Elrond EGLD/USD is software that incentivizes a distributed network of computers to run a smart contract platform that puts an emphasis on scalability as well as low transaction fees.
EGLD plays a major role in the network and is used for sending, rewarding network contributors as well as processing smart contracts.
EGLD is a token that can be staked and used to vote on network upgrades, and this is what gives it value.
The Utrust acquisition as a catalyst for growth
On January 11, through an official publication on their blog, Elrond announced their acquisition of the lending crypto payments provider known as Utrust.
This is an acquisition that was conducted with the goal of making faster, cheaper as well as more secure payments on the blockchain, and Elrond even claims that the network has a speed of 100,000 transactions per second (TPS).
However, they are also attempting to enhance the merchant yield by providing a means for merchants to convert practices that traditionally incur costs to them to a new income stream.
Elrond will essentially make payments completely digital with the goal of offering near-instantaneous and secure global settlements at a negligible cost, which will be accessible to merchants across the globe.
This will lead to an increase in the utility as well as the value of the Elrond (EGLD) token.
Should you buy Elrond (EGLD)?
On January 12, Elrond (EGLD) had a value of $208.7.
To get a better perspective as to what kind of value point this is for the EGLD token, we will go over its all-time high value as well as its performance last month.
The all-time high value of Elrond (EGLD) occurred on November 23, 2021, when the token reached a value of $545.64. Here, we can see that at its all-time high, the token was $336.94 higher in value or by 161%.
When we look at the performance of the EGLD token last month, we can see that, on December 1, the token reached a value of $421.6, which was its highest point of the month.
Its lowest value point was on December 20, when its value decreased to $228.52.
Here, we can see that the token decreased by $193.08 or by 45%.
With this in mind, at $208.7, EGLD is a solid purchase due to the fact that it has the potential to reach $225 by the end of January.
The post Elrond price movement: how will the Utrust acquisition shape the value of the EGLD token? appeared first on Invezz.
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