NEAR price soared to a new ATH above $17,5 amid bullish competition between various layer-1 networks

Near (NEAR) price spiked and hit a new $17.53. While the token has come under some scrutiny since then, it’s still up 17% in the last 24 hours. At the time of writing, it is changing hands at $17.15.

near-price-soared-to-a-new-ath-above-175-amid-bullish-competition-between-various-layer-1-networks

NEAR/USD 4-hour chart | Source: TradingView

NEAR price is only 1% away from the new ATH

A smart contract-enabled blockchain uses a Proof-of-Stake (PoS) consensus mechanism and a technology known as sharding to enhance the network’s scalability and lower transaction fees. In recent weeks, the asset’s latest price action comes amid a flurry of activity around the project.

The latest notable integration was announced on Monday as Synapse Protocol, a DeFi crypto exchange, and the cross-chain bridge became available on Aurora. This virtual machine lets Ethereum developers easily build on Near Protocol.

Last month, the team behind the protocol also announced the integration of UST, Terra’s US dollar-pegged stablecoin, along with several incentive campaigns aimed at improving stablecoin liquidity. Other integrations and partnerships included DeFi projects like DePocketFinance, CraftingFinance, and EndlessFM, all helping the protocol’s token price surge by 95.2% over the last two weeks and as much as 110% in the previous month.

With a market capitalization of just over $10 billion, NEAR is currently the 23rd largest cryptocurrency in the market.

Not only Near but another layer one protocols also increased. Fantom (FTM), the native token of the Ethereum-compatible Layer 1 blockchain of the same name, was another top bull of the day. FTM is up 15.3% on the day and is trading at $2.88. Rollback and the gains are still ongoing: the token has gained 109.6 percent in the past two weeks.

Accordingly, several other class 1 tokens are also rising, with tokens such as Harmony (ONE) and Tezos (XTZ), gaining 8.3% and 8.2%, respectively. All of these tokens have led today’s sideways market, showing that speculators are betting big on a multi-chain future in 2022.

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