NEAR - Is Near Protocol the Next Terra?
In a choppy market for cryptocurrencies over the first quarter of 2022, Near Protocol (CRYPTO: NEAR) stands out with a roughly 6% gain so far this year, which is the largest year-to-date increase among the top 20 cryptocurrencies by market cap; it has gained about 36% in past 30 days alone. For context, Bitcoin is down about 6% over the past month and down 15% for 2022, while Ethereum is little changed for the month and down 21% year to date. So what is Near, why is it performing well, and why could it be heading higher?
Near Protocol is a proof-of-stake cryptocurrency with an $10.5 billion market capitalization. After its strong month, it is now the 18th-largest cryptocurrency by market cap. Near enables smart contracts and prioritizes being a user-friendly and developer-friendly platform. For example, developers can build applications for Near using common programming languages like Rust and AssemblyScript without having to learn a new language just to build on Near. Furthermore, its Aurora protocol is compatible with the Ethereum Virtual Machine (EVM), which means that Ethereum developers can easily bring their applications to the platform.
Near has surged on news it has raised $350 million in a funding round led by famed investment manager, Tiger Global. Other cryptocurrencies like Avalanche have been able to use influxes of funding to spur development on their platforms.
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Is Near Protocol the Next Terra?