EGLD Crypto Gets A Boost As Elrond Network Survives Friday’s Crypto Volatility
The crypto market is having a tough time today, with Bitcoin (BTC-USD) in decline. As a result, most of the rest of the asset class is losing sympathy except for some outliers. Such an outlier is Elrond (EGLD-USD). While other cryptocurrencies are falling, the EGLD crypto is on the rise as investors flock to the coin.
Not unlike its peers Ethereum (ETH-USD) and Solana (SOL-USD), Elrond is a layer-1 blockchain network that hosts decentralized applications (dapps) on what it calls “the internet-scale blockchain”. Although the project has been in development since 2017, it was first launched in 2020. Since then, EGLD crypto has made a rapid inroads into the crème de la crème. Currently, it is the 38th largest crypto in the world. The project holds over $4 billion in market capitalization.
Here is what you need to know about EGLD crypto today.
EGLD Crypto Climbs onto New Exchange Listing, Maiar Dex Success
There are several reasons for the EGLD crypto gains today. For one thing, the network is enjoying a renaissance right now, receiving a listing on a major Asian crypto exchange. Meanwhile, the network is benefiting from the rapid success of its decentralized exchange (dex). On top of all this, investors also seem to be investing heavily in EGLD crypto today. The increase in purchases helps to drive up its value even more.
Bithumb is a Korean crypto exchange that handles a significant portion of trading both for its home country and abroad. Ultimately, it is one of the top 20 crypto exchanges in the world. On average, the exchange records trading volumes in excess of $1 billion per day. Given this size, there is no doubt that news about it crypto EGLD list this week has helped drive up Elrond’s prices.
Moreover, this network attracts a lot of attention due to its Maiar dex. Since its launch in November last year, the Maiar dex has become a tour de force in the DeFi space. In its weekly report today, the exchange boasts of a huge $1.6 billion in total value locked as well as several newly launched lists.
These bullish stories surely help draw attention to the EGLD crypto. Indeed, more and more investors are flocking to the project, as evidenced by the 50% increase in transaction volume it can be seen now. While other projects continue to decline during the correction period, EGLD shows a gain of more than 9%.
As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.