The Price of Kusama (KSM) Hits an All-Time High
While the overall cryptocurrency industry continues to grow, several cryptocurrencies have realized the main factor behind the surge in prices. These cryptocurrency exchanges are now well aware as to what results in gaining enormous adoption and a surge in prices.
Although there are several major factors behind a digital currency experiencing a price surge, there is one factor that takes the lead. This particular factor is the up-gradation of the protocols and projects to make them more adaptable, and lucrative.
This is something that has been proven with the recent demonstrations from major networks. In the past, it was Ethereum that upgraded its protocol to Eth2.0 and is currently experiencing all-time highs.
On the other hand, several major projects on the Binance Smart Chain (BSC) have gained enormous rallies due to upgrades on their protocols.
While the majority of the networks are unaware of this in the crypto-verse, Kusama (KSM) has finally able to figure it out. Although the entire cryptocurrency industry experienced a downfall and went bearish in the running week. Kusama (KSM) on the other hand has experienced a surge and has remained in its all-time highs.
Kusama (KSM) exists as a sister chain platform for the Polkadot network and is also a platform used for experimentation. The best features offered by Kusama (KSM) lets the developers benefit from its scalability and interoperability framework.
The stats show that the performance of the entire cryptocurrency industry remained hampered throughout the week. Kusama (KSM) was not an exception and it also ended up experiencing a price drop to $378 on Monday, May 10, 2021.
While the rest of the cryptocurrency industry remained in the reds, Kusama (KSM) on the other hand ended up elevating. The price of Kusama (KSM) experienced a 55% increase and its price on Friday, May 14, 2021, end up hitting $591.55. So far, the $591.55 is the all0-time high price that Kusama (KSM) has managed to hit until now.
On top of that, one of the major on-chain data-analyzing firms has revealed its 24-hour trading volume for Friday, May 14, 2021. The data provided by the firm shows that Kusama (KSM) observed $1.568 billion worth of trades through its platform.
Similar to the rest of the big projects in the crypto-verse, Kusama (KSM) also gained prominence due to project upgrades.
The first upgrade to the Kusama (KSM) project was the announcement for the parachain auctions. Then the other upgrade was to improve the interoperability of the project by enhancing their transaction capabilities and limits.
The last upgrade was the staking feature that Kusama recently introduced. With the help of the new future, the investors will now be able to lock up their KSM for earning yields and generate interest on staking.