With a 74.13% gain during the last 7 days, the NEAR token is one of the most prominent participants in the market this week, will it be a good cryptocurrency to buy? Here we find out.
At the time of writing NEAR protocol is trading at $ 14.71, accumulating a slight loss of 4.32% during the last 24 hours, while a small correction develops.
Its market capitalization is $ 8,741 million, making it 24th in the Crypto Online ranking.
3 reasons to buy the NEAR token
1. Scalable network and stable rates
The main attraction of the NEAR network is its proof-of-stake protocol for validating transactions, called Nightshade. The purpose of this validation system is to maximize the scalability of this blockchain, while keeping the costs for performing operations stable.
NEAR is designed so that different decentralized applications can be developed on this network. Offering a scalable structure, but with stable commercial rates, is key to growing adoption and increasing available projects.
2. Important partnerships and growing ecosystem
Recently, the price of this token rose strongly, thanks to the announcement of a partnership with Terra, in order for the UST token to be compatible with the NEAR protocol.
But this is not the only network that NEAR is compatible with. Currently, it also works with the Ethereum, Polkadot and Cosmos blockchain, all in order to improve communication between different networks and make the crypto market a more accessible place.
NEAR is one of the fastest growing networks in 2021, thanks to its powerful Nightshade protocol, which has caught the attention of developers.
The growth of this blockchain has been accelerating in recent months, as various funding funds are launched. The most recent was launched in October, and had a total of $ 800 million to fund projects.
Some fast growing decentralized applications such as DODO, Aurora or Pulse have been funded by these funds.
3. Strong uptrend
The positivism seen around the NEAR project is reflected in the price of its native token, so if you trust this protocol, then you might consider buying its native currency.
After the announcement of the partnership with Terra, the price of the NEAR token jumped very strongly to the upside. It broke through immediate resistance, located at $ 11.88, escaping from a strong side and resuming the medium / long-term trend.
Now the price should go in the next hours / days to mark a new historical maximum.
The new momentum is just beginning. If this new rally shows a strength at least a little similar to that of the previous momentum, then we could soon see a new record quite far from the current price.
To think about sales, the support at $ 7.29 must be crossed, and at the moment this is a very unlikely scenario.
All our publications are informative, so in no case should they be followed as investment advice.