Why is NEAR Protocol (NEAR) crypto rallying?

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 Why is NEAR Protocol (NEAR) crypto rallying?
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Highlights:

  • Near Protocol is a layer-one blockchain designed as a community-run cloud computing platform.
  • The NEAR token can be traded on exchanges like Binance, OKX, etc.
  • It returned gains of over 70% in the last 30 days.

The NEAR Protocol (NEAR) crypto price jumped over 23%, while its trading volume rose more than 37% close on the heels of its town hall in which it had announced several developments.

What is NEAR Protocol (NEAR) crypto?

Near Protocol is a layer-one blockchain designed as a community-run cloud computing platform. It is focused on eliminating blockchain limitations like low transaction speeds, low throughput, and lack of interoperability.

It claims to create a user-friendly decentralized applications (DApps) platform for developers. For instance, it uses human-readable account names instead of cryptographic wallet addresses used on Ethereum blockchain.

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NEAR claims to use innovative solutions to address scaling issues. The NEAR protocol, which has its own consensus mechanism dubbed Doomslug, was co-founded by Erik Trautman, Alexander Skidanov, and Illia Polosukhin.

The NEAR token is available on exchanges like Binance, OKX, Bybit, etc.

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Why is it rising?

Friday’s rally follows the company's March Town Hall, in which they have announced several key developments concerning its growth, brand partnerships, etc.

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NEAR said that it had onboarded 40,000 students and 120 NEAR-certified teachers at the end of March, and grants rose to US$124 million across 509 recipients. Its ecosystem also grew to 429 projects and DAO (decentralized autonomous organization) from 300, while its transactions in March grew to 110 million from 95 million in the prior month.

Some experts believe that its robust venture capital fundings may have drawn investors’ interest in the token. Earlier this week, the protocol raised around US$350 million in a funding round led by Tiger Global to help accelerate its decentralized ecosystem.

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In addition, the NEAR protocol’s decentralized exchange Trisolaris announced receiving some US$4.5 million in strategic investments from Electric Capital, Jump Crypto, Ethereal Ventures, and other companies last month.

Many investors could also be keeping a close watch on the crypto ahead of its participation in the Paris Blockchain Week Summit (PBWSummit) from April 13-14.

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Near Protocol (NEAR) crypto price and performanceSource: *data provided by CoinMarketCap.com

Bottom line:

The NEAR token was priced at US$18.92 at 6:08 am ET on April 8, up 23.72%, while its one-day volume rose 37.80% to US$2.85 billion. It has a market cap of US$12.45 billion, and its fully-diluted market cap is US$18.65 billion.

Having a total and maximum supply of 1 billion, the token's current circulating supply is over 664.18 million. It returned gains of 70.35% in the last 30 days while increasing 193.08% in the last 12 months.

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