11 Feb 2022 · 1 min read

Elrond Soars Most Among Top 100 Cryptos Today

Source: Adobe/gesrey

 

The internet-scale blockchain Elrond Network’s native EGLD token saw strong gains in the market today, even as most other cryptoassets posted moderate losses. 

At 15:05 UTC, EGLD, ranked 41st by market capitalization on Coingecko, stood at USD 202, correcting from USD 211, reached earlier today. The price was still up almost 9% in a day, making it today’s top performer among the 100 most valuable cryptoassets. It also went up 45% in a week, almost erasing all its monthly losses.

Source: coingecko.com

While there was no apparent reason for the rally today, it followed a listing on the South Korean exchange Bithumb yesterday.

According to an announcement from the major South Korea-based crypto exchange Bithumb, trading in the EGLD token was enabled on its platform Thursday this week against both bitcoin (BTC) and the South Korean won (KRW) fiat currency.

The largest marketplace for EGLD trading is still Binance, followed by OKX and HitBTC, according to CoinGecko data.

In addition to the listing news, Elrond announced on Monday this week that the crypto liquidity solution ZoidPay had integrated EGLD as one of the main currencies in its platform, including enabling EGLD payments via its Visa debit cards. Further, ZoidPay will also launch its own ZPAY token on the Elrond blockchain, the announcement said.

Meanwhile, the strong weekly gains come after the token briefly rose in mid-January on news that Elrond Network had acquired the Web 3 crypto payment solution Utrust (UTK) for an undisclosed amount.

According to the announcement of the acquisition, Elrond’s plans include using Utrust’s technology to make payments “faster, cheaper, and more secure,” as well as to transform payment processing services from a cost for merchants into an income stream.
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