The Golem cryptocurrency experienced a dramatic breakout at the start of the month, but the breakout has been stalled for the most part. Although the currency is still at a higher value than it was when the month began, it has been gradually declining in value.
The currency experienced a dramatic rise in value at the start as the coin went from around 60 cents to 90 cents in a day. The trading volume went past the $500 million mark during that time period.
The trading volume has fallen back to its typical daily value of about $30 million. The currency has been gradually falling in value, although there does not appear to be any dramatic selloffs on the horizon. The currency is trading at approximately 70 cents.
The recent rise in Golem’s value resulted in it having around the second-highest price threshold in the coin’s history. The coin had gotten past the dollar mark at the start of the year.
The currency is also much higher in value than what it had been a few weeks earlier. In early April, the currency had plummeted to around 20 cents in value.
Golem has been traded on Bithumb and Upbit for the most part. Binance and Huobi have participated in some trades too. But the main part of the currency being interesting to people suddenly is that it is now working and is fully online. It is a program that may help people with getting computing functions handled online and with relative ease.
A Distinct Currency
Golem has been promoting itself as a blockchain setup that offers computer access to more people. It uses a decentralized supercomputer that includes the combined power of many individual computing machines. These include power from not only large data centers but also from people who participate on the blockchain that the system is operating on.
People can use Golem to rent out machine power for their online applications. Resources within the Golem network can be shared with one another. Each computation that takes place within the Golem network is supported by a sandbox environment where each item offered is separate from the individual systems of hosts supported on the site.
Why the Price Went Up
The primary reason for the price of Golem rising appears to come from the app being released. Golem had been in development for around three years. There were fourteen separate software variations of the program as well. The main launch of Golem was designed to help get the network ready and to have more computers participate. This includes promoting Golem to many people who are willing to let their computers work on the blockchain and to offer their power to other systems.
The system is working on the Ethereum network, but there are concerns about how well it can work as more people learn about the system. It may be hard to develop the blockchain through a series of computations. This in turn might make it challenging for some functions to be managed accordingly and with control in mind.