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9% Surge Recaptures Key Level, Records 160% TVL Growth In Q1

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Decentralized application (dApp) platform Near Protocol showed notable growth in key metrics during the first quarter (Q1) of 2024, pushing its native token NEAR to reclaim a crucial key level and paving the way for a potential retest of its all-time high (ATH) from January. 2022.

According to another a report By Messari, NEAR has seen significant increases in market cap, revenue, active addresses and total value locked (TVL), solidifying its position among the top players in the cryptocurrency market.

NEAR outperforms Bitcoin and Ethereum

In Q1 2024, NEAR's traded market capitalization rose to US$7.2 billion, representing a 94% increase quarter-on-quarter. The fully diluted market capitalization also saw significant growth, reaching $8.2 billion, representing a 91% increase quarter-on-quarter. These numbers have pushed NEAR to secure a place among the top 20 cryptocurrencies by market cap.

Increase the market value of NEAR. source: Facilitator

It is worth noting that NEAR outperformed Bitcoin (BTC) and Ethereum (ETH), which recorded quarter-on-quarter growth rates of 69% and 53%, respectively. Additionally, NEAR's revenue, derived from network transaction fees, saw an 82% increase quarter-over-quarter, to $1.9 million.

NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, representing a solid 42% increase quarter-on-quarter.

The network also saw a daily increase New titlestotaling 236,000 (up 37% QoQ), surpassing the record of 100 million total accounts.

According to Masari, contributions from established protocols such as KAIKAINOW, Sweat, and Playember and the adoption of HOT Wallet, which averaged over 350,000 daily active addresses in March and nearly 3 million total wallets, drove this expansion.

Stablecoin market capitalization rises in the first quarter

According to the report, the protocol saw a continuous increase in transaction activity throughout the first quarter of 2024, with Daily transactions To 4.3 million, representing a 78% increase quarter-on-quarter and a 538% increase over the past six months.

Likewise, NEAR's TVL saw significant growth, ending the quarter at $335 million, a 163% increase from the previous quarter and a 547% increase over the past six months.

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NEAR's TVL is $335 million. source: Facilitator

Furthermore, NEAR's decentralized exchange (DEX) volume has seen a significant rise, with an average daily volume of $8 million, representing a 95% increase quarter-over-quarter. Ref Finance has emerged as the protocol's leading DEX, with a daily trading volume of $6 million, surpassing the regulated network.

Finally, NEAR has noticed a significant increase in their numbers Stablecoin market capitalization During the first quarter of 2024, up 176% quarter-on-quarter to $214 million. It is worth noting that USDT witnessed a significant boom, as its market value increased by 1,155% on a quarterly basis, reaching $88 million.

Outperforming the top 20 cryptocurrencies

In terms of price action, NEAR Protocol's native token showed a strong performance, surpassing the top 20 cryptocurrencies on the market with an uptrend of 9.4% in the past seven days. Meanwhile, Bitcoin saw a slight price correction of 1.5% over the past 24 hours.

This positive trend has enabled NEAR to regain the significant price level of $7.40, which is important for it Bullish investors.

Looking ahead, the $7.60 mark may represent a potential resistance level for the token, acting as a critical barrier to monitoring. It could pave the way for a retest of the $8 mark, indicating more bullish momentum if it is successfully broken.

On the contrary, the $6.80 level showed its importance as a major support level. It was pre-tested over the weekend and effectively prevented a further price drop.

Despite the optimistic outlook, it is important to note that the token is still down more than 64% from its all-time high of $20.4, which was reached in 2022.

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The daily chart shows the upward trend of NEAR price. source: NEARUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on buying, selling or holding any investments and investing naturally carries risks. We advise you to conduct your own research before making any investment decisions. Use the information provided on this website entirely at your own risk.

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