Elrond picked up the bullish momentum towards the end of November and established a new all-time high at $490. The token subsequently suffered from market corrections – as expected. However, the current performance shows a trend reversal as the bulls begin to dominate the bears for the cryptocurrency. At the time of writing, EGLD token stands at a price level of $277. The price of the cryptocurrency has increased by 17% during the past twenty-four hours along with an increasing daily trading volume. Elrond is the thirtieth largest cryptocurrency in the market with the capitalization increasing amidst the bullish pressures.
What is Elrond?
Elrond is a recent launch in the market comparatively with the mainnet going live in 2020. The project is working towards providing the technological ecosystem for the new internet. It is also focused on increasing the efficiency of the blockchain market through its unique and innovative technology of sharding which enables lightning-fast transactions.
Recent developments to watch out for
Elrond recently announced that P2P Validator is joining the network as a staking provider. P2P Validator is one of the earliest providers of blockchain services and have been active since 2018. The aim of the network is to help the development of the Proof-of-Stake technology. Since 2018, they have expanded to more than 25 networks and has approximately $4.5 billion worth of assets under management. P2P Validator will now be extending their tested services to the EGLD ecosystem. The network’s validator nodes will be benefitting from the top-notch infrastructure provided by P2P Validator. Both the networks will be working towards realizing the aligned goals of making decentralized services accessible and available to the larger public.
One of the most-anticipated projects developed on the Elrond ecosystem by the team has garnered phenomenal success which is expected to boost the outlook for EGLD. The project, Maiar Exchange is a decentralized exchange and an automated market maker, is the first of its kind to operate on a fully sharded blockchain architecture. The DEX is currently listing various tokens.
Moreover, the Elrond team also successfully completed the Maiar maintenance during the week and the ecosystem went through two minor upgrades aimed at improving the network. The development team has also started working on Shard 1 DEX performance improvements. Apart from this, the network also announced its successful integration of Ledger Live. The integration is expected to provide increased security and compatibility to the EGLD ecosystem including the various projects it has. The past week has been highly active for the network and the future outlook for the cryptocurrency is positive amidst the recent developments.
