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Golem Leads Cryptocurrency Market with Massive Surge and Heavy Volume

May 3, 2018, 10:14AM
1 min, 24 sec READ

Golem (GNT) leads the market with a surge of over 40% in just 24 hours. The fundamental drivers of this massive rally are unclear.

The cryptocurrency market is widely green going into Thursday, May 3rd, with most of the top 100 assets up by low double digits. The altcoin market leads the rally, and one asset - Golem (GNT) - leads the charge with a surge of over 40% in just 24 hours. The fundamental drivers of this massive rally are unclear, but it may have something to do with the coin's "Brass" beta version being to the Ethereum mainnet last month. 

Golem is a peer-to-peer market designed to allow users to sell their excess CPU power to other people around the world. The project started three years ago and featured an ICO that raised around $340 million worth of ETH. It was one of the first well-known Ethereum applications. Right now, the team has launched Brass, the Beta version of its software, on the Ethereum mainnet. However, the project is far from complete. According to Piotr Janiuk, the co-founder of Golem:

"The release is there to prove to us and everyone that we can actually deliver something that can run on mainnet and that's really usable. And well, it is."

Golem is up by 41% in early morning trading, and the surge shows no sign of slowing down. GNT now has a per unit price of $0.85 and a total market cap of around $700 million (the 43rd spot on  24-hour trade volume is massive with over $400 million worth of GNT changing hands. The move is part of a month-long rally that has seen Golem's total value surge 250%. 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.