The host of popular crypto trading and market analysis show Coin Bureau says that $NEAR, the native token of Near Protocol could surge in value before the end of this bull cycle.

Here is what Binance Research said about NEAR back in October 2020:

“NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilizes fees.

“NEAR is the native utility token of the network and has the following utility:

  • Fees for processing transactions and storing data.
  • To run a validator node on the network via staking NEAR tokens.
  • Used for governance votes to determine how network resources are allocated and where the protocol’s future technical direction will go.“

In a recent YouTube video, Coin Bureau’s host “Guy” told the channel’s over 1.7 million subscribers that NEAR is primed for one more price rally before the bull market ends. Guy said that NEAR was flying under the radar, despite having the potential to be a serious competitor to Ethereum due to its scalability and stability. 

Guy claimed that NEAR had been built from the ground up to offer decentralized applications (DApps) at a low cost, thereby providing a more lucrative platform for users.  

The show’s host highlighted Near Protocol’s Rainbow Bridge feature, which allows users to move cryptoassets between Near and Ethereum.

As reported by The Daily Hodl, Guy said:

Transaction metrics on the Near blockchain are trending in the right direction. The number of daily transactions has grown by 30x since the introduction of the Rainbow Bridge in March and the total amount of gas spent is up nearly 20x with no signs of slowing down. 

Guy predicted it was possible for $NEAR’s price to 3-5x before the end of the bull market, due to the coin’s medium-sized market capitalization. 

Despite being bullish on the outlook for Near Protocol, Guy cautioned that the project could be held back by its limited user base.

He speculated the project’s adoption was suffering from a lack of availability of $NEAR on U.S.-based crypto exchanges. He also claimed the project was losing ground to other smart contract platforms in attracting developers, particularly to its main competitors Solana ($SOL) and Ethereum. 

On Thursday (December 16), Binance announced that it would support the NEAR Protocol network upgrade.

According to data by CryptoCompare, currently (as of 09:30 a.m. UTC on December 18), $NEAR is trading around $8.349, down 6.11% in the past 24-hour period.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Photo by user sergeitomakov via Pixabay.com