Analysts foresee continued rally for NEAR Protocol as it skyrockets 54% within a week, projecting further growth in 2024.
NEAR Protocol Emerges as Top Performer in Crypto Market, Surges 54% This Week
NEAR Protocol’s native token has delivered an exceptional performance in 2023, with its value skyrocketing by over 175% this year. In a remarkable turn of events, NEAR experienced a notable increase of 20% today, pushing its price to around $3.55. As a result, NEAR’s market capitalization has reached approximately $3.5 billion.
The growing popularity of the NEAR Protocol is clearly demonstrated by on-chain metrics. The number of active daily wallets on the network has witnessed an astonishing surge of 975% from December 1 to December 19, skyrocketing from 93,000 to over a million. Concurrently, the total daily transactions on the network have risen by 170% since December 3.
Experts anticipate a surge in discussions and interest surrounding the NEAR Protocol in the coming weeks as it gains more visibility. With its lower, fully diluted valuation and potentially superior technology compared to competitors like TIA, NEAR is poised for substantial growth.
Furthermore, there is a belief among analysts that retail investors have remained interested in NEAR, despite venture capitalists stepping back during the cryptocurrency downturn. This trend suggests that when institutional investors re-enter the market in future cycles, these retail investors may be able to sell their holdings at significantly higher prices.
In other news, Argentina’s new minister has announced that the country will accept Bitcoin for contractual agreements, indicating a growing acceptance of cryptocurrencies globally.
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