Ethereum rival altcoin, has increased nearly 100% in the last week alone, breaking the $8 billion market cap cap and coming very close to breaking into the top 20 cryptoassets by market cap.
Near Protocol (NEAR)It was introduced as a smart contract-enabled decentralized application (DApp) platform trying to compete with Ethereum (ETH) and/or Polkdadot (DOT).
Local token of the project NEARAfter trading at $8.40 less than five days ago for a 95% gain, it recently rose to an all-time high of $16.39.
NEAR is used to pay for transaction fees and storage. It can also be staked by token holders who participate in achieving network consensus as transaction validators.
The rise of the Ethereum rival altcoin came at a time when it joined a wave of rising Tier-1 altcoins that were locked in huge gains while ETH maintained relatively modest price action.
The biggest Ethereum competitor, Solana (SOL), on the other hand, is up 8.7% over the past seven days and 15% from its 30-day low of $151.
Stablecoin-focused Terra (LUNA) is up 46% in the last seven days and an incredible 150% in the last 30 days. LUNA is currently the best performing altcoin in the top ten cryptocurrencies by market cap.
Also, smart contract platform Avalanche (AVAX), which has seen a modest 2% increase in the past seven days but still sees a massive 46% increase in the last two weeks, continues to make waves. AVAX ranks 11th in terms of market cap.
Another Tier-1 altcoin making big moves is the directed acyclic graph (DAG) based smart contract platform Fantom (FTM). FTM is up 46% in the last seven days and is currently trading at $2.06. With 2021 nearly closing, FTM has gained over 12,600% this year.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.