NEAR Hits New ATH as Layer1 Blockchain Competition Intensifies

Near platform’s native coin has climbed to a new ATH past $17 as various layer1 protocols enter a bullish competition.

Near Protocol’s governance token NEAR saw its price skyrocketing to a new peak at $17.28 during Tuesday’s sessions. However, the altcoin has retraced slightly since then. Nevertheless, NEAR remains 15.3% high within the last day, hovering around $16.84 during this publication (CoinGecko data).

Near blockchain utilizes PoS consensus and sharding technology to enhance scalability and reduce transaction fees. The token’s recent price movements came amid increased activity on the project over the past few weeks.

The recent integration came on Monday as a cross-chain bridge and DeFi crypto exchange Synapse Protocol launched on Aurora. Aurora is a digital machine that allows ETH developers to build projects on Near Protocol seamlessly.

The team announced Terra’s US dollar-tied stablecoin integration last month. Meanwhile, multiple incentive campaigns followed the UST, targeting to improve the coin’s liquidity. Other partnerships and integration included DeFi platforms such as EndlessFM, CraftingFinance, and DePocketFinance.

These developments saw the token’s price rallying by 95.3% within the past fourteen days. Furthermore, NEAR was 110% up since last month. For now, NEAR ranks 23 in the crypto-list by value, with its market cap of around $10 billion.

Harmony, Tezos, Fantom Join Layer1 Rally

Several layer1 based altcoin has seen gains within the day. Fantom surges 15.3% over the last 24 hours to trade at $2.88. Keep in mind that the alternative coin has been on an upward run. FTM gained a staggering 109.7% within the past two weeks (CoinGecko data).

Data from an analytics company Santiment shows FTM daily active addresses had surged to late November levels. That has boosted the TVL on the Fantom network to ATHs of $5.87 billion.

Most layer1 digital token rose. Tezos (XTZ) and Harmony (ONE) are among the top gainers, surging 8.2% and 8.3%, respectively. Also, the tokens show impressive performance amid sideways actions in the overall cryptocurrency space.

For now, crypto experts remain bullish on the crypto industry in 2022. It might be fascinating to witness the upcoming developments. Stay tuned for the latest news in the cryptocurrency industry.