On Feb. 7, the price of Elrond (EGLD) surged to more than 30% to a new all-time high over $130. The current market capitalization of the cryptocurrency has exceeded over $2 billion, according to Coinmarketcap.com. EGLD token is available for purchase from a variety of exchanges such as Binance, Crypto.com, Bitfinex, OKEx, and Binance.US. One can also purchase the token officially through the Elrond website via services such as Moonpay and Ramp.
Elrond (EGLD) Token Price More Than Doubled in a Week
EGLD token has been launched by Romanian blockchain startup Elrond. The token price has more than doubled since the company launched a new app called Maiar.
The app lets users buy and transfer cryptocurrencies using just the recipient’s phone number. In just one week, the app had over 100,000 users. The company is also preparing to include new features that would let users send money from the app to their bank accounts as well as through a card. In this way, the app will work like that of a traditional fintech app.
Elrond cryptocurrency has been on a bullish momentum. However, the trading volume has also been on a downtrend over the past few weeks. There seems to be a hesitation between a strong price movement and a corresponding lack of conviction in the market. Although there is not a signal of retracement yet, it symbolizes a warning signal to new investors.
Elrond Network Boasts Higher Processing Power than Bitcoin and Ethereum Networks
Elrond is acclaimed to have higher processing power and lower costs than Bitcoin and Ethereum networks. The network’s EGLD token, or Elrond eGold is used for transactions, smart contracts, rewards, and governance.
The valuation of the Elrond cryptocurrency is entirely different from that of other cryptocurrencies launched by firms. For instance, the owners of EGLD cryptocurrency are entitled only to benefits derived from the value of currency in their portfolio, and not from the benefits derived from company’s revenues (such as dividends) or other assets including voting rights.