What happened
Today's price action for top-40 cryptocurrency Elrond (EGLD -3.50%) has been quite impressive. As of 3:30 p.m. ET, this token has appreciated 11.1%, continuing higher into late afternoon trading.
Broadly speaking, Elrond has been an outperformer over the past week, surging on a number of occasions. Investors appear to continue to be factoring in a couple of key announcements made over the course of the past week for Elrond, driving positive sentiment for this digital token.
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Namely, Elrond announced a week ago strategic support for Web3 brokerage platform Itheum. Users will be able to use Itheum on Elrond's Maiar Launchpad, allowing them to monetize their user data and participate in a two-sided advertising model.
Additionally, Elrond announced last Thursday the network has received approval by the Romanian central bank to purchase international payment solution Twispay. This deal is notable, as Twispay is a key integration platform between fiat currencies and the cryptocurrency industry.
So what
Elrond is certainly an interesting project to consider at a high level. The development team behind Elrond has sought to redesign this network's blockchain infrastructure to provide improvements in both throughput and execution speed. Via a secure proof-of-stake validation algorithm and a novel adaptive state sharing mechanism, Elrond reports the ability to process up to 10,000 transactions per second for a fraction of a penny. Speed and efficiency like that is what many investors like to see.
These announced catalysts are certainly big line items for investors to digest. In particular, the Twispay deal will not only further Elrond's goals of becoming a platform that will support the bridging of traditional finance with crypto. This deal also opens up the potential for stablecoins to be issued. Given how hot the stablecoin space has been of late, investors are starting to take notice of Elrond.
Now what
Overall, Elrond is a project I think is worth diving into more. Previously, there were few differentiators that allowed me to build an opinion of this token one way or the other. However, these two catalysts Elrond has seen over the past week has made this a token I'm going to watch from here.
Depending on how these integrations go, investors may want to keep this token on their radar. It may see more volatility from here, but has certainly been moving in the right direction of late.
