Is Elrond the most powerful?

Could you possibly clarify for me, is Elrond truly considered the most powerful figure within his realm? Is there any evidence or specific traits that lead to this assessment? Could you elaborate on his abilities and accomplishments that might support this belief? Additionally, are there any other characters who might rival or even surpass Elrond in terms of power? I'm interested in understanding the context and reasoning behind this assertion. Thank you for your time and insight.