NEAR Protocol breaks into top 20 crypto rankings following 140% monthly rally
The NEAR token secured a position among the 20 largest cryptocurrencies by market cap, while NEAR Intents recorded more than $31 billion in total transaction volume.
The native cryptocurrency of NEAR Protocol achieved entry into the elite group of top 20 digital assets by market capitalization this Thursday, following an impressive $138% price appreciation over the past 30 days, based on data from CoinGecko.
As of this writing, the NEAR token was changing hands at approximately $5.51, reflecting a roughly 7% increase during the previous 24-hour period, accompanied by a market capitalization hovering around $7.2 billion and daily trading activity totaling approximately $1.2 billion. The token's market cap positioning places it above Stellar (XLM), which currently maintains a valuation close to $7 billion.
The NEAR Intents platform, which operates as a cross-chain trading protocol, has processed in excess of $31 billion in aggregate transaction volume, as indicated by data available through the NEAR Intents Explorer.
The token's ascent through the market cap rankings coincides with the Sept. 29 introduction of the first United States spot exchange-traded product providing exposure to the token. This Bitwise fund is available for trading on NYSE Arca utilizing the ticker symbol NRR, enabling investors to gain NEAR exposure while avoiding the need to directly purchase and custody the cryptocurrency.
The NEAR Intents platform experienced a security breach totaling $3.8 million that targeted its deposit and withdrawal infrastructure during the previous week. On Oct. 2, General Manager Alex Shevchenko announced that all funds taken during the exploit had been successfully recovered and returned, just one day following the initial disclosure of the security incident.