Can Elrond Regain Its $490 Price Per Coin
In November ’21, before BTC, ETH, and a multitude of altcoins and tokens in the cryptocurrency realm took a tumble, Elrond (EGLD) hit $490.35, its all-time high (ATH).
From its initial price of $12.40 per coin in September 2020, it has been one of the most volatile altcoins available. From its ATH in November, it tumbled to $53.53 but has now risen to $159.93 (6 FEB 22). That’s quite a swing in price.
Many crypto watchers have called it the “smart contract token of 2021.” When you consider it started 2021 at $26.04 and rose to $490.35, it’s difficult to argue with that assessment.
What is EGLD?
EGLD is a blockchain protocol, smart contract platform that pursues exceptionally fast transactions through “sharding.” That begs the question, what is sharding?
“Sharding is one of several popular methods being explored by developers to increase transactional throughput. Simply stated, sharding is a way of partitioning to spread out the computational and storage workload across a peer-to-peer (P2P) network so that each node isn't responsible for processing the entire network's transactional load. Instead, each node only maintains information related to its partition, or shard.”—Computer World.
What is sharding? It's one way blockchain can scale
For example, Ethereum can only process 12 to 30 transactions per second (TPS). That seems like a lot until you realize that Elrond can process 15K TPS. That massive increase in transaction validation time is possible due to its use of more than 2K validator nodes divided into four nodes.
Three execution nodes can process 5,400 TPS and a "Metachain" coordination node. Plus, it has a $0.001 transaction fee for six-second latency.
Elrond is self-described as a technological ecosystem for Web 3.0. Web 3.0 includes the Internet of Things (IoT), Fintech, and Decentralized finance (Defi). The e-gold (EGLD) token is used to pay staking, network fees, and reward validators.
Elrond technology also offers a store of value in its “e-Gold vaults” for limited-edition NFTs.
What is Elrond EGLD? Elrond EGLD coin Explained
$EGLD #ElrondCommunity #EGLD #CryptocurrencyNews
EGLD Price Data
“The live Elrond price today is $162.22 USD with a 24-hour trading volume of $127,351,314 USD. We update our EGLD to USD price in real-time. Elrond is up 5.53% in the last 24 hours. The current CoinMarketCap ranking is #42, with a live market cap of $3,356,711,280 USD. It has a circulating supply of 20,692,473 EGLD coins and a max. supply of 31,415,926 EGLD coins.”—Coin Market Cap.com
EGLD to USD Chart
Final thoughts on Elrond
EGLD is posed to recover the ground lost now that BTC has broken the $40K ceiling it has fought with for a couple of months, and ETH has broken through its $3K ceiling. However, I do not have a crystal ball, so I will not predict a price.
Do your research before you invest, spend only what you can afford to lose if the bottom falls out. What’s more, it would be wise not to use the money you might need for an emergency. That way, if the price is down, you can hold out and wait until it reaches a price where you can make a profit.
Some predict a $1,500 price by 2025, while others are talking $600 at some point in 2022. I think it’s a good speculative buy and hold at the $160 level. However, it could just as easily head in the other direction if the POTUS’s upcoming announcement this month includes any type of crypto ban or over-regulation.
It's too easy for those in power to spout the evils of cryptocurrency and money-laundering as their excuse to ban or regulate crypto. Some regulation would be good for the industry, and an explanation about how it will be taxed will make investments in the crypto craze a little clearer, but too much regulation could have a negative effect.
“The Virtual Currency Tax Fairness Act would exempt personal transactions made with digital currency when the gains are $200 or less. Rep. Suzan DelBene (D-Wash.) and David Schweikert (R-Ariz.) introduced the bill on Thursday.”—Blockworks.
US Representative Delbene says, “Antiquated regulations around virtual currency do not take into account its potential for use in our daily lives, instead treating it more like a stock or ETF. However, virtual currency has evolved rapidly in the past few years with more opportunities to use it in our everyday lives.”
If the bill passes, it will do a lot to clarify cryptocurrency taxes. If this is something you’d like to see Congress approve, go to https://www.govtrack.us/ and notify your Representatives.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
If you found value in this information, consider clicking the "heart" and adding a small tip to help me keep writing and paying the rent. Thank you.
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