Decided you want in on the action? You can buy GLMR on Pionex and Crypto.com.
One of the largest issues in the crypto community is interoperability. Almost every distinct blockchain — Ethereum, Bitcoin, and others — has its own set of rules and operation standards. These rules can sometimes contradict each other and make it difficult for chains to interact with each other. Moonbeam is one project hoping to tackle this issue. Moonbeam offers a way for Ethereum developers to bridge their software to other chains.
What is Moonbeam (GLMR)?
Moonbeam’s main purpose is to allow Ethereum developers to upload their projects to Polkadot and a few other Ethereum-compatible networks. Polkadot is a Layer 1 network that hosts parachains, which are blockchains that run in parallel and can communicate with each other. Moonbeam brings Ethereum compatibility to Polkadot.
Without Moonbeam, Ethereum developers would have to rewrite most of their projects and port them to different networks, which is both time-consuming and expensive. Moonbeam is Ethereum Virtual Machine (EVM) compatible, allowing developers to upload their code and Moonbeam will transcribe it into something that can be used on the parachain. Additionally, the project offers a host of already established integrations that can be seamlessly used when creating new projects.
Moonbeam offers a way for Ethereum developers, which are the largest subset of developers in crypto, to expand their horizons and seamlessly upload their projects onto another chain.
Glimmer (GLMR) is the token that powers the Moonbeam chain. It is a utility token that can be used in multiple ways. It is used to secure the chain by using a version of Polkadot’s established proof-of-stake consensus mechanism. It can also be used as a governance token, allowing holders to vote on new projects and referenda.
Moonbeam (GLMR) Market Position
GLMR currently has a market capitalization of just under $200 million, which is far below its all-time high market cap of over $1 billion in April 2022. With such a wide disparity between numbers, there is some potential for growth in terms of market cap for the token. Some of its larger competitors are other EVM-compatible chains such as Polygon and Tron.
Priceprediction.net’s Bullish Moonbeam (GLMR) Price Prediction
Priceprediction.net is an artificial intelligence (AI)-based forecasting site for cryptocurrencies. It sees the token appreciating 10% to 20% by the end of the year, and the potential for the price to break $10 by 2030. It does not predict any large jumps until around the mid-to-late 2020s.
WalletInvestor’s Bearish Moonbeam (GLMR) Price Prediction
WalletInvestor is a popular site for stock, forex and crypto price predictions. It uses a forecasting AI to make its predictions. it sees GLMR falling from its current price of around $0.50 to around $0.01, a very sharp decrease in price.
Where to Buy Moonbeam (GLMR)
GLMR is available for purchase on Pionex and Crypto.com. To get started on either site, sign up using an email. From there, you verify your account and fund it. This process can usually be completed within three to five business days. Once you have a verified and funded account, you are ready to begin trading.
How Long Will it Take for Moonbeam (GLMR) to Reach $5?
GLMR is currently trading at around $0.50. Its all-time high was over $15 in early 2022 when it was released. When its market cap was highest, the price was just over $5. While many believe that a new all-time high in price is unlikely, a $5 price target is not entirely out of the question for GLMR. This rise in price was largely because of integrations of large projects such as MetaMask. However, poor market conditions have continued to bring the price down.
If the markets can recover or if Moonbeam can create new use cases, a possibility exists for the price to go back to $5. However, this price move would require a lot of upward pressure from either of the causes just listed.
Where to Store Moonbeam (GLMR) Safely
Were you convinced by a bullish Moonbeam (GLMR) price prediction? While storing your position on a crypto trading platform may be the easiest, it may not be the safest and does not allow you to use the tokens outside of the trading platform. Wallets can fix this by giving users full discretion over their funds.
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private codes needed to send crypto. If the physical device is not present to confirm transactions, then crypto cannot be sent.
Ledger is a leading brand of hardware wallet known for its safety and usability. It currently offers Nano S and Nano X models. The Nano S offers basic features while the Nano X is designed for easier use with Bluetooth connectivity and a larger screen
Best Software Wallet: MetaMask
Software wallets store private keys online. While this is not as safe, MetaMask is a software wallet that takes extra steps to ensure the security of funds.
MetaMask encrypts all information on its servers. Information is accessed through a password, which can be further secured with two-factor authentication. You can attach a hardware wallet to your MetaMask wallet to make your trades efficient and safe.
Current Crypto Prices
Crypto markets have been a bit all over the place since the Ethereum Merge in mid-September 2022. Some tokens have gone up tremendously, while others have lost a good chunk of their value.
If you want to see where your favorite tokens stand, make sure to check out Benzinga’s up-to-date price tracker below.
So, Is Moonbeam (GLMR) a Good Investment?
Moonbeam is hoping to solve one of the largest problems facing crypto users. However, it faces stark competition from a handful of other projects looking to accomplish the same goals. If Moonbeam can outshine the competition, there is certainly room for the price to go up.
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE
About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.