MultiversX (EGLD), formerly known as Elrond, is rapidly solidifying its position as one of the most technologically advanced blockchain platforms.
Currently trading at $49.70, EGLD has gained 10.8% over the past week and an impressive 71% over the last month, reflecting growing investor confidence.
Praised by Cyber Capital’s Justin Bons as the “technological Holy Grail of crypto,” MultiversX’s implementation of sharding positions it as a leader in scalability, achieving over 100,000 transactions per second.
This sets it apart from competitors like Bitcoin (BTC) and Ethereum (ETH), which rely on second-layer solutions to address scalability challenges.
EGLD seven-day price chart. Source: Finbold
Key fundamentals driving MultiversX’s growth
MultiversX’s capped token supply of 31.4 million, combined with its robust DeFi use cases and forthcoming upgrades like sub-second block times, continues to enhance its market appeal.
The platform offers users opportunities to earn passive income, generate yield, and benefit from features such as secure proof-of-stake, cross-chain interoperability, on-chain two-factor authentication, and opt-in gasless transactions, reinforcing its position as one of the most advanced blockchain platforms.
Strengthening its growth trajectory, MultiversX has forged a collaboration with Alibaba Cloud, paving the way for its strategic push into Asian markets.
This partnership aims to onboard Alibaba’s extensive customer base into the MultiversX ecosystem, a move with the potential to significantly expand its user adoption.
The impact of this collaboration is already evident, with EGLD gaining momentum on South Korea’s largest crypto exchange, Upbit, signaling notable progress in its market expansion efforts.
Further strengthening its momentum, EGLD’s inclusion in Coinbase’s COIN50 Index, which highlights promising cryptocurrencies, reflects growing institutional confidence.
This recognition was amplified on November 13, when Coinbase announced the listing and expansion of six new cryptocurrencies for New York citizens, with MultiversX being a notable addition.
This move aligns with the COIN50 Index rebalancing, positioning MultiversX as a key player in the evolving crypto market and setting the stage for further growth as the bull market unfolds.
AI predicts EGLD year-end price
To gauge EGLD’s future potential, Finbold leveraged market data and consulted ChatGPT-4o to analyze its prospects.
According to the artificial intelligence (AI) model, EGLD is projected to close 2024 trading between $60 and $70, driven by a combination of technological advancements, strategic partnerships, and bullish market sentiment.
ChatGPT outlook on EGLD price. Source: ChatGPT/Finbold
However, in a bearish scenario influenced by market corrections or macroeconomic pressures, EGLD could retrace to the $40 to $45 range.
As MultiversX continues to expand its footprint through innovation and collaboration, its growing reputation as a leader in scalability and security sets the stage for sustained long-term growth.
Featured image from Shutterstock.
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