- Casper Network price has been in a strong bullish trend lately.
- The developers are building Casper 2.0, which will roll out in 2023.
Casper Network price has gone parabolic in the past few weeks, helping it become one of the best-performing cryptocurrencies. CSPR surged to a high of $0.054, which was about 115% above the lowest level this year. As a result, its total market cap has surged to over $400 making it the 69th biggest cryptocurrency in the world.
What is Casper crypto and why is it rising?
Casper Network is a blockchain project that aims to compete with popular layer-1 networks like Ethereum, Polkadot, Cardano, and Solana. It was developed by a team of computer scientists at the University of San Diego. The original creators were Daniel Kane, Andreas Fackler, Adam Gagol, and Damian Straszak.
Learn more about how to buy Cardano.
Casper Network has been used to build several centralized and decentralized (DeFi) exchange products. Some of the apps in its ecosystem are Uphold, SkyBridger, CasperPads, CasperPunks, and Casper Army among others.
CSPR is the native token for the Casper Network ecosystem. It is used for its governance and to power payments of its ecosystem.
There are several possible reasons why the CSPR price has surged recently. First, the network has partnered with Siemens, one of the biggest German industrial companies. The partnership will see participants compete in the Tech for Sustainability initiative and be rewarded with prizes worth over 70k euros.
Second, the developers are working hard to launch Casper 2.0 soon. The new version will introduce new capabilities that are designed to make Casper a competitive platform. Some of the new features will be a new improved consensus mechanism, unified accounts and contracts, and an open validator model. The new upgrade will be rolled out in Q1 of 2023.
Finally, Casper Network price has rallied because of the recently launched Casper NFT Standard. This standard is expected to make Casper a leading player in the NFT industry.
Casper Network price prediction
The four-hour chart shows that the CSPR price has been in a strong bullish trend in the past few days. In addition to the three reasons mentioned above, it has risen because of Fear of Missing Out (FOMO) among traders.
Casper Network has risen above the important resistance point at $0.0376, which was the highest level on October 6. The coin has risen above all moving averages while the MACD has continued rising.
Therefore, there is a likelihood that Casper will likely continue rising as bulls target the next key resistance at $0.0600. A drop below the support at $0.045 will invalidate the bullish view.
