The Casper cryptocurrency (CSPR) is up 35% in three days
Casper (CSPR), a cryptocurrency based on smart contracts, was offering 10% gain this Sunday as it rose to $0.047. This virtual currency, broke a resistance that had been in place for 158 days, two days ago. The break occurred amid a demand for the token due to its low price. In the last three days, casper returned of 35%. Since the middle of last June, CSPR's growth was 90%.
The cryptocurrency, casper (CSPR), was trading in a price range between $0.03, up to a resistance of $0.038. That price range, held for practically five months. CSPR formed a double bottom and in the last week managed to break the mentioned resistance. This token is one of a group of alternative currencies whose prices are very low. There are investors who are taking advantage of the coins in prices in the extreme fear zone.
Fall of the Casper cryptocurrency (CSPR)
Last December 2021 to mid-June, the cryptocurrency casper (CSPR) collapsed 89% of its value. The drop came amid a bearish crypto market unleashed since late last year. The price collapse accelerated, after the U.S. Federal Reserve (Fed) announced aggressive interest rate hikes. It also undertook monetary tightening to defend the value of the dollar and fight inflation.
CSPR may have reached its floor and turned around. It now has, in its recovery path, resistance at $0.057. Since the beginning of September this year, it started making higher lows. In the last three days, it accelerated to the upside, despite the recent very negative US inflation data announcements. Such data may have strengthened the dollar, however, Casper did not keep pace with the rest of the market and kept rising.
What Casper is about
Casper is a layer 1 cryptocurrency, which is based on the proof-of-stake (PoS) consensus protocol. It is a development that runs smart contracts, web3 and decentralized applications (Dapps) for enterprises. CSPR addresses the issues of security scalability and decentralization, for enterprises, all within the same protocol of its blockchain.
There are currently 400 million CSPR tokens that are released into free trade across the various exchanges on which it is traded. Its market capitalization of $484.81 million. Thanks to the recent rise, it ranks 70th in the top 100 of the world's leading cryptocurrencies. Casper Labs, the company that issues is in cryptocurrency, supports projects of the Linux Foundation, which has been operating since 2000. Also, Hyperledger, which is a non-profit organization focused on developing blockchain infrastructure for businesses.