With more than 9,000 cryptocurrencies in circulation at the time of writing this article, it can be very difficult to find one of those ‘hidden gems that have been making great strides but have remained under the shadow of giant cryptos like Bitcoin and Ethereum. And yet, there is one cryptocurrency that has managed to combine the scarcity of Bitcoin, smart contract compatibility like Ethereum, and the next generation of blockchains in terms of speed and security. It has even gone through redenomination by discarding its old cryptocurrency for a new one.
So, what cryptocurrency am I referring to? That would be Elrond, specifically in reference to its new crypto coin, Elrond Gold or EGLD. Its price has been steadily increasing since the start of this year. It was initially at $25.93 on January 1. At the time of writing this, it stands at $204.
But, why the parabolic run? Has Elrond already reached its price limit? Just what is Elrond, and what makes it special? This is what this article will attempt to answer and more. We will analyze its price forecast and to get a glimpse of what the future hold for this crypto and if whether EGLD still has some ways to go.
EGLD Historical Price Analysis
This article will examine the price and analyze the forecast of Elrond’s newly minted token, EGLD. It's a former token, ERD, is no longer in use, although you can still buy and hold ERD as an ERC-20 and BEP-2 token. Any holder can exchange their ERD for EGLD at a ratio of 1000 ERD: 1 EGLD. According to CoinMarketCap, there is no distinction between ERD and EGLD other than its name and denomination.
According to CoinMarketCap, EGLD began its circulation and price recording on September 4, 2020. It started with a price of $17.46. After that initial hype, as is so often the case, the price slipped down a bit and lingered between the low double digits to even one. It remained around there for few months until it began to ascend again to double digits by the beginning of December 2020. It ended that year with a price of $24.80.
In the new year, the price continued with its ascension to the moon. Then in the last week of January, the price really began to go parabolic, reaching up to $202.35 by February 9, 2021, before taking a breather and going down. It began to consolidate throughout the month of March before it began to ascend again, reaching a price of $243.93 at the time of writing this article.
Current Price, Market Cap, & Supply Details
At the time of writing this article, EGLD is ranked at 35th place within the entire crypto market. Its price is currently at $243.93
EGLD has a max supply of 31,415,926 with a circulating supply of 17,289,614.
In the last 24 hours, it has a +15.75% increase, while having a +44.51% in the last 7 days.
Its former token, ERD, is both an ERC-20 token and a BEP-2 token. By using the Elrond Bridge, you can convert these tokens into their native EGLD token.
Elrond (EGLD) Future Price Forecast Predictions
Based on a few reliable statistical analysis, the price of EGLD is poised to continue its upward trend. Websites like Walletinvestor have strong bullish sentiment for Elrond, even predicting a price of up to $400 by May of 2022. By April 2023, it expects it to go up by 200%.
Other websites like Digitialcoin also provide positive outlooks for the price of EGLD. It forecasts its price to be at $349 by the end of 2021. By 2022, it is expecting to almost double.
Short Term Forecast
Long Term Forecast
Elrond Price Prediction 2021
Based on the 2021 price chart above, the price EGLD seems poised to increase by an average of 41.04%. It is expected to reach as high as up to $398.73 by May, although it is expected to suffer a bit of a dump in the months after before prices start to ascend again.
Nevertheless, investors can rest easy that prices will be above the $300 mark throughout 2021, well above its current price.
Elrond Price Prediction 2022
The price for EGLD is expected to rise even higher than the previous year. Current calculations estimate the price for one EGLD to be mostly above $400, although it is expected for the price to experience a few dumps, specifically in April, August, and October.
With an average price increase of +75%, even these dumps will not affect an investor’s portfolio if he were to buy a few EGLD at this time.
Elrond Price Prediction 2025
By the time 2025 rolls around, prices are expected to be a whopping $729.78 average! That’s a 3x increase in profit!
The price between months of this future year will vary. For example, it is expected for the price to have a slump of around $650 in March before it goes through a bit of a parabolic run of up to $804 by April. Despite these massive gains, investors should be aware of major price swings throughout the whole of 2025.
Is Elrond a Good Investment?
Based on analyzing several calculations and websites, it can be very confidently stated that Elrond does seem to be a good investment. And this is only considering the price forecast alone. We haven’t even mentioned Elrond’s fundamentals and its unique features of a smart-contract blockchain platform.
However, there is a bit of a concern that needs to be mentioned. Most of the EGLD being held are in the hands of a few addresses. Moreover, Elrond’s own terminal shows that out of 485,526 users, 231,673, about half of users have about 1 EGLD or less in their wallets. What this means is that whales hold a significant amount of EGLD, which can lead to price manipulation and dumps.
So with that in mind, investors who wish to buy some EGLD should do so not only with caution but buy when a dip occurs and it begins to consolidate around at that price.
EGLD can be bought on many exchanges, but the most prominent one is Binance. There, you can buy some with either USDT, BTC, BUSD, and BNB. EGLD is also available on Binance.US.
Other notable exchanges with high or at least sufficient liquidity are Bitfinex, Gate.io, Crypto.com Exchange, OKEx, Bithumb Global, among others.
What is Elrond (EGLD)?
In a nutshell, Elrond is a blockchain protocol that seeks to offer extremely fast transactions through sharding, describing itself to be the “technology ecosystem for the new internet.” Although its Whitepaper was published back in 2018, it wasn’t until late July of 2020 that its mainnet went live.
While it is a competitor to Ethereum and an alternative to the likes of Cardano, Polkadot, Solana, and Avalanche, Elrond possesses a few unique features that make it stand out. Firstly, its name derives from the Half-elven character from Tolkien's classic novel, Lord of the Rings. Secondly, it uses adaptive state sharding, which allows incredible throughout. It also uses a new approach to consensus called Secured Proof-of-Stake (SPoS). This not only makes the consensus much more efficient but uses an unbiased randomness approach to allow nodes to generate new blocks.
Similar to Polkadot’s and Avalanche’s consensus protocol, Elrond’s consensus takes to the next level by dividing transactions, Validators, and even the record of transactions between shards. SPoS ensures that no single shard is corrupted by randomly selecting a set of 61 Validators from each shard and choosing one to validate a transaction based on its credibility and how much EGLD that Validator staked. This allows for Elrond to theoretically process up to 15,000 transactions per second!! This is way higher than Avalanche’s ability of 4,500 txs!
In addition, Elrond’s VM uses WebAssembly, which allows developers to create smart contracts and dapps using multiple coding languages. As an added bonus, the protocol also supports developers building on its blockchain by allowing them to earn 30% of the smart contract fees as royalties.
Its native token, EGLD, is used for both staking, governance, and for paying transaction fees.
Elrond was co-founded in 2017 by the brothers Beniamin and Lucian Mincu, and Lucian Todea. The Mincu brothers are not strangers to startups. They previously co-founded MetaChain Capital and ICO Market Data.
Beniamin Mincu was also responsible for the product, marketing, and community for blockchain platform NEM from 2014 to 2015, in addition to being an early investor in projects such as Zilliqa, Tezos, and Binance.
Lucian Todia’s track record can be termed as a serial entrepreneur. He previously founded and served as CEO of Soft32 and was a partner of MobilPay, among others.
Maiar & Elrond Wallet
The Maiar wallet is the user-friendly, non-custodial wallet for the Elrond blockchain. It allows you to buy, send and receive EGLD, BNB, and Ethereum. The wallet also has a generous referral reward program. Any user who brings in someone to use the wallet and buys EGLD gets to earn 100% commission, with 50% for all other cryptos.
The Elrond wallet, on the other hand, is a browser wallet. It is also non-custodial, and unlike the Maiar wallet, you do not need to provide your phone number. Moreover, you can stake with the Elrond wallet, whereas with the Maiar, you cannot.
Elrond is a great project with a lot of potentials to grow. Its features are not only unique but provide easy, user and developer-friendly features that you don’t find much on other blockchain platforms. In addition, its decision to issue a new native token at a much-reduced supply is no doubt one of the reasons why EGLD has been experiencing a parabolic uptrend. And with the constant announcement of new partnerships, there is still much room for it to grow.
Nevertheless, there is still that concern about the amount of EGLD those few addresses hold. If the price were to continue its increase, there is always that risk of whales potentially flooding the market with EGLD and thereby causing the price to go down. In addition, Elrond still faces strong competition from the likes of Ethereum, Polkadot, Cardano, and Avalanche. While Elrond does provide a lot of tools and features for developers to build on, its competitors also have their own unique advantages. Time will only tell if Elrond’s journey has only just begun.