Decentralized application (dApp) platform Near Protocol has seen notable growth in key metrics during the first quarter of 2024 (Q1), restoring its native token NEAR to key key levels and setting the stage for a potential retest to all-time highs. The road has been opened. ATH) from January 2022.
According to recent report Under Messari, NEAR has seen significant growth in market capitalization, revenue, active addresses, and Total Value Locked (TVL), establishing it as one of the top players in the cryptocurrency market.
NEAR surpasses Bitcoin and Ethereum
In the first quarter of 2024, NEAR’s secondary market capitalization soared to $7.2 billion, a 94% quarter-on-quarter (QoQ) increase. Fully diluted market capitalization also saw significant growth, reaching $8.2 billion, up 91% QoQ. These numbers have propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization.
NEAR in particular performed better. Bitcoin (BTC) and Ethereum (ETH) recorded QoQ growth rates of 69% and 53%, respectively. Additionally, NEAR revenue derived from network transaction fees increased 82% QoQ to $1.9 million.
NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, representing a strong 42% QoQ increase.
The network also witnessed daily surges. new addressCumulative accounts exceeded 100 million with a total of 236,000 (37% increase QoQ).
According to Messari, this expansion was driven by contributions from existing protocols such as KAIKAINOW, Sweat, and Playember, as well as HOT Wallet adoption (over 350,000 average daily active addresses in March, with a total of approximately 3 million wallets).
Stablecoin market capitalization surges in the first quarter
According to the report, the protocol continued to see increased trading activity throughout the first quarter of 2024. daily deals This number reached 4.3 million, an increase of 78% compared to the previous quarter and an increase of 538% over the past six months.
Likewise, NEAR’s TVL saw significant growth, ending the quarter with $335 million, up 163% from the previous quarter and up 547% over the past six months.
Additionally, NEAR’s decentralized exchange (DEX) trading volume showed a notable surge, with average daily trading volume reaching $8 million, a 95% increase compared to the previous quarter. Ref Finance has emerged as the leading DEX for the protocol, surpassing Orderly Network with a daily trading volume of $6 million.
Finally, NEAR observed a significant increase. Stablecoin market capitalization In the first quarter of 2024, it increased 176% QoQ to $214 million. In particular, USDT’s market capitalization experienced a significant surge, reaching $88 million, an increase of 1,155% compared to the previous quarter.
Outperforms the top 20 cryptocurrencies
When it comes to price action, the native token of the NEAR protocol has performed strongly, outperforming the top 20 cryptocurrencies on the market with a 9.4% upward trend over the past seven days. Meanwhile, Bitcoin experienced a minor 1.5% price correction over the past 24 hours.
This positive trend has allowed NEAR to regain a respectable $7.40 price level, which is very important. an optimistic investor.
Going forward, the $7.60 mark could present a potential resistance level for the token, acting as an important barrier to monitor. It could pave the way for a retest of the $8 level, and a successful breach could signal further upward momentum.
Conversely, $6.80 has proven its importance as a key support level. It was previously tested over the weekend and effectively prevented a larger price drop.
Despite the optimistic outlook, it is important to note that the token remains down more than 64% from its all-time high of $20.4, which it reached in 2022.
Featured image from Shutterstock, chart from TradingView.com
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Source: NewsBTC.com