Bittime - Near Protocol, a decentralized application (dApp) platform, posted impressive records in the first quarter of 2024. This growth was marked by improvements in key metrics.
This increase also boosted the value of the protocol's native NEAR token. Now the token is back in a better position and has the potential to reach its peak price (ATH) again in January 2022.
Data analytics company Messari recently published a report highlighting NEAR's significant growth in market capitalization, revenue generated, number of active users, and Total Value Locked (TVL).
These metrics show the platform's increasingly strong foundations, improving its position among other leading cryptocurrencies.
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NEAR Surpasses BTC and ETH Growth
During the first quarter of 2024, NEAR attracted attention as it managed to surpass Bitcoin (BTC) and Ethereum (ETH) in terms of growth. NEAR's market capitalization jumped to $7.2 billion, an increase of 94% over the previous quarter.
Additionally, fully diluted market capitalization skyrocketed to $8.2 billion, up 91% compared to the previous quarter. These incredible numbers propelled NEAR into the top 20 cryptocurrencies by market capitalization.
Also read: Near (NEAR) Protocol Price Predictions are Soaring, Driven by Interest in the World of AI
Furthermore, revenue generated from NEAR network transaction fees jumped 82% over the previous quarter, to $1.9 million.
This platform also maintains a growth trend in the number of users with the average number of daily active users reaching 1.2 million. This is an impressive increase of 42% compared to the previous quarter.
The increase in the number of new daily users, which totaled 236,000 (up 37% over the previous quarter) and the platform surpassing 100 million total accounts, underscore NEAR's continued growth and adoption.
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Established protocols such as KAIKAINOW, Sweat, and Playember, coupled with HOT Wallet adoption, have been identified as key drivers of NEAR's expansion. Average daily active users reached over 350,000 in March, with nearly three million total wallets reported, marking a significant milestone for the platform.
Transaction Activity Increases
Transaction activity on the platform experienced a continuous increase throughout the first quarter of 2024, with daily transactions reaching 4.3 million. This represents a 78% increase over the previous quarter and a remarkable 538% increase over the last half-year period.
Also read: NEAR Protocol (NEAR) Price Increase: Driven by New Users and Technology Adoption
NEAR's TVL followed a similar trajectory, closing the quarter at $335 million - a significant 163% increase from the previous quarter, and a 547% increase over the past six months.
Additionally, NEAR's decentralized trading (DEX) volume showed substantial growth, with an average daily volume of $8 million. This marks a 95% increase over the previous quarter.
Ref Finance emerged as the leading DEX on the platform, with a reported daily volume of $6 million, surpassing Orderly Network.
Performa Token NEAR
NEAR's strong performance was demonstrated by a significant increase in its stablecoin market capitalization which jumped 176% over the previous quarter to $214 million during Q1 2024.
Notably, USDT's market capitalization saw a tremendous increase, surging 1,155% over the previous quarter to $88 million.
Regarding price, the NEAR token has shown consistent strength, outperforming the top 20 cryptocurrencies in the market with an uptrend of 9.4% over the past week.
In comparison, Bitcoin experienced a minor price correction of 1.5% in the last 24 hours. This positive trend allowed NEAR to return to the significant $7.40 price level, an important threshold for optimistic investors.
Looking ahead, several milestones have been identified that could shape NEAR's future performance. The $7.60 level appears to be a potential resistance level, acting as an important barrier to monitor.
If successfully broken, this could signal further upward momentum and pave the way for a retest of the $8 level. On the other hand, the $6.80 level has shown an important role as a key support level, which was previously tested at the weekend and managed to prevent a more significant price decline.
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Despite the optimistic outlook, it is worth noting that the NEAR token is still trading down more than 64% from its all-time high of $20.4, reached in 2022.
Nonetheless, positive market trends suggest that Near Protocol and its native NEAR token have substantial room for potential future growth throughout
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