By Golem, I am referring to the cryptocurrency ranked 49th for Market Cap, not the mutated Hobbit* from the Lord of The Rings franchise. I think he spells it ‘Gollum’ anyway.
*I apologise if that isn’t accurate, I’m not so sure what he is.
So, how is Golem doing at the moment?
As I have mentioned, Golem is ranked 49th on coinmarketcap.com with a market capitalisation of $497,811,644.00. At the time of writing, Golem is valued at $0.59 and is up 15.14%.
Golem has indeed enjoyed a good April, reaching a monthly high of $0.73 during the mid-April market surge which started on the 13th of April. Since this point Golem had maintained at around a figure of $0.45 after a sudden drop in the wake of the surge. A new upwards trend has however now been initiated for this currency, moving it’s value up in good stead, towards the elusive $1.00 mark.
We must also consider that Golem has surpassed it’s January peak in value compared to its Bitcoin trading value, this is quite significant, when tied in with the high trading volume which has occurred within this currency over the past few days.
Most importantly, we saw this tweet from Binance yesterday-
— Binance (@binance) 27 April 2018
Clearly, the new Binance listing for Golem has had a substantial impact on the value of the currency. What will happen now?
Of course, through listing on Binance, more people now have access to Golem within an exchange and therefore, trading volume should continue to increase. As more people interact with the currency the value should continue to rise. Pair this up with the positive market patterns we see at the moment, plus the possibility ot another market-wide bull run and we could see Golem hitting very impressive figures indeed.
$1.00 is a realistic value for the currency, therefore the challenge is not in hitting $1.00, the challenge for Golem is of course displaying an ability to actually remain about the $1.00 threshold. In order to do this, it will need to keep hold of it’s high trading volume, perhaps further exchange listing may follow on that could give Golem the boost it needs.
Whilst it may not happen yet, Golem is certainly showing a strong element of promise and could genuinely become a real cryptocurrency contender. Once it hits $1.00, the world is Golems oyster.
Of course, this is not trading advice, a $1.00 leap requires a perfect climate, something that can never be guaranteed in cryptocurrency.