Coin Bureau Is Bullish On A Small Ethereum Rival Near Protocol
Coin Bureau’s Guy looks into the fundamentals of one small Ethereum rival, which he believes will ignite a massive rally before the end of the bull cycle.
In a recent video session, the crypto analyst, known as Guy, shared with Coin Bureau’s 1.74 million YouTube subscribers that Near Protocol (NEAR) looks very bullish.
Near is a blockchain designed for scalability and stability that allows developers to build decentralized applications (DApps) at low cost, enabling users to manage high-value assets like money or identity.
The analyst says that the Rainbow Bridge, which enables users to transfer digital assets between Ethereum and Near, has brought NEAR’s on-chain fundamentals to completely different level.
“Transaction metrics on the Near blockchain are trending in the right direction. The number of daily transactions has grown by 30x since the introduction of the Rainbow Bridge in March and the total amount of gas spent is up nearly 20x with no signs of slowing down.
These strong fundamentals are clearly reverted in the Near coin’s recent price action and the medium-size market cap of Near protocol means it’s possible, if not likely, that Near will pull another 3x to 5x before the bull market is over.”
Despite being bullish on NEAR, Guy flags one potential problem that could impact Near Protocol’s growth ability.
“Despite all the developments, updates, announcements, investments and having a fairly sizeable following, Near Protocol does not seem to have a very large userbase. Now I suspect this has something to do with the fact that the NEAR token is not currently trading on any US exchanges.”
The crypto analyst also points out that due to the choice of coding language Near is fighting over the pool of programmers with other bigger projects.
“The problem is that Near Protocol is losing ground to other crypto projects of similar caliber such as Ethereum and especially Solana. I couldn’t help but notice that Near Protocol’s smart contracts are coded in Rust. Solana’s smart contracts also happen to be coded on Rust. This means that both projects are probably fighting over the small pool of Rust developers who are interested in cryptocurrency.”
