In a recent YouTube video, Coin Bureau’s Guy, the prominent crypto analyst, said the price of Near Protocol (NEAR) is poised to rise, as on-chain data show strong demand for the decentralized application platform.
Institutional investment and developer engagement are two critical metrics for determining if a cryptocurrency will be successful. According to Guy, Near Protocol (NEAR) has seen plenty in both. And according to him, it could become one of the biggest cryptocurrencies on the market.
The main net of Near Protocol went live in October of 2020 and is still in development. The project uses a sharded Proof-of-Stake (PoS) blockchain. For those who are unaware, sharding is a method in which blocks are divided into smaller parts, called shards, to facilitate transactions that run in parallel to the main net.
How could Near Protocol (NEAR) enter the top ten?
Guy points out that since December 2021, the number of daily transactions and projects built on NEAR has more than doubled, which should be good news for the protocol’s market valuation.
Near Protocol’s market cap is still in the mid-range, indicating that there is still plenty of space for growth. However, NEAR would have to triple in price to crack the top ten. Guy believes that this is a realistic goal, that is unless we enter into a bear market.
The outcome of whether NEAR enters the top ten crypto projects would depend on their milestones, of which, he says, the most important is dynamic resharding. This will allow the blockchain to automatically scale as demand changes.
In January of this year NEAR announced that it was going to increase the number of validators on the blockchain from 60 to 100. A report also found that the development of Near Protocol has been exponential.
Near Protocol is also the most funded project post-ICO. This is a good sign that investors are interested in the project, and believe in its long-term growth.
NEAR is also the third-largest crypto holding on Digital Currency Group(DCG), after Bitcoin (BTC) and Ethereum (ETH). DCG is one of the largest crypto companies in existence, and are the proprietors of both Grayscale and CoinDesk.
Near Protocol’s partnerships and developments have helped it continuously give good results. NEAR is also one of the only cryptocurrencies that have continued to be on the rise despite the market’s downturn.