Three reasons why the price of Elrond (EGLD) is hitting new daily highs

Decentralized finance-focused protocols are seeing a sustained upward move, and the momentum appears to be picking up pace now that the NFT sector has cooled off over the past two weeks.

Since the beginning of August, Elrond (EGLD) — a scalable and secure blockchain platform designed for distributed apps and enterprise-level businesses — has been in a strong rally.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $52.00 on June 22, the price of EGLD has charged 437% higher to a new all-time high of $302.14 on Sept. 14.
Three reasons for EGLD's surge include the full release of the protocol's Maiar exchange, the altcoin's listing on KuCoin, and a string of partnerships and integrations that expand the Elrond ecosystem.

DeFi capabilities follow the Maiar exchange launch
EGLD’s recent momentum results from the launch of the Maiar exchange, a DeFi protocol built on the Elrond network that allows users to trade and provide liquidity in various pools.

On Sept. 9, Elrond announced that U.S. citizens could begin purchasing EGLD tokens directly through the Maiar app, thanks to integration with Moonpay, giving the project access to the world’s largest retail economy.

In an effort to attract new users and display Elrond’s capabilities, Maiar also launched a $100,000 “Battle of the Yields” contest on Sept. 14, giving users an opportunity to win EGLD based on their trading volumes.

Exchange listings boost trading volume
Another reason for the recent strength seen in EGLD was its listing on the KuCoin exchange, the fifth-largest exchange by 24-hour trading volume.

New exchange listings are often followed by strong rallies for the token, especially when paired with perpetual futures markets or a top-five exchange by trading volume.

Source : cointelegraph.com