Elrond (EGLD) Dropped 17% Today and Was Down 27% the Past Week. Is It a Buy?

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  • Launched in 2017, Elrond reached an all-time high of $542.58 on Nov. 23, 2022 but was trading as low as $66.32 today according to CoinMarketCap.
  • The Elrond blockchain breaks up network transactions into smaller data chunks called "shards" that are settled whip-like quick due to a dedicated shard that's coded with all the details for each transaction and serves as a digital traffic cop to hurry resolution.

Elrond is a speedy, smart contract blockchain network with high throughput and low transaction fees -- at a very low price right now.

When people ask "What's so great about crypto technology?" -- the answer can be summed up with its almost instant settlement speeds, global reach, and low transaction costs compared to traditional financial and banking practices.

Regarding scale, speed, and low fees, one of the standout crypto projects has to be Elrond (EGLD), which is capable of processing 15,000 smart contracts per second, providing settlement for each action in less than seven seconds, and costing only thousandths of a penny. Compared to other blockchains such as Bitcoin or Ethereum, Elrond completes more transactions faster and cheaper.

However, the price of Elrond's native coin -- EGLD, which is often called eGold -- saw significant pricing swings on cryptocurrency exchanges from a high of $79.94 to a low of $66.32 over the past 24-hour time frame according to CoinMarketCap. That represents a 17% downward shift in price for the day, adding to its 27% slide over the past seven days. While it has regained some ground, it had the largest single-day and seven-day losses of any other cryptocurrency at time of writing, with an 81% pop in trading volume, demonstrating a lot of activity in and out of that specific digital asset.

Is Elrond a buy?

Six months ago, Elrond hit a peak price point of $542.58, but it's trading as low as $66.32 today, marking an 87% discount. This is not financial advice, merely opinions based on observation. Every investor should do their own research and risk assessments before jumping into a new investment. However, if the adage "time is money" is true, then now might be the time to consider if Elrond's lightning-quick crypto network, low transaction fees, and bargain-basement price per coin is a fit for your portfolio.

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