Elastos Takes the Lead as the Highest Gainer Among the Top 500 Cryptocurrencies
The Elastos ecosystem’s native token, ELA, has emerged as the top performer among the top 500 cryptocurrencies, while a key indicator suggests a downward trend. Over the past 24 hours, ELA has seen a 35% increase and is currently trading at $4.24. Its market capitalization has risen to $91 million, making it the 384th largest cryptocurrency. Additionally, the daily trading volume of Elastos has experienced a 50% surge, reaching $2.57 million.
Coinbase, with the US dollar trading pair, accounts for over 64% of the spot ELA trading volume, according to data. However, market intelligence platform Santiment suggests that Elastos may face significant selling pressure due to consecutive declines since reaching a local peak of $4.6 on January 2. Santiment’s Relative Strength Index (RSI) for the ELA token currently stands at 74.7, indicating the possibility of further price drops as the token’s bullish momentum may have been triggered by major players.
Despite the recent spike, Elastos has experienced a 425% price rally over the past year, recovering from an all-time low of $0.79 on January 3, 2023. This rally began in mid-December 2023 when the blockchain developer announced the introduction of a layer-2 network for Bitcoin, known as “Bitcoin Elastos Layer2” or “BeL2” for short.
However, despite the recent price rally, ELA is still down 95% from its all-time high of $93.9, which it reached on February 24, 2018.
