An analyst at popular crypto channel Coin Bureau says an under-scrutinized Ethereum rival is poised for an epic rally before the end of the bull market.
In a new video, the cryptocurrency analyst nicknamed Guy, has 1.74 million subscribers, a blockchain designed for scalability and stability that allows developers to build decentralized applications at low cost and users to manage high-value assets like money or identity. Near Protocol (NEAR) He says he’s optimistic.
According to Guy, Rainbow Bridge, which allows users to move crypto assets between Ethereum and the Near Protocol, further strengthened the coin’s on-chain foundations.
“Transaction metrics on the Near blockchain are moving in the right direction. Since Rainbow Bridge launched in March, the number of daily transactions has increased 30x, and the total amount of gas consumed has increased by nearly 20x with no signs of slowing down.
These strong fundamentals were clearly reversed in the recent price action of Near coin, and the mid-market cap of the Near protocol shows that it is quite possible for Near to rise another 3x to 5x before the bull market ends.”
While Guy is optimistic about its Ethereum rival, he also mentions an issue that could affect Near Protocol’s ability to grow:
“Despite all the developments, updates, announcements, investments and a sizable following, Near Protocol doesn’t seem to have a very large user base. I now suspect this has something to do with the fact that the NEAR token is not currently traded on any US exchange.”
The crypto analyst also notes that it may be difficult for Near to come out of the shadows of other larger smart contract platforms.
“The problem is that Near Protocol is losing its edge against other crypto projects of similar caliber like Ethereum (ETH) and especially Solana (SOL). I couldn’t help noticing that Near Protocol’s smart contracts are coded in Rust. Solana’s smart contracts are also coded in Rust. This means that both projects are likely competing for the small pool of Rust developers interested in cryptocurrency.”
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.