On Sunday Jan 2nd, GLM started the day at 0.4544. There was a very pronounced spike in the early morning of the day, reaching a high of 0.5851 by 9:15AM. That was a 28.76% increase in a matter of a few hours.
During the next 48 hours trading volumes increased around 800% of normal, reaching a high of $193 million traded, with traders consistently selling into the higher price. By the end of Monday, the price was back at 0.47, a 19.7% drop from the Sunday morning high.
What does this tell us?
It looks like GLM holders are willing to sell at a price close to and above 0.5 USD. It has been a price that the bulls have had a hard time reaching since the drop in the beginning of December. It is a key short term level to watch if another price spike happens.
What is Golem?
Golem is revolutionizing the way computation is performed in the cryptocurrency market. It essentially creates a peer-to-peer network for computing power. The platform is a decentralized computation network that has created a network for decentralized computational power. The market connects idle computing resources with users that require it. What sets the process apart is that it is entirely powered through the blockchain technology. This ensures that the market is entirely decentralized which increases the efficiency of the market whilst guaranteeing the cheapest costs.
Developmental overview
The cryptocurrency market has seen phenomenal growth and development during 2021. The bull run of the year has resulted in sky-high price levels. The whole market has been benefitting from the bullish wave, especially altcoins. Golem has been one of the cryptocurrencies that has had major developments during the year.
The year began with a bang as the network arranged a hackathon that resulted in some innovative and abled developers joining hands with the network to work towards its expansion and further development. Subsequently, two other hackathons were also held during the year. The mainnet was also launched during March in the form of Beta I. The new iteration of the platform is aimed to be lightweight and easier to build on with Golem’s APIs.
The network also turned five during 2021 and gave out around 48,000 GLM tokens and 83,180 USDC during the year for hackathons and giveaways. Some of the other events that took place during the year were a meme contest, participation in Hello Decentralization’s online event, oxHac, Kuba workshop for developers along with many more. The success during the past year is definitely going to have trickle down affects. The future expectations from the Golem network are favorable and good things are in store for the future of the network.
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