Golem (GLM) is a top performer token during the daily timeframe. The cryptocurrency has been on a sharp incline during the weekly window. However, the token has experienced a bearish break during the day as the uptrend was broken but, nonetheless, the overall outlook persists to be bullish. At the time of writing, the cryptocurrency stands at a price level of $0.48. The price has jumped upwards by 75% during the past twenty-four hours while the trading volume has experienced a phenomenal surge of 4,700%. Golem currently stands at a market rank of #116 with a capitalization of $468 million.
What is Golem (GLM)?
The rise of blockchain technology has led to a boom in decentralization all over the world. However, as the market continued to expand, decentralization came at a cost. Golem (GLM) is a project that furthers the decentralization of blockchain technology by utilizing blockchain technology. It is essentially a market for computational power. It connects people with spare computational resources with those that don’t and are in need of them. Buyers and sellers are connected for performing various tasks that require heavy computational power – including mining.
Golem utilizes the blockchain technology; hence, it is completely decentralized and empowers the community by giving them charge of how the network should be run. Moreover, it is an interesting alternative to centralized cloud services that are costly, inefficient at times, and also compromise user privacy. The project provides high efficiency and security through decentralization.
Future outlook
The Golem project has a solid footing in the cryptocurrency market – given its ranking. It can soon enter the top hundred cryptocurrencies if the current price trajectory and growth continues. In terms of a one-year return on GLM tokens in comparison with similar market-cap tokens, the return has been 75%. This is a testament to the growth of the token.
The development team is also highly focused on the network as it recently launched the fourth iteration of the platform – in collaboration with the renowned token, Polygon. The development activity on the network has also been surging with 167 commits during the past month versus an average of 37.
However, analytics websites do not show the Golem token above $1 by the end of the year. According to the estimates of Digital Coin Price, the cryptocurrency is expected to be operating at a price level of $0.64 by the end of the year while the five-year projection places it at $1.31.
