Elrond (EGLD) lost 8% today and 24% in the past week. Is it time to buy?

Digital assets - in particular cryptocurrencies - have several advantages over traditional money, especially as regards transfers of funds, which with cryptocurrencies are cheaper, faster and more scalable. Within the cryptocurrency industry, some projects are better than others when compared to these metrics.

High price pressures

A noteworthy project when it comes to low-cost, high-volume, and fast financial payments is the Elrond project. Launched in 2017, Elrond (EGLD) is capable of processing 15.000 smart contracts per second, solving each action in less than seven seconds and costing less than a euro cent. When compared to other blockchain networks such as Ethereum, Cardano or Bitcoin, Elrond is able to reliably complete more transactions cheaper and faster than the others.

Despite these operational advantages, Elrond's native currency - EGLD - continues to experience price pressure on cryptocurrency exchanges, falling from a high of $ 67,70 to a low of $ 62,07 over the past 24 hours, according to CoinMarketCap. This marks an 8% price drop on the day, while the coin's price fell 24% over the past week. As of press time, EGLD is the worst daily and weekly performance of all ranked cryptocurrencies, with a 247% surge in trading activity in and out of EGLD. The most likely reason for the drop could be a programming bug discovered in coding last weekend, which the Elrond developers reportedly fixed.

Is Elrond to buy?

Last November, Elrond hit a price spike with a quotation of 542,58 dollars, but this morning it is trading at 62,07 dollars, with an 88% discount. This is not financial advice, but just observation based opinion. Every investor should do their own research and risk assessments before allocating funds to any new investment. However, the Elrond project is a high quality program which is currently trading at a steep decline. Careful investors might take a look at it before its price rises to triple digits again.