NEAR Protocol Soars in Q1 2024: A Comprehensive Overview
Decentralized application (dApp) platform Near Protocol exhibited significant growth in various key metrics during the first quarter (Q1) of 2024. This growth has been driving its native token NEAR to reclaim essential levels and potentially retest its all-time high (ATH) from January 2022. According to a recent report by Messari, NEAR has experienced remarkable progress in market capitalization, revenue, active addresses, and Total Value Locked (TVL), solidifying its position among the top contenders in the cryptocurrency market.
NEAR’s Stellar Performance
- In Q1 2024, NEAR’s circulating market cap surged to $7.2 billion, marking a substantial 94% quarter-on-quarter (QoQ) increase.
- The fully diluted market cap also saw significant growth, reaching $8.2 billion, representing a 91% QoQ increase.
- These numbers propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization.
NEAR has outperformed Bitcoin (BTC) and Ethereum (ETH) in Q1 2024, with growth rates of 69% and 53%, respectively. Additionally, NEAR’s revenue from network transaction fees witnessed an 82% QoQ increase, reaching $1.9 million. The platform continued its growth trend in active addresses, with daily averages reaching 1.2 million, representing a robust 42% QoQ increase. NEAR also experienced a surge in daily new addresses, totaling 236,000 with a 37% QoQ increase, surpassing 100 million total accounts. The expansion was largely driven by contributions from established protocols and the adoption of new wallets.
Stablecoin Surge and Growth in Transaction Activity
- NEAR saw increased transaction activity with daily transactions reaching 4.3 million, a 78% QoQ increase and a 538% rise over the last six months.
- TVL witnessed substantial growth, reaching $335 million, a 163% increase from the previous quarter and a 547% increase over the last six months.
- NEAR’s decentralized exchange (DEX) volume surged, with an average daily volume of $8 million, a 95% QoQ increase. Ref Finance led daily DEX volume on the protocol.
The stablecoin market cap also soared in Q1 2024, with a 176% QoQ increase to $214 million, driven by remarkable growth in USDT’s market cap. NEAR’s native token displayed strong price performance by outperforming the top 20 cryptocurrencies in the market, with a 9.4% uptrend in the past week. This positive trend enabled NEAR to reclaim significant price levels, signaling potential resistance and support levels for traders and investors to monitor.
NEAR’s Path Moving Forward
- The $7.60 mark may serve as a potential resistance level for NEAR, while the $6.80 level has proven to be a crucial support level.
- Despite the positive momentum, NEAR remains down by over 64% from its all-time high of $20.4, reached in 2022.
Hot Take: Conclusion for Crypto Investors
As a crypto investor, you can observe the impressive growth and performance of NEAR Protocol in Q1 2024. The platform’s metrics indicate a strong and promising outlook, with potential for further advancements in the market. By understanding the key growth areas and market positions of NEAR, you can make informed investment decisions based on the platform’s performance and potential future trajectory.
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