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NEAR Strong Rebound Seen As Crypto Registers 8% Spike In Last 24 Hours

NEAR, the native token of the public proof-of-stake (PoS) blockchain Near Protocol, dumped more than 50% of its current monthly high of $3.42 that it achieved on November 6.

It seemed like a recurring theme for the digital asset which, in the middle part of the month, shed 53% of its August 20 value.

This is not surprising considering many altcoins were not spared from the lingering effects of the crypto winter that was compounded by the sudden collapse of FTX.

Although it still has ways to go, NEAR seems to be slowly getting back on track, tallying an increase of almost 8% over the last 24 hours to trade at $1.60 according to tracking from Coingecko.

Given the current market conditions, the high discount that the digital asset offers right now (its price has gone down by 55% from its monthly high) is very enticing for investors looking for viable entry point. 

NEAR Blockchain Partners With Famed Rating Platform

Near Protocol recently announced its newly forged partnership with ESG Dao, a rating protocol that measures the true impact of companies, people and societies.

Although additional details are not available at the moment, the tie-up between the two organizations is said to focus on the development of an improved ESG rating system.

For its part, the blockchain network is looking at this development as a proof of its successful move towards its sustainability agenda and will definitely highlight its growing ecosystem that aims to thrive on real-world utility.

The news might have been enough to trigger an upward movement in NEAR price but it failed to push network development activity numbers up, still within the lowest monthly levels ever recorded.

This is not a good sign for the crypto asset and the blockchain as low development activity usually leads to low investor confidence.

What To Expect From NEAR In The Next Few Days

According to the forecast of Coincodex, the NEAR token will slightly increase its current spot trading price as it is predicted to hit $1.62 on December 5.

Meanwhile, on December 31, right before the year ends, the crypto asset will trade at a significantly lower value of $1.05.

One important thing to consider right now is that NEAR is within the range of its historic low which indicates that there might be a possibility for a bounce back in the coming days.

However, as some of its metrics point towards a bearish momentum, investors are strongly advised to keep an eye on the asset’s blockchain development as it could prove to be an integral factor for a bull run to happen.

NEAR total market cap at $1.39 billion on the daily chart | Featured image from BingX Blog, Chart: TradingView.com

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Polygon Sees Large Volume Of MATIC Whale Transactions In Last 24 Hours

The Polygon network is now lit like Christmas lights following a number of positive MATIC news that involve some of the biggest names in social media and finance industry.

For starters, Instagram users will soon have the ability to mint, showcase and even sell non-fungible token (NFT) collectibles through the blockchain network.

Two days ago, Meta, the owner of the social media platform, announced it will soon test said functionality to a small number of creators in U.S. before expanding to other countries.

Meanwhile, financial services global leader JPMorgan Chase successfully executed its first ever live trade on blockchain in line with the Monetary Authority of Singapore (MAS) Project Guardian.

The iconic financial institution took advantage of Polygon network’s cheap transaction fees to issue and trade tokenized assets in its first attempt in exploring the Decentralized Finance (DeFi) banking sector.

Polygon Responds Accordingly

MATIC, the native cryptocurrency of the blockchain system witnessed an unprecedented rally following the above-mentioned developments, going up by almost 30% over the last seven days.

According to tracking from Coingecko, the altcoin is changing hands at $1.21 at press time and has increased by more than 8% for the past 24 hours.

On its biweekly and monthly charts, the Polygon owned digital currency has gone up by 45.4% and 42%, respectively.

It has also witnessed significant capital inflow as it increased its overall valuation, which now currently stands at $10.73 billion, by more than 22% – enough for the asset to maintain its rank as the 11th largest cryptocurrency in terms of market capitalization.

MATIC also reduced its year-to-date losses to just 37.2% although it is still down by almost 59% from its December 27, 2021 all-time high (ATH) value of $2.92.

MATIC Whales Make Their Move

Over the last 24 hours, the Polygon network was in frenzy when transaction volumes involving whales soared, currently being considered as the highest in an eight-month time frame.

But a deep dive into related data revealed some of the whales may have started accumulating MATIC tokens as early as two weeks ago in anticipation of the massive surge being exhibited by the crypto right now.

It would appear that some of these investors timed their trades in order to gain bigger profit which, basically, is the ultimate goal in the crypto space.

This is evidenced by the sharp decline in supply of the cryptocurrency among major exchange platforms last October 11.

MATIC total market cap at $10.5 billion on the weekly chart | Featured image from Analytics Insight, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.

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Tron Performance Last Month Was Impressive, But Can TRX Do Better This November?

Tron, a decentralized, open-source blockchain-based operating system with smart contract functionality, recently released its monthly report for the month of October.

There, the company behind the cryptocurrency TRX highlighted some of the developments that gave its ever-supportive community plenty of reasons to celebrate.

Among those included in the report was Tron becoming the first national blockchain of Dominica which meant digital currencies under its umbrella such as TRX, BTT, JST, NFT, USDD, USDT and TUSD were given permission to be used as medium of exchange within the country.

Justin Sun, the founder of the decentralized network, has also been invited by world-leading cryptocurrency trading exchange Huobi Global to be part of its advisory board.

Meanwhile, Tron Grand Hackathon, returned for its third season, providing another avenue for blockchain enthusiasts to showcase their ideas and be noticed by crypto experts.

TRX Performs Well In October

TRX managed to offset some of its loses back in September when it managed to pump its prices last month, peaking at $0.064 on October 15.

Among those possible reasons for the impressive performance of the Tron crypto was the notable influx of 4.45 million new users that joined the network’s ecosystem.

This resulted in a major upswing in number of transactions facilitated by the blockchain which reached a tally of 186 million by the end of the month.

The altcoin, however, seemed to have lost some of its momentum as it is currently in a declining trend over the last 24 hours according to tracking from Coingecko.

At press time, TRX is trading at $0.062 and is now down by 2% over the last seven days. Despite the price dip, the asset is still on the green zone as far its biweekly and monthly charts are concerned.

It is the 15th ranked cryptocurrency in terms of market capitalization, having an overall valuation of $5.728 billion.

Price Forecast For TRX

Although the trading price Tron crypto is currently experiencing a downward movement, the network’s community can expect bullish rally from the asset, at least according to forecasts from Coincodex.

Over the next five days, TRX is expected to slightly increase its current spot price by almost 2% to change hands at $0.063.

Meanwhile, the digital coin is expected to retain its upward momentum for the next 30 days and is predicted to trade around $0.067.

It is important to note, however, that these forecasts are not set in stone as TRX, just like any other cryptocurrency, is always at the mercy of the volatile nature of the crypto market.

TRX total market cap at $5.77 billion on the daily chart | Featured image from Zipmex, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.