Golem rode a strong bullish wave as December begun; however, the bullish momentum was short-lived as the cryptocurrency soon delved into market corrections. The cryptocurrency had been largely bearish with a short move to the upside during the daily timeframe. At the time of writing, the cryptocurrency stands at a price level of $0.49. The daily price movement shows an increase of 17% during the past twenty-four hours while the weekly performance indicates an upward move of 7%. The daily trading volume has also surged upwards by more than 800%. As the bullish momentum could not sustain during the daily timeframe, the bears may last for a while for Golem.
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.
