Kusama (KSM) Falls Below $200 as the Bearish Grip Tightens
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The cryptocurrency industry has had a very exciting and successful 2021, despite several major price crashes that occurred throughout the year. When it comes to 2022, however, things have not been the greatest so far, especially for coins and tokens such as Kusama, which did not only drop below $200 recently, but it kept spiraling down even further, losing over 20% in the last 24 hours alone.
Kusama in 2021
Kusama from 12 months ago was sitting much lower, of course, at around $70 on January 1st, and it was bound for success. The project, which describes itself as “Polkadot’s wild cousin,” and acts as an experimental blockchain platform for testing new code, applications, and other blockchain products, saw great amounts of popularity. Users started turning to it with a lot of optimism, expecting to see new and innovative solutions on Kusama before they appear anywhere else, and indeed, many did.
As a result of this popularity, Kusama price skyrocketed from $70 on January 1st to $550 by the end of March. It corrected to $430 after that, and after a few weeks of fluctuations, it dropped yet again, this time to $300, which was on April 24th.
However, only around three weeks later, the coin managed to skyrocket again and hit an all-time high at $600, correct to $543, and then reach the $600 resistance once more. Unfortunately, after this second time, it was mid-May, and most people in crypto can guess what happens next. KSM crashed by over 50% alongside the rest of the crypto market, sinking to $260 in less than two weeks.
The second half of 2021 brings a new surge
But, while most coins kept dropping after this crash, KSM price actually recovered to $500, which was quite impressive and unexpected. Unfortunately, it did not last, and the bearish market finally managed to drag it down between June 14th and June 21st — over a month after the rest of the market crashed. Kusama price dropped to $200, and while it go above and beyond it throughout the summer, it eventually sank to $150 on July 20th.
This was the day when pretty much every coin out there hit its bottom and started another rally. In Kusama’s case, the rally took it to $400, and while it did make several attempts to breach this level in September, it was mostly unsuccessful. After a small correction, it kept slowly climbing back up, which allowed it to finally reach $500 again in a rally in late October and early November,
However, that was its last major surge, and $509 was the highest point that the coin reached in the past 7 months. By the end of November, KSM dropped to $312, only to recover to $400 on the very last day of the month. It started December 2021 with another major crash to $300, and it even broke this level. Since then, it was trying to breach it again and go above it, but every attempt throughout December 2021 and the first half of January 2022 resulted in a rejection.
The final attempt that the coin made was around January 15th, after which it was rejected back to $240. It was just about to start climbing towards $300 again on January 20th, when another bearish wave pushed the entire market, including KSM, which pushed it down to the price of $184, which is where it sits right now.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.