Despite rebranding from Elrond to MultiversX in late 2022, the EGLD coin has had a tough 2023. The crypto has fallen by more than 20% since January 1. That said, it has shown some signs of recovery in recent weeks.
The news that it was to hold a hackathon in its Bucharest, Romania, base, has helped bring both the coin and the blockchain to more people’s attention.
MultiversX did not immediately respond to a request for comment.
But what is MultiversX (EGLD)? How does MultiversX work? Let’s see what we can find out, and also take a look at some of the MultiversX Price Predictions that were being made as of September 22 2023.
Let’s examine some of the MultiversX price predictions being made on September 22 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term MultiversX price prediction that said EGLD would be worth $25.75 on September 26. The coin would then go on to reach $35.53 on October 21. The site’s price analysis was bearish, with 24 indicators sending discouraging signals and just five making bullish ones.
Moving on, CaptainAltCoin’s MultiversX price forecast had the coin trading at $47.82 in 2025. DigitalCoinPrice said it would be worth $91.33 then. PricePrediction.net thought it would reach $76.05 in two years’ time.
Looking at a more long-term MultiversX price prediction, CaptainAltCoin thought EGLD would reach $130.24 in 2030. DigitalCoinPrice said it would be worth $260.62 that year. PricePrediction.net’s EGLD price prediction had it trade at $532.34 at the start of the next decade.
Now, let’s examine some of MultiversX price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a MultiversX price prediction.
When EGLD came out in September 2020, it was worth about $13.40. The price rose and really went up in early 2021, when the cryptocurrency market hit a bullish phase. The coin broke past $200 in April. Although EGLD fell over the summer, it climbed back up in the autumn and, on November 23 2023, EGLD reached an all-time high of $542.58. Worldwide concerns about the Omicron variant of Covid-19 saw it fall back and the coin closed the year at $238.63.
2022 was a poor year for crypto and EGLD struggled. When the market crashed following the collapse of the Terra (LUNA) blockchain, the coin fell below $100. Any hopes that the rebranding would help were snuffed out when the FTX (FTT) exchange declared bankruptcy in November. MultiversX closed the year at $32.80, making an annual loss of more than 85%.
So far, 2023 has proven to be a bit disappointing for MultiversX. Although the coin broke past $50 in February, it soon went down again. In early June, the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase crypto exchanges and the market fell. EGLD was not immune and it reached a low of $28.47 on June 15.
The market recovered, and MultiversX reached $38.02 on July 17. This appeared to be in response to a court ruling that Ripple’s XRP was not a security if it was being sold on exchanges. There was another drop in August, partially triggered by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC). By September 11, it was worth $22.30. There was some recovery after this, potentially triggered by the hackathon and, on September 22 2023, MultiversX was worth about $25.55.
At that time, there were 25.98 million EGLD in circulation out of a total supply of 25.99 million. This gave the coin a market cap of about $663 million, making it the 50th-largest crypto by that metric.
EGLD is up by about 15% from its September 11 low. However, it still has a long way to go. The MultiversX coin is worth nearly 33% less than its July high. Perhaps more worryingly, it is down 10% from its June low and down more than 20% since the start of the year.
It is difficult to tell. Seeing as it was set up as a de facto alternative to Ethereum (ETH) back when Vitalik Buterin’s system was Proof-of-Work, it can be hard to find a use for it in a world where Ethereum is Proof-of-Stake. Its rebranding has been something of a damp squib, too, with the price firmly deciding not to rise.
On the other hand, it does have a strong developer base and is looking to grow itself.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in EGLD.
No one can really tell right now. While the MultiversX crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in MultiversX, you will have to do your own research, not only on EGLD, but on other, similar, coins and tokens such as Solana (SOL) or Cardano (ADA). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Romanian brothers Beniamin and Lucian Mincu founded what was then called Elrond in 2017. It is designed to solve the so-called blockchain trilemma, aiming to be fast, secure and decentralized.
MultiversX – which acquired its new name in late 2022 – promises speeds of 15,000 transactions per second. The EGLD coin, which hit the open market in 2020, supports the blockchain.
The MultiversX blockchain uses a Proof-of-Stake (PoS) consensus mechanism. This means that people are selected to add blocks to the blockchain based on how much EGLD they hold.
Developers can create decentralized applications (DApps) and make use of smart contracts, computer programs which automatically execute once certain conditions are met.
People can set aside, or stake, EGLD in return for rewards. The coin pays for transactions on the network and people can buy, sell, or trade it on exchanges.
On September 22 2023, there were 25.98 million EGLD in circulation out of a total supply of 25.99 million.
It potentially could, but not for quite some time. PricePrediction.net said it would reach four figures in 2032. Keep in mind that EGLD has never been worth $1,000.
The EGLD coin supports the MultiversX blockchain. It pays for transactions and can be staked in return for rewards. People can also buy, sell, and trade EGLD on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.