As decentralized applications (dApps) continue to grow in popularity, critics in the crypto space question whether Ethereum alone can support the increased adoption – currently Ethereum possesses over 60% of the liquidity across all Layer 1 blockchains. Despite recently transitioning to proof of stake (PoS), Ethereum is still far too slow and expensive to facilitate mainstream adoption. During peak demand, gas fees can make it also impossible to develop scalable applications on the network.
NEAR Protocol is one of the most promising Ethereum competitors trying to solve Ethereum’s scalability challenges. Although NEAR processes far fewer transactions than Ethereum, it is capable of processing transactions 5x faster. NEAR Protocol aims to bring fast transactions and low transfer fees to the masses.
The following discussion will explore what NEAR Protocol is and provide a price outlook for NEAR Protocol for the medium to long term.
What is NEAR Protocol?
NEAR Protocol is a Layer 1 blockchain that rivals Ethereum, Binance Smart Chain and other notable Layer 1 blockchains within the cryptocurrency industry. NEAR aims to compete based on its superior scalability, which is achieved through Nightshade – a sharding technology that allows for a higher number of transactions per second (TPS) by splitting up the workload of processing transactions on the network.
A Layer 1 blockchain refers to the underlying infrastructure of a blockchain-based system. At its core, NEAR Protocol is a complex set of computer programs and rules that makes it possible for people to create and use dApps on the internet. Imagine NEAR as a digital playground where developers can create social media platforms, marketplaces, games and other applications that aren’t controlled by a single individual or entity.
Like most cryptocurrencies, NEAR Protocol leverages the power of the blockchain – a disruptive technology that ensures that information stored on the platform is tamper-proof, transparent and secure. NEAR, the native token of the NEAR Protocol, is used for transactions and data storage fees. It also plays an important role in NEAR Protocol’s PoS consensus mechanism.
NEAR Protocol Market Position
At the time of writing, NEAR Protocol’s market capitalization is $1.4 billion, placing it in the top 40 cryptocurrencies by total market capitalization. NEAR Protocol’s biggest competitors are Ethereum, Binance Smart Chain and Cardano, which have respective market caps of $164 billion, $44 billion and $11 billion. If NEAR were to reach even 10% of the size of Ethereum, investors would experience a return of over 10x.
Amos Zhang’s Bullish Long-Term NEAR Price Prediction
Amos Zhang, the founder of MetaWeb.VC, expressed his support for NEAR Protocol in 2022, stating that NEAR Protocol’s technologies are excellent for fostering blockchain adoption because of the team’s focus on scalability.
“NEAR is best suited for empowering blockchain applications for mainstream adoption,” said Zhang.
Kevin Whitsitt’s Bearish Long-Term NEAR Price Prediction
Kevin Whitsitt of DeFiChain has written over 250+ analyses of cryptocurrencies. He listed three major concerns he has about NEAR Protocol:
- Centralization: NEAR Protocol is very centralized (controlled by a few people) with a board of four members.
- Competition: Ethereum has a significant advantage as a first-mover in the space; it will be extremely hard for NEAR Protocol to match Ethereum’s level of adoption.
- Tokenomics: NEAR isn't deflationary due to the 5% inflation per year.
AMBCrypto’s NEAR Price Predictions
AMBCrypto is a useful tool that can be used to predict the future prices of NEAR and many other crypto assets. It offers a wide range of forecast data that it derives through artificial intelligence and market research. AMBCrypto suggests that NEAR Protocol’s price should appreciate over the next few years, although not without risk.
2024 NEAR Price Prediction
AMBCrypto has an optimistic outlook on Near Protocol in 2024. The minimum NEAR price is predicted to fall to $5.35 in 2024, while its maximum price can reach $8.03. The trade price would typically be about $6.69. From current prices, this would be over a 300% ROI.
2027 NEAR Price Prediction
Based on NEAR Protocol’s historical price performance, it is assumed that in 2027, the minimum price of NEAR will be around $11.76. The maximum expected SHIB price may be around $17.64. On average, the trading price may be around $14.70. From current prices, this would be over 750% ROI.
2030 NEAR Price Prediction
Although the year 2030 may appear distant, AMBCrypto has made a price prediction for NEAR Protocol. It is crucial to approach this prediction with caution, as it is based on a forecast that is several years into the future and assumes that the cryptocurrency market and NEAR Protocol will continue to be significant.
AMBCrypto predicts NEAR will be traded for at least $25.83, with a possible maximum of $38.75. As a result, on average, you could expect the SHIB price to be around $32.29 in 2030, which would yield a colossal return of over 1,500%.
Where to Buy NEAR
NEAR can be purchased on many notable exchanges, including Uphold, Crypto.com and Gemini. Many of these platforms allow you to purchase NEAR using your credit card, through swapping features or by using different trading pairs such as NEAR/USDT.
Given the recent FTX scandal, many centralized exchanges are being heavily scrutinized, and rightly so. As a result, it is important to complete due diligence before using a centralized exchange. A few factors to consider are transparency, pricing, number of features, range of altcoins supported and security features.
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.
How Long Will It Take for NEAR to Reach ATHs?
It is almost impossible to accurately predict when NEAR reaches all-time highs (ATHs). The price trajectory of NEAR, alongside the majority of altcoins, is heavily dependent on the performance of Bitcoin. As the original cryptocurrency, Bitcoin possesses over 40% market share and guides the direction of the entire market.
Another significant determinant of NEAR’s future price is the macroeconomic climate, which impacts the liquidity flowing in and out of the cryptocurrency market. During periods of economic downturn, investors tend to reduce their exposure to high-risk assets such as NEAR and position their capital in safe-haven assets such as gold.
Considering the state of the economy and the price of action of Bitcoin, many cryptocurrency experts, such as Benjamin Cowen or Guy from Coin Bureau, believe that a crypto market recovery could take place by the end of 2023. This transformation would set the stage for NEAR to potentially appreciate in price heading into 2024 if the bull market is revived.
Where to Store NEAR Safely
You can choose from two broad categories of wallets – hardware and software wallets. A hardware wallet is the safer option out of the two, as it stores your private key offline. It adds an extra layer of security from cyber attacks and other forms of online threats. Conversely, a software wallet enables crypto holders to access their crypto assets online through a diverse range of mediums such as web browsers or mobile applications. They provide increased convenience and efficiency at the cost of less security.
Best Hardware Wallet: Ledger Nano S
The Ledger Nano S is one of the most trusted and popular hardware wallets available on the market. It offers the highest level of protection for crypto wallets and supports over 1,800 altcoins including NEAR, Ethereum (ETH), Dogecoin (DOGE) and Chainlink (LINK).
Best Software Wallet: Trust Wallet
Trust wallet is a leading software wallet that enables crypto holders to store, buy, exchange and collect cryptocurrencies and non-fungible tokens (NFTs) all from one location. Users can access their crypto assets through Trust Wallet’s mobile application or web extension. This feature makes it extremely easy to access a wide range of dApps.
Trust Wallet was acquired by Binance in 2018 and is trusted by millions of users worldwide. Users can access 250,000+ different crypto assets on over 65 blockchains, which makes it a great choice for investors at all ends of the spectrum.
Current Crypto Prices
The cryptocurrency market is in one of the deepest periods of realized losses of all time. It is clear the bear-market blues have set in among even the most bullish crypto proponents. Experts are pointing to tighter monetary policy, the FTX scandal and the collapse of LUNA as the key drivers for slumping prices across the cryptocurrency market.
So, is NEAR a Good Investment?
Overall, if you are a long-term investor, then it may be a good time to start building a NEAR Protocol position over the coming months. NEAR Protocol is a lucrative Ethereum competitor that could perform phenomenally next bull run provided that the project is able to take away market share from Ethereum and other Layer 1 projects.
However, given the inherently volatile and speculative nature of cryptocurrency, prudent investors will only invest money they are willing to lose. Do your own research and complete due diligence before investing.
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