Overlooked Ethereum Challenger Could Soar 400% This Bull Market Cycle, According to Coin Bureau
The host of crypto channel Coin Bureau is saying that an under-the-radar Ethereum rival is primed for an epic rally before the end of the bull market.
In a new video, pseudonymous crypto analyst Guy tells his 1.74 million subscribers that he’s bullish on Near Protocol (NEAR), a blockchain designed for scalability and stability that allows developers to build decentralized applications at low cost, enabling users to manage high-value assets like money or identity.
According to Guy, the Rainbow Bridge, which allows users to move crypto assets between Ethereum and Near, has taken the coin’s on-chain fundamentals to greater heights.
“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.
These strong fundamentals are clearly reverted in the Near coin’s recent price action and the medium-size market cap of Near protocol means it’s possible, if not likely, that Near will pull another 3x to 5x before the bull market is over.”
Although Guy is bullish on the Ethereum challenger, he names an issue that could impact Near Protocol’s ability to grow.
“Despite all the developments, updates, announcements, investments and having a fairly sizeable following, Near Protocol does not seem to have a very large userbase. Now I suspect this has something to do with the fact that the NEAR token is not currently trading on any US exchanges.”
The crypto analyst also mentions that Near could find it difficult to step out of the shadows of other larger smart contract platforms.
“The problem is that Near Protocol is losing ground to other crypto projects of similar caliber such as Ethereum (ETH) and especially Solana (SOL). I couldn’t help but notice that Near Protocol’s smart contracts are coded in Rust. Solana’s smart contracts also happen to be coded on Rust. This means that both projects are probably fighting over the small pool of Rust developers who are interested in cryptocurrency.”
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Author: Daily Hodl Staff
