legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

NEAR Protocol Experiences 20% Surge in Price: Insights and Analysis

The NEAR Protocol, a sharded proof-of-stake blockchain, has seen a significant surge in price, climbing by 20% on Wednesday. According to data from CoinGecko, the NEAR ProtocolÔÇÖs native NEAR token is currently trading at $2.88. This surge comes in the wake of the token spiking almost 30% over the last week. At present, NEAR Protocol boasts a market capitalization of approximately $2.89 billion, with a circulating supply of 1 billion NEAR tokens.

Increased investor interest in NEAR has been notable, with the token showing varied performance across different time frames. While the token has remained muted in the past hour, it has almost doubled in value over the year. However, it is important to note that NEAR Protocol reached its all-time high of $20.44 nearly two years ago in January 2022, still 86% below its record peak.

The notable increase in NEARÔÇÖs price reflects the growing investor interest and active participation in the market. Data from NEAR ProtocolÔÇÖs derivatives on Coinglass reveals a long/short ratio over the past 24 hours that stands over 1, indicating a slightly stronger inclination towards long positions. Additionally, the volume of NEAR has surged over 300%, reaching $1.27 billion in the derivatives market. Concurrently, the open interest has increased by 40%, amounting to $144.70 million.

Despite the positive sentiment in the market, the Relative Strength Index (RSI) also reveals an overbought momentum close to 72. This suggests that NEAR may be getting overvalued and could potentially be primed for a trend reversal or corrective pullback in price.

In recent developments, NEAR Protocol entered into a strategic partnership with US-based IDS Inc., which is expected to boost the development of the Bharat Blockchain Network. This follows a previous partnership announced in November, where the NEAR Foundation and Polygon Labs joined forces to focus on developing zkWASM, a zero-knowledge (ZK) prover for WASM blockchains. This collaboration is aimed at combining Polygon LabsÔÇÖ expertise in zero-knowledge research with the NEAR FoundationÔÇÖs knowledge of WASM WebAssembly technology for zkWASM prover.

AI legalese decoder can aid crypto investors and business professionals in understanding legal and financial jargon related to blockchain technology and cryptocurrencies. It uses advanced natural language processing to simplify complex legal and financial terminology, making it easier for users to comprehend and interpret crucial information when making investment decisions or entering into strategic partnerships. With AI legalese decoder, users can quickly access accurate and understandable translations of legal and financial documents and agreements, enabling them to stay informed and make well-informed decisions in the fast-paced and ever-evolving world of blockchain and cryptocurrency.

Shraddha’s professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies. The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link