Over the past week, the crypto market has seen a rally, with most assets seeing little market gain. However, CSPR, the native token of the Casper network, is one of the biggest gainers, surging 13.9% over the past seven days.
Although quite popular, CPSS has been one of the most impressive tokens of 2023, with a staggering earnings record. Map data of Coingecko shows that the altcoin soared 60% in the month of April, bringing its total market gains in 2023 to an astonishing 114.4%.
As of this writing, CSPR is trading around $0.058, with a price increase of 6.5% in the last 24 hours. Its daily trading volume, valued at $14.98 million, is up 41.65%. Meanwhile, its market cap value is pegged at an impressive $682.12 million.
CSPR Trading At $0.058 | Source: CSPRUSDT Chart on Tradingview.com
What is Casper (CSPR), Future-Proof Blockchain?
Casper is an enterprise-centric, developer-friendly 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. Casper’s mainnet launched in 2021 and runs on a unique variant of the proof-of-stake consensus algorithm known as Road protocol.
The Highway Protocol operates as an energy-efficient and flexible consensus protocol, which allows networks to finalize transactions in a non-binary manner, allowing blocks on Casper to be created faster than other blockchains.
Additionally, Casper offers users Scalable Smart Contracts, another unique network feature that allows developers to modify their already deployed contracts, allowing companies to create 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 mentioned earlier, its native token is known as CSPR and is used for payment of network fees, staking, and rewards for network validators.
Will CSPR go higher?
Due to CSPR’s stellar performance, there is a lot of speculation about the token’s ability to sustain its current bullish momentum as investors try to determine profit opportunities.
According to the popular crypto prediction site, Coincodex, Investor sentiment currently surrounding the CPSS is quite bullish. Meanwhile, its fear and greed index hovers around 60, indicating that the token may be a favorable investment at the moment.
Coincodex expects Casper to rise 11.42% over the next five days, reaching a price of $0.065. However, their projections do not indicate long-term confidence in CPSS, as they expect the token to drop 30% next month.
That said, investors are reminded that these forecasts are only speculation and should not be taken as investment advice.
Featured Image: Tino Group, chart from Tradingview.