Stocks have come under pressure over the past week, with the S&P and NASDAQ both down approximately -4% since last Monday. Meanwhile, the two largest cryptocurrencies, Bitcoin ($BTC) and Ethereum ($ETH), have put on a modest gain in the same timeframe, up +3% and +15% respectively.
Cryptos have been outperforming stocks overall, but the breadth of the “alt-coin” market is such that many crypto assets have shown relative underperformance in recent months.
One such underperformer: Cosmos ($ATOM), a layer-1 blockchain that services the creation of further interconnected blockchains using a custom development kit. Last month, we highlighted strength in underlying investor chatter for Cosmos and its primary token ATOM – Although the price of ATOM rose by as much as +35% in the following weeks, it has since slumped to -10% below its October lows.
Still, the chatter surrounding the project has maintained promising upward momentum: +79% QoQ and +17% in the past month (30d MA).
Cosmos has temporarily slipped out of the top 30 in terms of market cap ($6.5B), but its unique value proposition will only become more relevant as the implementation of blockchain technology progresses -- The current price weakness makes it an obvious candidate for accumulation, but LikeFolio’s social data helps to identify opportunities regardless of recent price action…And, our data shows that Elrond ($EGLD)is an outperformer worth accumulating
Elrond isn’t a layer-1 blockchain like Bitcoin or Cosmos, it’s a blockchain protocol that leverages a unique innovation called sharding to deliver extremely fast smart contract transactions. For comparison:
Ethereum’s smart contract platform delivers ~15-45 transactions per second.
WAX’s ($WAXP) 'delegated proof-of-stake' (DPoS) consensus mechanism allows for a much speedier ~8,000 per transactions per second.
Elrond’s protocol boasts the capability to deliver 15,000 transactions per second.
These speeds will benefit a wide variety of fields including fintech, decentralized finance (DeFi), and the Internet of Things (IoT).
The price of Elrond’s native token, eGold (EGLD), has gained by more than +100% in the past quarter, with a -20% pullback in the past.
EGLD's Investor mentions have continued to rise, pacing +51% month-over-month and +144% QoQ on a 30-day moving average.