The post Here’s why Casper’s CSPR token spiked 130% today appeared on BitcoinEthereumNews.com.

Casper price gained momentum on Monday as it rallied over 130%, making it one of the best-performing tokens in crypto. CSPR, the native token of the Casper Network, shot up to an intraday high of $0.023 on April 28, its highest point since Dec. 9 last year. From its lowest level this year, the token has now surged more than 180%. Its market cap climbed to around $215 million, while daily trading volume exploded by nearly 2,500% from the previous day, hovering around $115 million. The surge coincided with a sharp increase in futures open interest, which hit a 5-month high of $6.64 million, way up from about $836k just a month ago, per data from CoinGlass. The simultaneous rise in price and open interest typically signals strengthening bullish sentiment. Funding rates have also stayed positive for the last six days, meaning traders going long are paying less than those betting against the token, a clear bullish signal. Meanwhile, on-chain data shows more holders are moving their tokens off exchanges. In just the past two days, over $1.7 million worth of CSPR left trading platforms. Exchange outflows are typically a bullish sign, as they suggest investors are moving their tokens into self-custody wallets, reducing immediate sell pressure. CSPR’s gains today can be primarily attributed to a surge in investor interest ahead of its Casper 2.0 upgrade, scheduled for May 6. This update aims to boost the network’s speed, security, and developer experience. The team called it “a leap forward for the Casper Network and a defining step toward bridging the real-world economy with Web3” in an April 22 post on X. Moreover, community sentiment has been buoyed by broader changes within the project’s leadership. According to a community member, Nick, the team associated with past delays and unmet promises has…

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Filed under: News - @ April 28, 2025 8:21 am