Elrond (EGLD) Slid 8% Today and 24% the Past Week. Is Now the Time to Buy?

Elrond is a reliable, quick smart contract blockchain network with cheap transaction costs that's scalable -- and it's currently trading at a deep discount.

Digital assets -- cryptocurrencies in particular -- have several benefits over traditional money, especially when it comes to funds transfers, which are cheaper, faster, and more scalable with crypto. Within the crypto sector, some projects are better than others when stacked up against those metrics.

One noteworthy standout when it comes to low cost, high volume, and fast financial settlements is the Elrond project. Launched in 2017, Elrond (EGLD) is capable of processing 15,000 smart contracts per second, resolving each action in under seven seconds, and costing less than a hundredth of a penny. When you stack it against other blockchain networks such as Ethereum, Cardano, or Bitcoin -- Elrond reliably completes more transactions cheaper and faster than the others.

Despite those operational advantages, Elrond's native coin -- EGLD -- continues to experience price pressure across cryptocurrency exchanges, falling from a high of $67.70 to a low of $62.07 during the past 24-hour period according to CoinMarketCap. That marks an 8% price slip on the day, while further dragging down the coin's price 24% spanning the last week. At press time, EGLD is the worst single-day and weekly performer of all ranked cryptocurrencies, with a staggering 247% surge in trading activity in and out of EGLD. The most likely reason for the drop could be a programming bug discovered in the coding this past weekend, which Elrond developers have reportedly fixed.

Is Elrond a buy?

Last November, Elrond hit a peak price point of $542.58, but it's trading as low as $62.07 this morning, marking an 88% discount. This is not financial advice, merely opinions based on observation. Every investor should do their own research and risk assessments before allocating funds into any new investment. However, the Elrond project is a top-quality program that's currently trading at a steep markdown. Savvy investors might want to give it a look before its price climbs back into triple digits.