Source: Adobe/Gesrey
The native EGLD token of the internet-scale blockchain, Elrond Network, saw strong market gains today, despite most other crypto assets seeing moderate losses.
At 15:05 UTC, EGLD, ranked 41st by market cap on Coingecko, stood at €202, a correction from €211 reached earlier in the day. The price was still up nearly 9% in a day, making it the best performer among the top 100 most valuable crypto assets today. It was also up 45% in a week, erasing almost all of its monthly losses.
Source: coincko.comWhile there is no apparent reason for today's rally, it follows a listing on the South Korean stock exchange Bithumb yesterday.
According to an announcement by major South Korea-based cryptocurrency exchange Bithumb, trading of the EGLD token on its platform against bitcoin (BTC) and the South Korean Won (KRW) fiat currency was enabled on Thursday this week.
The largest market for EGLD trading remains Binance, followed by OKX and HitBTC, according to data from CoinGecko.
In addition to the listing news, Elrond announced on Monday this week that crypto liquidity solution ZoidPay has integrated EGLD as a major coin on its platform, including enabling EGLD payments through its Visa debit cards. Additionally, ZoidPay will also launch its own ZPAY token on the Elrond blockchain, according to the announcement.
Meanwhile, the strong weekly gains come after the token briefly surged in mid-January following news that Elrond Network had acquired crypto payment solution Utrust (UTK) from Web 3 for an undisclosed amount.
According to the acquisition announcement, Elrond's plans include using Utrust's technology to make payments "faster, cheaper and more secure" as well as transforming payment processing services, "a cost to merchants, into a source of income.