Yesterday, Golem (GNT) saw massive hikes to nearly $.80 on Poloniex and well above $.80 on Yunbi. While many speculated about an impending brass update, or new-information that gives a value-added to GNT, neither of these were the case.
While brass is likely to jump the price, there have been no updated timelines. Additionally, Golem is notoriously close-lipped and any leaked information seems highly unlikely.
So why did the price skyrocket, and why is Yunbi so important?
Yesterday, Golem was listed on Yunbi, a Chinese cryptoexchange for upwards of $.80 while Western markets held it at $.60. As a result, there was a buying and selling frenzy. The price correction was what we saw on Western exchanges, seeing GNT top off around $.75 and staying steady around $.60.
What does this mean for investors?
- Follow the Chinese market, if there's a spike in their market before ours, there's almost necessarily going to be a price correction, causing western value to increase.
- Golem's new average value is steadying around .018/.019 ETH or $.67, this is a good time to hold, though it may decrease slightly over the next few days.
- Don't fear buy, many investors bought around .02/ETH, assuming brass was around the corner. Unless Golem releases new data, there is likely no correlation between market fluctuation and actual product development; this is to say: be weary of unsubstantiated increases.
But, with brass on the horizon, to my early investors I say:
