Elrond token (EGLD) experienced an impressive upsurge within 24 hours, reaching as high as $196 before consolidating at $180 on Monday.
According to market aggregator CoinMarketcap, the price surge led to an increase in its market capitalization by 50%, taking its market cap to $2.9 billion. This takes the token into the top 20 cryptocurrencies in the market based on market capitalization.
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The Majar app launched to facilitate crypto transactions
The price of Elrond has indeed increased by 300% within the past seven days. The price upsurge began shortly after the blockchain startup rolled out a digital wallet known as Majar app. The app is launched to serve as an alternative to traditional payment apps on the market, such as Google Pay, PayPal, and Revolut.
The Majar app will enable users to send and receive crypto funds using only their phone numbers. It hopes to help more users invest in cryptocurrencies. So far, the app has recorded some levels of success, with more than 100,000 downloads of the app barely two weeks since its launch.
Elrond says blockchain network improves scalability
Co-founder and Chief Executive Officer of Elrond Benjamin Mincu stated that Elrond hopes to hit the one million mark in terms of the number of registered users within the first month of the app’s launch.
However, the long-term goal for the company is to hit 1 billion active users, although such an objective doesn’t have a timeframe yet, Mincu pointed out.
Elrond also stated that its blockchain network is capable of scaling more than 100,000 transactions per second and can process over 15,000 transactions each second.
As more traders purchase Elrond, its price increased to an all-time high on Monday. The number of trading volume is also particularly impressive, as $1.6 billion worth of the token was traded yesterday. But it seems the majority of the trades occurred in the Binance exchange, as it recorded $600 million of the entire Elrond trading volume for the day. the trading volume has also been the highest ever volume for the cryptocurrency.