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Decentralized application (dApp) platform Near Protocol exhibited notable growth in key metrics during the first quarter (Q1) of 2024, driving its native token NEAR to reclaim a crucial key level and paving the way for a potential retest of its all-time high (ATH) from January 2022.&nbsp; 
According to a recent <a href="https://messari.io/report/state-of-near-q1-2024" target="_blank" rel="noopener nofollow">report </a>by Messari, NEAR experienced significant increases in market capitalization, revenue, active addresses, and Total Value Locked (TVL), solidifying its position among the top players in the cryptocurrency market. 
<h2 id="near-outperforms-bitcoin-and-ethereum">NEAR Outperforms Bitcoin And Ethereum</h2> 
In Q1 2024, NEAR’s circulating market cap surged to $7.2 billion, marking a 94% quarter-on-quarter (QoQ) increase. The fully diluted market cap also witnessed substantial growth, reaching $8.2 billion, representing a 91% QoQ increase. These numbers propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-606796" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=860&amp;resize=860%2C427" alt="NEAR" width="860" height="427" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=872 872w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=860&amp;resize=860%2C427 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_117.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Notably, NEAR outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-60k/" target="_blank" rel="noopener ">Bitcoin </a>(BTC) and Ethereum (ETH), which recorded QoQ growth rates of 69% and 53%, respectively. Additionally, NEAR’s revenue, derived from network transaction fees, witnessed an 82% QoQ increase, reaching $1.9 million.&nbsp; 
NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, representing a robust 42% QoQ increase.&nbsp; 
The network also witnessed a surge in daily <a href="https://www.newsbtc.com/news/near-protocol-soars-7-3-is-it-poised-to-go-higher/" target="_blank" rel="noopener ">new addresses</a>, totaling 236,000 (a 37% QoQ increase), and surpassed the milestone of 100 million total accounts.&nbsp; 
According to Messari, contributions from established protocols like KAIKAINOW, Sweat, and Playember and the adoption of HOT Wallet, averaging over 350,000 daily active addresses in March and nearly 3 million total wallets, drove this expansion. 
<h2 id="stablecoin-market-cap-soars-in-q1">Stablecoin Market Cap Soars In Q1</h2> 
Per the report, the protocol experienced a sustained increase in transaction activity throughout Q1 2024, with <a href="https://www.newsbtc.com/news/uniswap-on-arbitrum-nears-150-billion-in-swap-volume/" target="_blank" rel="noopener ">daily transactions </a>reaching 4.3 million, representing a 78% QoQ increase and a 538% increase over the last six months.&nbsp; 
Similarly, NEAR’s TVL witnessed substantial growth, ending the quarter at $335 million, a 163% increase from the previous quarter and a 547% increase over the last six months.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-606797" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_116.jpg?w=860&amp;resize=860%2C434" alt="NEAR" width="860" height="434" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_116.jpg?w=873 873w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_116.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_116.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_116.jpg?w=860&amp;resize=860%2C434 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_116.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Furthermore, NEAR’s decentralized exchange (DEX) volume experienced a notable surge, with an average daily volume of $8 million, representing a 95% QoQ increase. Ref Finance emerged as the leading DEX on the protocol, with $6 million daily volume, surpassing Orderly Network. 
Lastly, NEAR observed a significant increase in its <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-ready-70-breakout/" target="_blank" rel="noopener ">stablecoin market cap</a> during Q1 2024, soaring 176% QoQ to $214 million. Notably, USDT experienced a significant surge, with its market cap increasing by 1,155% QoQ, reaching $88 million.&nbsp; 
<h2 id="outperforming-top-20-cryptocurrencies">Outperforming Top 20 Cryptocurrencies</h2> 
Regarding price action, NEAR Protocol’s native token has exhibited strong performance, surpassing the top 20 cryptocurrencies in the market with a 9.4% uptrend in the past seven days. Meanwhile, Bitcoin has experienced a minor 1.5% price correction over the past 24 hours. 
This positive trend has enabled NEAR to reclaim the significant $7.40 price level, which is important for <a href="https://www.newsbtc.com/analysis/xrp/xrp-wallets-1-million-coins/" target="_blank" rel="noopener ">bullish investors</a>.&nbsp; 
Looking ahead, the $7.60 mark may present a potential resistance level for the token, serving as a crucial barrier to monitoring. It could pave the way for a retest of the $8 mark, signaling further upward momentum if successfully breached. 
Conversely, the $6.80 mark has demonstrated its significance as a key support level. It was previously tested over the weekend and effectively prevented a more significant price decline.&nbsp; 
Despite the optimistic outlook, it is important to note that the token remains down by over 64% from its all-time high of $20.4, reached in 2022. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/k2RvJYJW/" alt="NEAR" width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

NEAR Price Rally: 9% Surge Recaptures Key Level, Records 160% TVL Growth In Q1

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