Elrond (ERD), Today MultiversX (EGLD): The 3,300% Rally of 2020 in Hindsight

Update 25 September 2026: Elrond no longer exists under that name. ERD was swapped into the new native coin EGLD at a ratio of 1,000 to 1 in September 2020, and in November 2022 the project renamed itself MultiversX. EGLD trades at about $4.40 according to CoinGecko data from 25 September 2026, far below its all-time high of $545.64 from November 2021. The original analysis from July 2020 follows below as a dated snapshot, with the prices converted where it helps.

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From Elrond (ERD) to MultiversX (EGLD): what changed?

When this article was written on 18 July 2020, Elrond's mainnet was only days away. It went live on 30 July 2020. A few weeks later, the team replaced the old ERD token with the network's native coin, eGLD, later written EGLD. From 3 September 2020, holders could swap 1,000 ERD for 1 EGLD, which cut the number of units by a factor of 1,000 without changing the value of a holding.

In November 2022 Elrond rebranded as MultiversX. The blockchain, the EGLD coin and the sharded architecture stayed; the new name was meant to cover the broader metaverse and web3 ambitions of the project. The network is still being developed: on 10 September 2026 the Supernova hard fork cut the block time from six seconds to 600 milliseconds, as explained in our MultiversX Supernova hard fork checklist.

What did the 3,300% rally look like in hindsight?

Because of the 1,000 to 1 swap, every ERD price in this article has to be multiplied by 1,000 to compare it with EGLD today. The July 2020 peak of $0.0166 per ERD equals $16.60 per EGLD. The rally did not stop there: EGLD reached its all-time high of $545.64 on 23 November 2021, according to CoinGecko, which is about 33 times the peak discussed in this article.

The decline since then has been just as steep. At $4.40, EGLD trades about 99% below its record and at the equivalent of $0.0044 per old ERD. That is below the $0.0056 level this article called the most important support in 2020, but still about eight times the March 2020 low of $0.00055, equal to $0.55 per EGLD. EGLD's market capitalization is now around $136 million, rank 235 on CoinGecko.

What exactly happened with Elrond in 2020?

Elrond was one of the best performing altcoins of 2020: a blockchain designed for high scalability and speed at internet scale. The mainnet launch was notable, but it was clearly not big enough on its own to explain a 3,300% price surge within a few months.

After a massive spike when ERD started trading on Binance, the token went into consolidation and slowly dropped from $0.007 towards $0.0015 over the following months. On 1 January 2020, ERD traded at around $0.0018, and it kept falling until the crypto crash of 13 March 2020, when it reached an all-time low of $0.00055.

Things were clearly not looking good for ERD. Once the market started to recover, however, Elrond not only recovered but blasted through all resistance levels, reaching $0.003 on 3 June 2020, only three months later.

ERD kept climbing and reached $0.0065 on 20 June, only two weeks later. Selling pressure was building and practically all indicators showed ERD as overextended, but that did not stop the bulls from pushing the price to $0.0166 a month later.

It was one of the most impressive altcoin runs of that year, and probably the best considering its trading volume and market capitalization. Elrond went from a market capitalization of $7.9 million to a peak of $219 million and climbed into the top 50 coins. We followed the rally up in a later analysis, Elrond (ERD) is up 5,100%.

What were the red flags in July 2020?

Given the size of the rally, even a 50% drop would have been reasonable. At the time of writing, the daily uptrend was still intact, although ERD was already 22% below its peak.

The daily 12-EMA at $0.0128 was the closest important support level, and ERD had stayed above it for more than a month. Losing the 12-EMA would have been notable, but far from the end of the run.

The next support was $0.01, the 26-EMA and a psychological level. Even a loss of that level would not necessarily have ended the rally. The daily RSI had already cooled off, which left room for another leg up.

ERD's trading volume declined after a few bearish candles, a sign that sellers were not particularly strong. The daily MACD was close to a bearish cross, but the fear of missing out was too strong for it to matter.

The most important support level was $0.0056; a drop below it would have been a real red flag. Even at $0.005, ERD would still have been 580% above its April 2020 level. Bears were looking for rising selling volume, a break of both daily EMAs and ideally of the $0.01 zone. There was a chance that the mainnet launch would turn into a classic "buy the rumor, sell the news" event, but the demand for ERD at the time made that look unlikely. In the short term, that assessment proved right.

Current prices for the largest cryptocurrencies are on our crypto prices overview.

FAQ

Is Elrond the same as MultiversX?

Yes. Elrond renamed itself MultiversX in November 2022. The blockchain and its native coin EGLD continued under the new name.

How was ERD converted into EGLD?

From 3 September 2020, 1,000 ERD could be swapped for 1 EGLD. To compare an old ERD price with EGLD, multiply it by 1,000.

What is the all-time high of EGLD?

EGLD reached $545.64 on 23 November 2021, according to CoinGecko.

What is EGLD worth today?

On 25 September 2026, EGLD traded at about $4.40, with a market capitalization of roughly $136 million according to CoinGecko.