NEAR Price Pops Off Admist A Bearish Crypto Market Trend


Even though most of the crypto markets are still heading south, others try to make an impact. For example, the NEAR price has skyrocketed in recent weeks and shows no signs of slowing down yet. There are several reasons as to why this is happening right now, as the ecosystem is building up steam.

Prominent NEAR Price Momentum

Even though most markets have seen bullish momentum, it now seems that has evaporated for the most part. Turning the ship around is very difficult until either Bitcoin or Ethereum recovers somewhat. That seems unlikely, under the current circumstances, although one never knows what may happen next. For NEAR price watchers, these past few weeks have been pretty decent.

NEAR/USDT chart by TradignView

Even today, the momentum for NEAR remains very impressive. It is one of the few markets not in red today. More importantly, the asset notes a near 19% gain for today, which is far better than the industry average. Some people may wonder why that is happening, although there are several intriguing developments taking place. 

A Growing Ecosystem

Similar to other blockchains, Near has a few native projects that can capture an audience. Solutions span DEXes, IDOs, multi-chain concepts, a bridge and EVM project, gaming, and NFTs. These projects can play a crucial role for the future development of Near and what brings value to the NEAR asset. Competing with existing blockchains will be challenging, but it isn’t impossible. 

The underpinning technology of using shards to achieve a multi-chain status can prove beneficial. The network also provides variable transaction fees and has a transaction throughput of up to 100,000 TX. That is more than a respectable network to perform various types of transactions with. Assuming community developers will keep building solutions and applications, things can get rather interesting.

NFTs Are Coming

The Near blockchain is likely to see some gripping NFT action in the future. Whether through Paras – which lets anyone with a NEAR account mint NFTs on that ecosystem – or through other means, NFTs are coming to Near in the future. That will undoubtedly trigger some NEAR price excitement, even if it doesn’t necessarily impact the token itself. 

Various Accomplishments

It is also worth noting Near’s accomplishments to date. Speculating about what may come is fun, but it doesn’t necessarily convince people about this ecosystem’s potential. Reflecting on past and current accomplishments, on the other hand, tells a very different story. Near certainly has accomplished a lot to date, and there is more to come. Whether that will impact the NEAR price moving forward is difficult to predict, though. 

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