Two of the best crypto performers in the past day are Kaspa (KAS) and Tornado Cash (TORN), both up around 12% as investors are returning to established, utility-focused projects.
With a pivotal FOMC meeting next week, in which crypto investors hope for rate cuts that could send the whole crypto market parabolic, several blue-chip utility crypto projects are being bought up in anticipation.
Why Is Kaspa (KAS) Pumping?
$KAS is officially added to CoinMarketCap "Top Made in America" assets category: https://t.co/xIRnMKwlb6 pic.twitter.com/kpDkNH7wNl
— MMOStars (@MMOStars) March 11, 2025
Kaspa is a decentralized proof-of-work (PoW) crypto. It is an open-source Layer-1 solution that utilizes the ‘GHOSTDAG’ protocol, a blockDAG architecture that enables rapid and secure transactions by allowing parallel block creation and ordering.
It has been an incredibly strong performer over the past two years. On this date in 2023, KAS was a $200 million market cap token. In July 2024, it briefly topped $5 billion, a 25x return for those who rode the wave.
Even with the crypto market bleeding since then, KAS has a market cap of around $1.7 billion, still a respectable 9x for those who got in two years ago.
It is up 12% on the day, having processed nearly $200 million in daily trading volume as investors seek a flight back to safety with established utility-backed coins.
KAS has an extremely strong community, akin to that of Cardano (ADA); it is full of those who truly believe in the tech and hold through the good and bad. Due to its community’s strength, it is no surprise that KAS is leading the resurgence of the lagging crypto market.
Another small detail that could play a part in its price surge is its recent addition to the CoinGecko ‘Made In America’ category.
While nothing has been made official as of yet, President Trump has hinted that holders of certain Made In America cryptocurrencies could be faced with a number of benefits, with one rumor being a 0% tax on gains made.
Kaspa holders will be watching with a keen eye for any official announcement by Trump or his administration regarding whether KAS will be included in any potential Made In America perks.
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What Is Causing The Tornado Cash (TORN) Pump?
It’s only a matter of time before we can celebrate freedom for Tornado Cash, getting it removed from the sanctions list, and all its developers. Writing code is not a crime.
Congratulations, @iampaulgrewal , for your outstanding performance! $TORN https://t.co/YCD3ntW2fa
— MSA (@polpotcrypto) March 11, 2025
Tornado Cash (TORN) has been in the news recently. Two key members of the infamous crypto-mixer’s team are facing legal troubles for their involvement in creating it.
Alexey Pertsev, the crypto mixers developer, was found guilty of money laundering in 2024 and is still fighting for his innocence. The Ethereum Foundation, led by Vitalik Buterin, recently donated $1.25m to Pertsev to aid the developer in his coming legal battles.
Crypto investment firm Paradigm also pledged $1m to Pertsev’s colleague, Roman Storm. Storm is facing a legal issue similar to Pertsev’s. Still, the crypto community hopes such hefty and public backing from notable figures within the market will help the Tornado Cash developers.
Although many nefarious actors use the crypto mixer to hide ill-gotten gains, it is, first and foremost, a privacy feature, and its developers should not be responsible for how it is used.
With President Trump and his crypto administration taking a pro-crypto and pro-privacy stance, many hope Tornado Cash can separate itself from the negative image often associated with the protocol.
As a result of the recent narrative shift for Tornado Cash, it has seen an uptick in both activity and price for its native token, TORN. It is up over 17% daily, with over 90% of its $16m daily volume coming from on-chain DEXs.
TORN still has a way to go to return to its previous highs, where it hit $125 million in market cap back in 2021. It currently sits at roughly $26 million, trading at $7.3 per TORN.
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Crypto market is showing signs of life, led by utility-focused projects like Tornado Cash (TORN) and Kaspa (KAS)
- KAS and TORN are both up around 15% in the past day as investors flock back to utility plays
- FOMC market next week has crypto investors hoping for a rate cut that could send the market parabolic
- Strong project such as TORN and KAS are being bought up in anticipation of bullish news from the Trump administration next week
