CSPR), The Future-Proof Blockchain?
Casper is a developer-friendly, business-centered public blockchain designed to serve as a platform for the secure, fast, and efficient development of sustainable blockchain-based products.
Touted as the future-proof blockchain, Casper is the brainchild of product developer Medha Parlikar and angel investor Mrinal Manohar. The Casper mainnet was launched in 2021, and it runs on a unique variant of the proof-of-stake consensus algorithm known as the Highway Protocol.
The Highway Protocol functions as an energy-efficient and flexible consensus protocol, which enables networks to finalize transactions in a non-binary manner, thus allowing blocks on Casper to be created in a faster time than other blockchains.
In addition, Casper offers users upgradeable smart contracts, another unique network feature that allows developers to modify their already deployed contracts, enabling businesses to build blockchain products that adapt to consumer needs and market trends.
Casper is also popular for its low gas fee structure supported by its advanced PoS mechanism. As earlier stated, its native token is known as CSPR and is utilized for payment of network fees, staking, and rewards for network validators.
Will CSPR Soar Higher?
Due to CSPR’s remarkable performance, there is much speculation on the ability of the token to maintain its current bullish momentum as investors try to determine profit-making opportunities.
According to the popular crypto prediction site, Coincodex, the investor sentiment presently surrounding CSPR is quite bullish. Meanwhile, its Fear and Greed Index hovers around 60, indicating the token may be a favorable investment at the moment.
Coincodex predicts that Casper will rise by 11.42% in the next five days, hitting a price of $0.065. However, their projections do not indicate a long-term faith in CSPR, as they expect the token to have slumped by 30% in the next month.
That said, investors are reminded these predictions are merely speculations and should not be relied on as investment advice.