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Elastos (ELA) price has been one of the best-performing crypto tokens this week. The token has risen in the past three straight days, reaching an all-time high of $7.50. This was a remarkable rally considering that it was trading at $1 a week ago. As the token rose, its total market cap jumped to more than $119 million.
ELA chart by TradingView
Elastos price has jumped because of the ongoing demand for projects that provide smart contract features for Bitcoin. Elastos owns Bel2, a layer-2 network for Bitcoin’s ecosystem. The goal is to build an entire community around Bitcoin.
We have seen many similar projects do well in the past few days. Stacks (STX), which provides a smart contract layer for Bitcoin, has more than doubled recently. Similarly, Internet Computer has soared by double-digits this week alone.
Most importantly, Bitcoin Ordinals’ ORDI token price has surged, giving it a market cap of more than $1.3 billion. Bitcoin Ordinals’ total sales have soared to more than $1 billion in the past few months.
#Bitcoin Innovation and Layer 2: Five Key Takeaways!💡#BeL2 unlocks an infinite world of Smart Contracts, from exchanging goods to managing royalties, for the world's largest Blockchain community. This innovation makes Bitcoin 'smarter,' facilitating a new economic mechanism.… pic.twitter.com/KGrSErrgHb
— Elastos (@ElastosInfo) December 20, 2023
A Bitcoin layer-2 solution like Elastos will lead to lower transaction fees, more network activity, the introduction of staking, and an easier process to monetize personal content and data. Also, it will facilitate the migration of Real World Assets (RWA). You can read more details in this page.
Elastos price has also soared because of the growing ELA staking volume. Data by StakingRewards shows that ELA’s staking market cap has surged to over $25.69 million, giving it a staking ratio of 25%. Daily volume has jumped to over $43 million.
The other reason why ELA token price has soared is that the token was listed in Crypto.com, one of the biggest crypto exchange in the world. In most cases, cryptocurrencies tend to rise after being listed by a major exchange.
Elastos token is also soaring because of Fear of Missing Out (FOMO), which has spread in the crypto industry. A look at most dashboards shows that most crypto tokens have continued rising in the past few weeks.
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