Elrond (EGLD) Surged 24% Today as the Broader Crypto Market Slips
KEY POINTS
- Elrond is a fast, scalable smart contract blockchain network that can handle a high volume of transactions on the cheap.
- According to CoinMarketCap, EGLD popped as high as $57.50 per coin representing a 24% increase during the past 24 hours, before settling back to $52.30 at press time. By comparison, the composite crypto market was down 2% to $895 billion on the day.
- The EGLD coin hit its peak price of $542.58 on Nov. 23, 2021 and even at today's intraday top, it was still 89% off its all-time high.
Following the Fed's interest rate hike of 0.75% yesterday, Elrond jumped nearly a quarter in total value while the total crypto market slid 2%.
Today, the cryptocurrency project Elrond saw a surprising double-digit surge of 24% in the price of its native coin EGLD. In contrast, the overall crypto category slipped 2% as investors process through the Federal Reserve's decision yesterday to increase interest rates 0.75% -- marking the largest single-day hike since 1994.
EGLD is often called eGold, which seems fitting today as its price across cryptocurrency exchanges jumped as high as $57.50 over the past 24 hours -- it has retraced a bit since then, however. It also had a whooping 85% pump in trading volume over the same timeframe as a mini-FOMO run appears to be occurring around one of the few bright spots today within the crypto space.
At the time of writing, most other cryptos in the top-10 projects based on market value were trading down including: Bitcoin, Ethereum, BNB, Cardano, and XRP. By comparison to those other blockchains, Elrond's website boasts that it's 1000 times faster than it used to be, and able to process 15,000 smart contracts per second while providing settlement for each of those transactions in seconds for only fractions of a penny.
Is Elrond a buy?
The EGLD coin hit its peak price of $542.58 on Nov. 23, 2021, and even at today's intraday top, it was still 89% off its all-time high.
This is not financial advice, just opinions based on observation, and every investor needs to gauge their own risk levels and conduct their own research. However, it seems as if the crypto markets are nearing a bottom, and a deeply-discounted yet proven project such as Elrond with a lot of upside potential might be worth considering as an opportunity to begin dollar-cost averaging into crypto.
Our Research Expert
Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto's potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.
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