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This year has been a tough sail for NEAR Protocol since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of NEAR.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for NEAR Protocol to reclaim its all-time high in 2023? Continue with the article to learn about NEAR Protocol price analysis and prediction by Coinpaper.
Read also: Smart contracts to generate $5.3 trillion by 2030
What is NEAR Protocol?
Near Protocol is a Layer 1 proof-of-stake blockchain with smart contracts functionality that aims to become a community-run cloud computing platform. The network is actively using sharding to achieve scalability — something that Ethereum only plans to ship somewhere in 2023. What’s more, Near also has a number of features that are designed to make its platform more user-friendly, namely human-readable addresses, and ability to interact with DApps and smart contracts without the need to set up a wallet. Its native token NEAR is used to pay for transaction fees on the blockchain and storage, and can also be staked by validators to secure the network.
NEAR Protocol (NEAR) price
Currently, NEAR Protocol Price is USD. NEAR has a circulating supply of coins and a total supply of . If you are looking to buy or sell NEAR Protocol, Binance is currently the most active exchange.
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NEAR Protocol price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish NEAR Protocol 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see NEAR Protocol price at $4.26 to $6.36. On the flip side, a fading interest in the new meme coin may push the price of NEAR Protocol to $1.93-$1.31 lows.
NEAR Protocol price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to NEAR Protocol (NEAR) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of NEAR Protocol to climb as high as $9.59, with the more distant prospect of reaching $11.46 in 2024. The bearish scenario is likely to see NEAR Protocol (NEAR) trading between 6.27 and $4.11 in 2024.
NEAR Protocol price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our NEAR Protocol (NEAR) price analysis and prediction is based on pure speculation and observation of NEAR Protocol historical price movements.
Our NEAR Protocol 2025 price forecast expects NEAR to rally towards $15.94 and reach $19.37 by the end of the year. The bearish scenario would see NEAR Protocol at $12.31 to $10.03.
NEAR Protocol (NEAR) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for NEAR Protocol is neutral. In 2026, we expect NEAR Protocol to reach at least $27.93 before climbing higher to $34.63. In case of a bearish scenario, NEAR Protocol may fall to $21.17.
Is NEAR Protocol (NEAR) a good investment?
With continued developments taking place within the Near Protocol ecosystem, its solid user base, strong community of developers, and established market position, NEAR token can be a nice addition to your portfolio of Layer 1 blockchains. However, keep in mind that investing in any cryptocurrency carries a high degree of risk, so make sure to do your own research before putting your money into NEAR coin.
Bottom line
Are you ready to invest in NEAR Protocol? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy NEAR from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created NEAR Protocol?
Near Protocol was founded in 2017 by Erik Trautman, an entrepreneur with experience on Wall Street and founder of Viking Education, ex-Googler Illia Polosukhin, and Alexander Skidanov, a computer scientist who used to work at Microsoft.
What was the all-time high for NEAR Protocol (NEAR) ?
The all-time high price of NEAR Protocol is $ on 2022-01-16
