NEAR Skyrockets By 69% Even As Wider Crypto Market Plunges

Tuesday’s crypto market flash crash saw the value of Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD lose as much as 20% of their value in a matter of hours.

Amidst the chaos, one crypto token still managed to rally by over 69% to hit a new all-time high.

What Happened: The native token of the NEAR Protocol NEAR/USD surged to a price of $10.72 on Wednesday, even as most major cryptocurrencies struggled to recover from yesterday’s negative price action.

At the time of writing, daily trading activity in NEAR was up by more than 400% to $2.27 billion.

NEAR is a Proof-of-Stake (PoS) decentralized platform designed to make applications more usable on the web. As of yesterday, Wu Blockchain reported that the number of weekly active accounts reached a record high ahead of 160,000 representing a 128% increase since the previous week.

Yesterday, NEAR released a number of key performance metrics. Most notably, the number of monthly active developers had reached an all-time high of 800.

“This is a direct result of the hackathon and showing that more and more developers are actively developing and engaging,” stated NEAR in a blog.

NEAR Price Action: At publication Wednesday, NEAR was trading at a price of $10.19 with a market cap of $4.5 billion. Bitcoin was trading at $46,393.90 and Ethereum was trading at a price of $3,476.

Photo: Markus Winkler on Unsplash