Comparing KAS to BTC, rather than just focusing on its USD price, provides a clearer picture of the current market conditions. This comparison reveals whether Kaspa is competing with Bitcoin or lagging behind it, regardless of the overall market trend. Over the past year, the answer has mostly been lagging. Although there have been a few brief rebounds showing KAS's strength, these instances did not last, and the overall trend has been downward.
Kaspa's Year of Fluctuations
According to a chart shared by KaspaDaily, Kaspa actually started off quite well in April and May 2025, with the KAS/BTC ratio rising from about 0.00000077 to 0.0000012 by mid-May. This performance was quite impressive, clearly indicating that during this period, Kaspa was performing on par with Bitcoin.
However, the issue is that this state lasted only about six weeks. Subsequently, the ratio fell back to around 0.00000065, with momentum vanishing instantly. 
At the end of July and early August, KAS had another opportunity, rising back to about 0.00000098. However, it is worth noting that this peak was lower than the previous highs. By October, as expected, the ratio slid to a new low of 0.00000045 to 0.00000048, marking the lowest level of the year.
November brought a slight rebound, briefly raising questions about whether the bottom had been reached, but it had not. This uptick quickly weakened, and from December to February, the ratio continued to decline with almost no buying pressure. By February 2026, the ratio had dropped to 0.00000040, with no real signs of a rebound during this period.
Also noteworthy is that the Kaspa (KAS) Puell multiple signal indicates miners have been selling off over the past three months. What will happen next?
The Importance of This Situation
When altcoins drop to multi-month lows against Bitcoin, they do not always stay at that position. At some point, funds begin to flow back from Bitcoin to altcoins, and assets in the bottom region are typically the first focus for investors.
Whether Kaspa is at such a moment is a question worth exploring. It could be a genuine accumulation zone, or Kaspa may continue to decline until market sentiment changes. Regardless, this is a trend worth monitoring.
This momentum often spreads, enhancing market sentiment for similar projects and injecting vitality into the broader ecosystem.
Key Levels Indicating Potential KAS Movement
The key upward level to watch is around 0.00000065, which was the breakdown point in October. A rebound above this level would be the first clear signal that Kaspa is starting to regain competitive strength against Bitcoin.
Conversely, if the ratio falls below the February low of 0.00000040, it would serve as a warning signal. This indicates that Kaspa is still struggling to find a bottom, and traders may begin to focus on other stronger Layer 1 projects.
Monitoring the KAS/BTC ratio and the broader market dynamics can provide traders with useful early signals ahead of other market participants.