Over the past week, the crypto market has been on the rise, with most assets making little market gains. However, CSPR, the Casper Network’s native token, is one of the biggest gainers, rising 13.9% in the past seven days.
While fairly popular, CSPR was one of the most impressive tokens of 2023, with a staggering profit record. Map data from Coingecko shows that the altcoin is up 60% in the month of April, pushing the total market gain in 2023 to a staggering 114.4%.
At the time of writing, CSPR is trading near USD 0.058, with the price up 6.5% in the past 24 hours. Daily trading volume, worth $14.98 million, is up 41.65%. Meanwhile, the market cap value has been 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, enterprise-focused public blockchain designed to serve as a platform for the secure, rapid, 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. Launched in 2021, the Casper mainnet runs on a unique variant of the proof-of-stake consensus algorithm known as the Road protocol.
The Highway Protocol functions as an energy-efficient and flexible consensus protocol, enabling networks to complete transactions in a non-binary manner, enabling blocks to be created on Casper faster than other blockchains.
In addition, Casper provides users with upgradeable smart contracts, another unique networking feature that allows developers to modify their already deployed contracts, enabling companies to build blockchain products that adapt to consumer needs and market trends.
Casper is also popular for its low gas cost structure backed by its advanced PoS mechanism. As mentioned earlier, the native token is known as CSPR and is used for the payment of network fees, staking and rewards for network validators.
Will CSPR Rise Higher?
Due to CSPR’s remarkable performance, there is much speculation about the token’s ability to maintain its current bullish momentum as investors try to determine profit opportunities.
According to the popular crypto prediction site, Coincodex, investor sentiment around CSPR is currently quite bullish. Meanwhile, the Fear and Greed Index hovers around 60, indicating that the token could be a favorable investment right now.
Coincodex predicts that Casper will rise by 11.42% over the next five days, reaching a price of $0.065. However, their projections do not indicate long-term confidence in CSPR as they expect the token to be down 30% in the coming month.
That said, investors are reminded that these predictions are speculation only and should not be taken as investment advice.
Featured image: Tino Group, chart from Tradingview.
