Elrond started off in October 2020 with a price of $17. The cryptocurrency stayed stagnant until February of 2021 when the bulls picked up. Elrond established its all-time high at a price of $214 and as of this writing, stands at $134.
The price of the cryptocurrency has observed around 10% increase in the past 24 hours while the daily trading volume went up by 30%. Elrond coin has a market ranking of 42 with a market capitalization of $2,314,507,603. The market sentiment for the coin is bullish. Out of the total technical indicators, nine stand at a neutral position while twelve are giving out a signal of buy and only five indicators are bearish. The oscillators are bearish while the Moving Averages are giving out a strong buy indication.
What problem is Elrond (EDLG) coin trying to solve?
The Block chain is considered to be the future of the world. With the growing interest in digitization and decentralization, block chain is considered to be the tool to help the world move towards the future. The bull run of 2021 saw what the block chain industry would look like. As the adoption of cryptocurrency increased, they struggled to meet the high load on networks. Scalability, or the ability of a network to sustain its functionalities without compromising on speed, has become a word of increased interest to block chain developers. Bitcoin – the king of cryptocurrencies – has been suffering from issues of scalability and so has Ethereum – the queen of the market. Ethereum has begun the ETH2.0 upgrade in order to tackle the issue while Bitcoin may lag.
As the importance of scalability has increased, newer cryptocurrencies have made use of innovative technologies to ensure they do not suffer from the plague of scalability. Elrond coin is one such project. The main goal of the project is to provide scalability that is not matched by anyone else in the market. Elrond block chain employs the technology of Sharding in order to handle a phenomenal amount of transaction. In one secod. Currently the network can process 15,000 transactions in a second and aims to take the number up to hundreds of thousands.
Can Elrond coin go up?
Elrond coin is trying to solve an important problem of cryptocurrency. It has been successful up till this point and if the coin continues to make progress, it is possible that Elrond will reach for the moon. The novel Sharding technology is becoming increasingly popular with Elrond one of the first cryptocurrencies to have implemented it.
Per the predictions of Digital Coin Price, Elrond is expected to have a price of $608 in five years’ time. Throughout the years, the coin is expected to continue upwards. Wallet Investor is even more bullish on the cryptocurrency and predicts a price of $416 in one year. While their five-year projection places Elrond at a whopping $1,516.