Altcoin, which rose 180 percent in a week, is now one of the top 20 cryptocurrencies!

High-speed blockchain network Elrond (EGLD) is up over 180% in the past week. In the last 24 hours, it experienced an increase of 46%. As a result, the altcoin entered the middle of the top 20 cryptocurrencies with a market cap of $3,072,222,829.

5-day EGLD/USDT chart. Source: TradingView

This breakthrough comes a week after the launch of Elrond’s “Maiar” wallet, a portable app that allows users to send and receive cryptocurrencies using just their phone number. According to an official tweet, more than 100,000 people have downloaded the app so far.

Traders also raised the altcoin price during development. EGLD was trading under $50 last month. But as of today, it has reached an all-time high of $191.73. At the time of writing, it sees the process at $ 179. Over $1.6 billion in tokens changed hands in the past day, and $600 million of this volume came from Binance alone.

Altcoin is in an uptrend

EGLD is in a strong uptrend as seen in the photo below. According to a report in Decrypt, it is trading above the 34-period exponential moving average (MA), a well-known tool used by investors to measure the general trend of an asset. Also, according to the news source, there isn’t much “resistance” that could cause traders to sell the token.

Source: Decrypt

Founded in 2017 by three Romanian-based developers, Elrond launched its 2019 Binance “Launchpad” sale (a provided by crypto exchange) to build its high-speed blockchain network. fundraising platform) had exceeded $5 million.

Elrond relies on different “nodes” to maintain the network and process processes; It also uses a proof-of-stake consensus mechanism that uses the “sharding” technique, a technique that splits a blockchain into many clusters to increase scalability and ensure security.