Near Price Up By 41.92% – Time To Buy NEAR Coin?
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The crypto market has slowed down in the last couple of days, shedding over $300 billion. While large-cap virtual assets like Bitcoin have lost over 10% of their value in the last 48 hours, outliers like the NEAR protocol have continued to post strong returns.
In the last 24 hours, the small-cap crypto project has surged more than 40%. This exponential growth has served as a signal for investors to buy NEAR before hitting a major rally. Before adding the digital asset to your portfolio, it is best you understand what the project is all about and what has led to the breakaway success.
NEAR: Sleeping dApp Development Giant?
Near protocol was founded in July 2018 by engineers Alex Skidanov and IIIia Polosukhin. Both came up with the idea when they met in the 2018 Y Combinator startup accelerator program. Near protocol comes with smart contract functionality on board and is designed to be developer-friendly. The development team says that NEAR is meant to enable the creation of decentralized applications (dapps) easily in as little as five minutes.
Avoiding the popular proof-of-work (PoW) consensus algorithm, the Near protocol uses a proof-of-stake (PoS) mining protocol called Nightshade and a block finality mechanism called Doomslug. These dual mechanisms ensure Near protocol has a throughput speed of 100,000 transactions per second (TPS).
Like popular ‘Ethereum killer’ Polkadot, NEAR uses the sharding technique to optimize performance. However, all shards are carried out on the same blockchain and not on independent blockchains. The Near protocol is interoperable with the Ethereum network enabling the seamless transfer with the Near Rainbow Bridge. Some of the tools developers get to leverage are NEAR software development kits (SDKs) which come with standard data structures and testing tools for Rust and AssemblyScript.
A NEAR wallet enables developing teams to build streamlined user experiences for users, and a NEAR Command Line Tools that allows developers to deploy dapps from their local environment. NEAR is the utility token that powers the NEAR ecosystem. The digital asset is used for processing transaction fees and storing data, for staking, and for governance votes.
NEAR: An Outlier In A Bearish Market
It seemed like the crypto market had escaped the clutches of the bears after Bitcoin rallied more than 10% in the opening days of August. Following a three-month market downturn, this was a welcome development with several crypto assets posting major highs.
Bitcoin led this bullish season once again with the crypto market reclaiming its $2 trillion market valuation once more.
However, the last 48 hours have seen the crypto market reverse course with over $300 billion shaved off as the bears reassert their dominance. The outlier has been NEAR which has continued to surge steadily despite a bearish trend enveloping the nascent industry.
At press time, the digital token surged 41.92% and trades at $9.25 on the daily chart. This follows a one-week rally of 85%. This bull’s run is a reflection of a NEAR uptrend which saw it surge to $9.53 in the early hours of today. The token has risen more than 500% from this year’s entry price of $1.1. This could be a signal to buy NEAR before it hits a major price.
NEAR Technical And Fundamental Analysis
On the trading chart, NEAR is showing strong bullish potential. The digital token is trading above the 20-day moving average (MA) price of $5.939. The relative strength index (RSI) is on a high and is currently at the overbought region of 85.58. This shows that several investors want to buy NEAR.
This remarkable growth can be tied to the protocol’s growing adoption. In a recent release, Ethereum multi-scaling solution Aurora launched on the NEAR platform. This is in a bid to enable NEAR developers to tap into the vast Ethereum ecosystem.
In addition, the protocol announced a collaboration with the popular decentralized storage network, Filecoin, to accelerate the adoption of the Web3.0 stack. This partnership was further strengthened with a $300,000 joint grant program for developers looking to build on either of the platforms.
Near protocol also recently launched a global blockchain hackathon called MetaBUIDL which seeks to enable an era of “zero finance” where decentralized finance (DeFi) is the accepted norm.
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