NEAR Protocol Surpasses Ethereum in Price and Active Addresses: What’s Next?

NEAR Protocol has been making waves in the cryptocurrency world, with its active addresses on the protocol surpassing Ethereum by six times. This has not only reflected in NEAR’s price outperforming ETH in the last seven days but also in other key metrics.

At the time of writing, NEAR was trading at $7.51, showing a significant 39.06% increase in the last week, while Ethereum was at $3,171, marking a 6.02% decrease in the last 30 days. The difference in developments between the two blockchains is becoming more apparent.

According to Artemis data, Ethereum had 406,200 active addresses, while NEAR had less than one million. However, developer analytics showed that NEAR had 2.3 million active addresses, indicating a strong preference for the chain abstraction stack provided by NEAR.

NEAR’s scalability and faster transaction speeds have also contributed to its growing popularity, with the protocol now ranked number 17 in terms of market cap at $7.36 billion. The surge in market cap can be attributed to the increasing interest in AI within the NEAR ecosystem.

While NEAR may not match Ethereum in terms of development activity on public GitHub repositories, its price performance has been impressive. With fees on the network increasing by 51% in the last 30 days and development activity on the rise, NEAR is poised to continue outpacing Ethereum in the short term.

Although Ethereum may catch up in the long term, NEAR’s momentum and market cap growth suggest that it could maintain its lead in the coming weeks or months. The competition between the two protocols is heating up, and it will be interesting to see how they fare in the evolving cryptocurrency landscape.