Friday, June 2, 2023

NEAR Protocol Rises 12% While Bitcoin Tapped $39,000

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NEAR protocol rises 12% while Bitcoin tapped the $39,000 price range and most altcoins followed and bounced off from the weekend bloodshed so let’s read more today in our latest altcoin news.

NEAR protocol rises 12% and gained the most from the larger cap altcoins. After making the multi-week low yesterday, BTC reacted well and surged by $2000 in the next few hours with most altcoins being in the green after the corrections. Near leads the with a double-digit daily increase. After dropping to $41,000 last week, BTC started the rapid descent and found itself trading below the $38,000 price range a day later. The bulls stepped up and pushed the asset north so as a result, BTC was above $40,000 after but as it happened the last time but it didn’t stay there for long.

BTC crashed once again and remained below the $39,000 for a few days and another price drop came yesterday when the asset crashed to $37,500 and became the lowest level in about two months. The bulls intercepted the move once again and drove BTC north and this time, the crypto jumped to $39,000 and now ists a few hundred dollars south of this line. Its market cap now sits at $740 billion and its dominance over the altcoins is above 42% and most of them suffered most in the past week.

near price
NEAR 24-hour Price Chart (Source: Coingecko)

The altcoins felt the bearish market sentiment but in the past 24 hours were more positive for the market. Ethereum is up by around 2.5% and sits at $2850 while the second biggest crypto fell to a multi-week of its own at $2700. Binance coin trades at $390 after a minor daily increase with DOT, AVAX, ADA, TErra, and SHIB Are also in the green. Ripple jumped by 5% in the past day and stands above $0.6 with the bigger gainer being NEAR Protocol which added 11% of value sitting at $12. The market cap recovered $40 billion a day ago and it is set at $1.750 trillion.

As recently reported, NEAR lending project and stablecoin protocol Bastion closed a $9 million Series A led by Three Arrows Capital while FTX Ventures and Jump Crypto took part in the round. Bastion’s founder goes under the N2 pseudonym and said the five-person team that will use the funds to hire more developers.

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