As a seasoned crypto investor with a keen interest in decentralized applications and blockchain technology, I’ve been closely monitoring the developments within the Near Protocol ecosystem. The impressive growth metrics reported for Q1 2024 have piqued my attention, as Near Protocol has shown remarkable strength and outperformance compared to Bitcoin and Ethereum.
In Q1 2024, Near Protocol’s decentralized application platform experienced significant growth, leading to noteworthy gains in essential metrics. This progression propelled Near Protocol’s native token, NEAR, back to a pivotal level. A potential resurgence towards the all-time high (ATH) reached by NEAR in January 2022 could ensue as a result.
Based on the latest findings from Messari’s report, I observed noticeable growth in NEAR’s market capitalization, revenue generation, and active user base, with an impressive surge in Total Value Locked (TVL). These developments have firmly established NEAR as a leading contender within the cryptocurrency sector.
NEAR Outperforms Bitcoin And Ethereum
In the first quarter of 2024, NEAR’s market cap in circulation swelled to an impressive $7.2 billion, signifying a remarkable 94% rise from the previous quarter. Likewise, the fully diluted market cap soared to an impressive $8.2 billion, reflecting a significant 91% increase over the last quarter. These figures catapulted NEAR into the ranks of the top 20 cryptocurrencies based on market capitalization.
Significantly, NEAR demonstrated superior performance compared to Bitcoin (BTC) and Ethereum (ETH), which saw quarter-over-quarter growth rates of 69% and 53% respectively. Moreover, NEAR’s earnings, sourced from network transaction fees, experienced an impressive 82% increase, amounting to $1.9 million.
As a crypto investor, I’ve noticed an impressive growth trend for NEAR in Q1 2024. The average daily active addresses on the network surged to 1.2 million, marking a solid 42% quarter-over-quarter (QoQ) increase.
As a crypto investor, I’ve noticed an impressive growth in our network recently. Specifically, we saw a significant rise in the number of daily new addresses, reaching a total of 236,000 – marking a 37% quarter-over-quarter increase. What’s more, this development took us beyond a remarkable milestone: surpassing the 100 million mark for total accounts.
As a researcher examining the cryptocurrency market, I’ve discovered that the surge in growth during March can be attributed to several key factors. Notably, the involvement of established protocols such as KAIKAINOW, Sweat, and Playember, along with the widespread adoption of HOT Wallet, contributed significantly to this expansion. Specifically, these elements led to an average of approximately 350,000 daily active addresses and nearly 3 million total wallets in March.
Stablecoin Market Cap Soars In Q1
Based on the findings from the report, I observed a significant surge in transaction activity during the first quarter of 2024. Daily transactions peaked at an impressive 4.3 million figure, marking a substantial 78% rise compared to the previous quarter. Furthermore, this increase represented a striking 538% growth relative to the transaction volume observed over the past six months.
In the same vein, the total value locked (TVL) in NEAR experienced significant expansion during the quarter, reaching a peak of $335 million. This represents a robust growth of 163% compared to the previous quarter and an impressive surge of 547% since the last half-year.
As a crypto investor, I’ve noticed an impressive growth in NEAR’s decentralized exchange (DEX) activity. The average daily trading volume has jumped to a remarkable $8 million, marking a substantial 95% quarter-over-quarter increase. Among the DEXs on this protocol, Ref Finance has stood out with a robust daily trading volume of $6 million. This figure surpasses that of Orderly Network, making Ref Finance the leading DEX in the NEAR ecosystem.
To wrap up, during the first quarter of 2024, NEAR’s stablecoin market cap saw a substantial growth, jumping 176% from the previous quarter to a total of $214 million. It is worth mentioning that USDT experienced an impressive surge as well, with its market cap expanding by an astounding 1,155% quarter over quarter, touching $88 million.
Outperforming Top 20 Cryptocurrencies
With respect to price movements, NEAR Protocol’s native token has shown impressive gains, moving up by 9.4% over the last week and breaking into the top 20 cryptocurrencies in terms of market capitalization. Conversely, Bitcoin underwent a minor setback, recording a 1.5% price decline during the past 24 hours.
The uptrend has allowed Near to regain the notable price mark of $7.40, a crucial milestone for optimistic investors.
Moving forward, the price of $7.60 might act as a significant hurdle for the token, potentially halting progress and requiring close examination. Overcoming this level could lead to a revisit of the $8 price point, suggesting continued growth if achieved.
As a crypto investor, I’ve noticed that the $6.80 level holds great importance as a strong support point. This price point was put to the test over the weekend and managed to halt any potential larger price drop.
As a crypto investor, I cannot ignore the fact that although there’s an upbeat perspective, my token has dropped more than 64% from its peak price of $20.4, which it hit back in 2022.
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2024-05-07 01:16