The crypto market is hitting a rough patch today, with Bitcoin (BTC-USD) in decline. As a result, most of the rest of the asset class is dropping in sympathy, save for some outliers. One such outlier is Elrond (EGLD-USD). While other cryptocurrencies fall, the EGLD crypto is on its way up as investors flood into the coin.
Not unlike peers Ethereum (ETH-USD) and Solana (SOL-USD), Elrond is a layer-1 blockchain network that hosts decentralized apps (dapps) on what it calls “the internet scale blockchain.” Although the project has been in development since 2017, it first launched in 2020. Since then, EGLD crypto has been making a fast break toward the cream of the crop. Currently, it is the 38th-largest crypto in the world. The project holds over $4 billion in market capitalization.
Here’s what you should know about EGLD crypto today.
EGLD Crypto Rises on New Exchange Listing, Maiar Dex Success
There are several reasons for the EGLD crypto gains today. For one, the network is seeing a renaissance right now, receiving a listing on a prominent Asian crypto exchange. Meanwhile, the network is getting assistance from the fast success of its decentralized exchange (dex). Atop all of this, investors also simply seem to be investing heavily in the EGLD crypto today. The uptick in buying is helping push its value up even further still.
Bithumb is a Korean crypto exchange that handles a significant portion of trading both for its native country and abroad. Ultimately, it is one of the top 20 largest crypto exchanges in the world. On average, the exchange sees trading volumes of over $1 billion daily. Considering this size, there’s no doubt that news of it listing EGLD crypto this week has helped lift up Elrond prices.
Moreover, this network is seeing a lot of eyes on it as a result of its native Maiar dex. Since launching in November of last year, the Maiar dex is becoming a tour de force within the DeFi space. In its weekly report today, the exchange is boasting a whopping $1.6 billion in total value locked as well as several newly launched listings.
These bullish stories are surely helping bring eyes to the EGLD crypto. Indeed, more investors are pouring into the project, as evidenced by the 50% surge in trading volume it’s currently seeing. While other projects continue to decline through the corrective period, EGLD is boasting an 9%-plus gain.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.