Casper Network’s price has gone stratospheric in recent weeks, propelling it to the top of the cryptocurrency market. CSPR reached a high of $0.054, over 115% higher than its lowest level this year. As a result, its entire market worth has risen to well over $400, making it the world’s 69th largest cryptocurrency.
What is Casper cryptocurrency, and why is it gaining popularity?
Casper Network is a blockchain project with the goal of competing with major layer-1 networks like Ethereum, Polkadot, Cardano, and Solana. It was created by a group of computer scientists from the University of California, San Diego. Daniel Kane, Andreas Fackler, Adam Gagol, and Damian Straszak were the original inventors.
Casper Network has been utilized to develop several centralized and decentralized (DeFi) exchange solutions. Uphold, SkyBridger, CasperPads, CasperPunks, and Casper Army are among the apps in its ecosystem.
The Casper Network ecosystem’s native token is CSPR. It is utilized for governance and to enable ecosystem payments.
There are various plausible explanations for the recent increase in CSPR pricing. For starters, the network has teamed with Siemens, one of Germany’s largest industrial enterprises. Participants in the cooperation will participate in the Tech for Sustainability project, with awards totaling more than 70k euros.
Second, the developers are working hard to release Casper 2.0 as soon as possible. Casper will become a more competitive platform with the release of the next version, which will have new features. A newly enhanced consensus system, consolidated accounts and contracts, and an available validator architecture will be among the new features. The latest update will be available in the first quarter of 2023.
Finally, the Casper Network pricing has risen as a result of the recently released Casper NFT Standard. This standard is likely to propel Casper to the forefront of the NFT market.
What Problems Does Casper (CSPR) Attempt to Fix?
Casper was designed to lessen or eliminate a variety of issues. For starters, the network was created to make the onboarding process as simple as possible. The network lowers technological obstacles, allowing more companies to incorporate blockchain technology into their business.
Casper’s Advantages (CSPR)
Casper (CSPR) users have several advantages. For starters, the network offers a secure alternative to centralized marketplaces. The platform functions as an open-source network that a number of third parties and the community have thoroughly reviewed. Because you can monitor all of the network’s processes, open-source initiatives give more transparency and are considered a superior investment option.
Scalability is another significant advantage that Casper offers its consumers. Concerns about scalability were at the heart of Casper’s development since the team wanted to avoid making the same error as Ethereum. To fight congestion, Ethereum’s technological framework is designed to raise gas prices. Previously, this strategy was effective because network congestion was caused by spam.
However, the network’s congestion this time is owing to the growth in popularity of the DeFi sector. As a result, Ethereum users are now required to pay record-breaking gas prices. When compared to the competition, they also have more transaction delays. These worries have prompted developers and businesses to look for alternatives, such as Casper.
Casper, in particular, allows sharding. Sharding is a digital storage technology that will enable networks to partition their data. Sharding gives networks practically limitless storage capacity. As a result, developers may use blockchains that allow sharding to design more complicated applications.
Casper’s creators went to tremendous efforts to guarantee that their network stays relevant in the future. Upgradeable features on the Casper blockchain include better intelligent contracts and predictable gas fees.
How Does Casper (CSPR) Work
Casper is the first live proof-of-stake blockchain built on the Casper CBC protocol. Its one-of-a-kind Proof-of-Stake (PoS) consensus process provides Casper’s excellent performance and security. Using the network’s developer tools, developers may create next-generation blockchain apps. Here are a few more capabilities that allow Casper to offer business blockchain services to the market.
Casper Labs is the Casper network’s development team. Their mission is to give technical assistance and to keep the network running smoothly.
The Casper ecosystem’s primary utility token is CSPR. This dynamic cryptocurrency performs several functions throughout the network. PoS Validators are rewarded via CSPR. It is also how frequently Casper users engage with its services and features. All fees and prizes, for example, are paid in CSPR. The token is also essential in the network’s community governance.
The NFT Marketplace
Casper announced support for NFTs earlier this month (non-fungible tokens). According to business literature, the network collaborated with WISekey to develop a sophisticated NFT marketplace. This platform will enable users to design and trade NFTs. Notably, NFTs are one of the blockchain’s fastest-growing areas.
NFTs are distinct from traditional cryptocurrencies in that they can represent a single asset. There are now NFTs for anything from houses to fine paintings. Notably, the value of NFTs has increased significantly during the previous two years. An NFT souvenir is portraying ex-President Donald J. Trump lying on his side with graffiti on his body and a rainbow flowing out of his buttocks sold for more than $60 million earlier this year.
Price prediction for Casper Network
According to the four-hour chart, the CSPR price has been in a solid bullish trend for the last three days. In addition to the three causes described above, it has grown due to traders’ Fear of Missing Out (FOMO).
Casper Network has broken over a critical resistance level of $0.0376, which was the highest level on October 6. While the MACD has continued to rise, the coin has soared above all moving averages.
As a result, Casper is expected to continue gaining as bulls aim for the next critical resistance level at $0.0600. A break below the support level of $0.045 will render the bullish outlook worthless.
How to Purchase Casper (CSPR)
Casper (CSPR) can be purchased on the following exchanges:
Uphold – This is a leading exchange for residents of the US and the UK, offering a diverse choice of cryptocurrencies. Germany and the Netherlands are not permitted.
KuCoin – This cryptocurrency exchange currently supports trading over 300 popular tokens. It is frequently the first to provide purchasing opportunities for new tokens. This exchange is now open to international and US residents.
Casper illustrates developers’ ambition to supply organizations with readymade blockchain integration options. These networks help businesses to improve the efficiency and security of their operations. Casper, as a result, serves a significant niche market that is set to experience increased demand in the coming months.