Golem Price Rockets 35% as Other Cryptos Bounce Back

Golem (GNT) is up 35% over the last 24 hours, as other major cryptocurrency prices have rebounded from steep falls earlier in the week.

Today’s surge puts Golem at AU$0.61, up $from AU$0.44 just 24 hours ago.

What is Golem?

Golem is an Ethereum-based cryptocurrency that is creating a decentralised peer-to-peer data storage system. Though the recent rise might have more to do with an announcement that Golem will AirDrop free tokens of a new ICO (Initial Coin Offering — the crypto equivalent of an Initial Public Offering) called OmiseGo.

OmiseGo are set to give away 5% of their total tokens as part of an ICO PR stunt to all users who have more than 0.1 Ethereum (ETH). As an Ethereum based crypto Golem has promised to re-airdrop this to holders of Golem (GNT).

The total market capitalization of the global cryptocurrency market hit US$158 billion today and has rebounded from this week’s lows of US$134 billion.

Below is a recap of the top cryptocurrency prices at 12noon AEST…

Litecoin: $95.26, +0.36%

Bitcoin: AU$5,625, -0.79%

Ethereum: $401.92, -3.35%

Ripple: $0.27, -0.610%

Bitcoin Cash: $759.32, +7.89%

Dash: $418.26, -1.52%

To learn more about the secret world of cryptocurrencies check out this free report.


Ryan Dinse,

Editor, Money Morning

Ryan Dinse is an Editor at Money Morning.

He has worked in finance and investing for the past two decades as a financial planner, senior credit analyst, equity trader and fintech entrepreneur.

With an academic background in economics, he believes that the key to making good investments is investing appropriately at each stage of the economic cycle.

Different market conditions provide different opportunities. Ryan combines fundamental, technical and economic analysis with the goal of making sure you are in the right investments at the right time.

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