Near Protocol Defies Odds, Surpasses Bitcoin and Ethereum in Q1 2024 Growth

33

In the first quarter of 2024, the Near Protocol, a decentralized application (dApp) platform, demonstrated an impressive evolution, significantly bolstering its key metrics. This growth facilitated the advancement of NEAR, its native token, as it boldly regained high performing positions and forged a path towards a possible return to its peak performance from January 2022.

Data analysis company, Messari, has recently published a report highlighting the considerable growth of NEAR in market capitalization, revenue generation, active address count, and the extent of Total Value Locked (TVL). These metrics underpin the platform’s strengthened foundation, enhancing its standing amongst the heavyweights of the cryptocurrency market.


TRUSTED PARTNER ✅ Bitcoin Casino


During the first quarter of 2024, NEAR drew attention as it surpassed both Bitcoin (BTC) and Ethereum (ETH) with its remarkable strides. NEAR’s market cap escalated to a staggering $7.2 billion, a 94% increase from one quarter to the next. Additionally, the fully diluted market cap skyrocketed to $8.2 billion, marking a 91% quarter-on-quarter increase. These astounding figures leveraged NEAR, vaulting it into the top 20 cryptocurrencies by market capitalization.

Furthermore, the revenue generated from NEAR’s network transaction fees soared with an 82% quarter-on-quarter increase, amounting to $1.9 million. The platform also sustained its address growth trend with the number of average daily active addresses peaking at 1.2 million – an impressive 42% quarter-on-quarter increase. The surge in new daily addresses, totaling 236,000 (a 37% quarter-on-quarter increase) and the platform’s surpassing 100 million total accounts underlined the continued growth and adoption of NEAR.

Meanwhile, contributions from established protocols like KAIKAINOW, Sweat, and Playember, coupled with the adoption of the HOT Wallet have been identified as key drivers of expansion for NEAR. Daily active addresses averaged well over 350,000 in March, with nearly three million total wallets reported, marking a significant milestone for the platform.

Transaction activity on the platform witnessed a sustained increase throughout the first quarter of 2024, with daily transactions reaching 4.3 million, indicating a 78% quarter-to-quarter increase and a staggering 538% increase over the last half-year period. NEAR’s TVL followed a similar trajectory, closing out the quarter at $335 million – a significant 163% increase from the previous quarter, and a 547% rise over the past six months.

Additionally, NEAR’s decentralized exchange (DEX) volume demonstrated substantial growth, boasting an average daily volume of $8 million, marking a 95% quarter-to-quarter increase. Ref Finance emerged as the leading DEX on the platform, with a reported daily volume of $6 million, surpassing that of the Orderly Network.

The vibrant and robust performance of NEAR was demonstrated definitively as it observed a significant increase in its stablecoin market cap which soared 176% quarter-to-quarter to $214 million during Q1 2024. In particular, the market cap of USDT experienced a remarkable surge, increasing 1,155% quarter-to-quarter to reach $88 million.

As regards price action, NEAR Protocol’s token has demonstrated consistent strength, outperforming the top 20 cryptocurrencies in the market with a 9.4% upward trend over the past week. In comparison, Bitcoin experienced a minor price correction of 1.5% in the past 24 hours. This positive trend has allowed NEAR to reclaim the significant $7.40 price level, an important threshold for those bullish investors.

Looking forward, certain milestones have been identified that could shape the future performance of NEAR. The $7.60 mark appears to be a potential resistance level, serving as a crucial barrier to monitor, as a breach could signal further upward momentum and could open the way for a retest of the $8 mark. On the flip side, the $6.80 mark has shown pivotal importance as a key support level, previously tested over the weekend which effectively staved off a more significant price decline.

While the outlook is optimistic, it is important to underscore that the token is still trading down by over 64% from its all-time high of $20.4, which was achieved in 2022. Despite this, the market’s positive trend suggests that the Near Protocol and its native NEAR token have substantial room for potential growth going forward in 2024.

Previous articleRekt Capital Uncovers Unexpected Trends in Bitcoin’s Accelerating and Decelerating Bull Run
Next articleRolling Stones Headline Record-Breaking New Orleans Jazz Fest 2024
Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.