- After nearly doubling in price in the last week, Elrond now has a market capitalization of over USD 5.5 billion
- Elrond’s foray into the United States aided the sharp price hike
- Elrond’s mainnet started in July 2020, however, the price of EGLD skyrocketed in January and February of this year
EGLD’s rise beyond $300 is backed by an increasing ecosystem and the complete deployment of Elrond’s DeFi features. Decentralized finance-focused protocols have been steadily increasing in value, and the trend appears to be ramping up now that the NFT sector has cooled in recent weeks. Elrond (EGLD), a scalable and secure blockchain platform designed for distributed apps and enterprise-level organizations, has been on a tear since the beginning of August.
According to TradingView data, the price of EGLD has risen 437 percent since hitting a low of $52.00 on June 22 to a new all-time high of $302.14 on September 14. The full release of the protocol’s Maiar exchange, the altcoin’s listing on KuCoin, and a spate of partnerships and integrations that broaden the Elrond ecosystem are three reasons for EGLD’s rise.
The Maiar exchange was launched with DeFi capabilities
The advent of the Maiar exchange, a DeFi protocol built on the Elrond network that allows users to trade and provide liquidity in several pools, has boosted EGLD’s recent momentum. Elrond announced on September 9 that, thanks to an interface with Moonpay, U.S. individuals would be able to purchase EGLD tokens directly through the Maiar app, providing the project access to the world’s largest retail sector.
Maiar also announced a $100,000 Battle of the Yields event on Sept. 14 to recruit new users and demonstrate Elrond’s potential, allowing participants the chance to win EGLD based on their trading volumes.
The addition of new exchanges increases trading volume
Another factor contributing to EGLD’s recent strength is its inclusion on the KuCoin exchange, the fifth-largest by 24-hour trading volume. When a token is listed on a new exchange, it generally follows with a big rally, especially if it is linked with perpetual futures markets or a top-five exchange by trading volume.
The addition of the token to KuCoin and the establishment of Maiar Exchange have given EGLD a new level of exposure. As a result, on Sept. 11, its 24-hour trading volume rose from an average of $83 million to $740 million.
The expansion of the ecosystem
Elrond’s rally is further aided by the expansion of its ecology. Humans, a platform that integrates data and technology to develop AI models, has partnered with Elrond to add AI-generated media content, and NewsCrypto has partnered with Elrond to allow users to learn more about Elrond through the platform’s crypto academy. Elrond has also announced a new partnership with Copper, a leading digital custody provider.
In addition, the network has worked with companies that specialise in gaming, DeFi, and cross-chain transactions between Ethereum, Polkadot, and the Binance Smart Chain. Market circumstances for EGLD have been excellent for some time, according to data from reports.
The VORTECSTM Score is an automated analysis of past and present market circumstances based on a number of factors such as market sentiment, trading volume, recent price movements, and Twitter activity.
As seen in the chart above, the VORTECSTM Score for EGLD began to rise on September 10 and peaked at 77 minutes later, around an hour before the price began to rise by 55 percent over the next four days.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.