The NEAR Protocol cryptocurrency has managed to keep rising amid the market-wide downturn . Is it still worth getting started?
"Show me a chart that looks better"
While most cryptocurrencies are currently falling, one coin is defying the downward pull: NEAR Protocol (NEAR) . The price action of the smart contract platform has it all: 208% profit based on the last 30 days, more than 48% growth within the last week, and even within the last 24 hours, NEAR was able to increase more than 18%. The enormous upswing has even reached a new all-time high of $ 9.36 for the coin. That was achieved a few hours ago.
In the meantime, NEAR Protocol has withdrawn slightly and is now well below it at $ 7.46. But it hasn't hurt the popularity of the blockchain project: NEAR Protocol is currently still one of the top trending coins on Coinmarketcap.com. That means: an extremely large number of people are interested in cryptocurrency and are looking for it. The pseudonymous trader Livercoin comments on NEAR:
"SHOW ME A CHART THAT LOOKS BETTER, I'LL WAIT."
Should NEAR manage to maintain the upward momentum in view of the difficult market situation, NEAR Protocol could move again towards the all-time high and beyond. It is also quite possible, however, that there will be increased profit-taking after the intense rally.
Regarding the reasons that could have triggered the increase: Illia Polosukhin, the co-founder of NEAR Protocol, was just a guest on "The Pomp Podcast". This is the podcast of the popular Bitcoin bull Anthony Pompliano. In an interview with Pompliano, Polosukhin explains his vision for NEAR Protocol - and how the project intends to move billions of people to blockchain.
On top of that, just last week it became known that Aurora, an Ethereum scaling solution, had teamed up with Etherscan, the leading block explorer for Ethereum . Aurora enables projects built on top of Ethereum to use NEAR's technology.
What is NEAR Protocol?
We have already presented NEAR Protocol including price forecasts in this analysis . Put simply, NEAR Procotol is an open source platform that uses a proof-of-stake consensus mechanism (like Ethereum 2.0). NEAR is extremely fast and offers low transaction fees. The project has been in development since the end of 2018; the mainnet was launched in October 2020.
A decentralized team of more than 90 developers and researchers is responsible for NEAR Protocol. Many of them have already worked for large companies such as Google, Facebook or Microsoft. The well-known names who have funded the project also speak for NEAR Protocol: including companies such as Coinbase and heavyweights such as Andreessen Horowitz (a16z).
However, not only are large donors working on the development of NEAR, numerous decentralized communities are also taking care of the project. The goal: to make NEAR one of the leading infrastructure providers for Web3.0 and DeFi (decentralized finance).