The Near token price has staged a strong recovery after bottoming at $4 earlier this month.

It has risen for ten straight days for the first time. Its previous happened in September last year when it jumped for eight straight days.

The Near token price has staged a strong recovery after bottoming at $4 earlier this month. It has now risen for ten straight days for the first time. The last time this happened was in September last year when it jumped for eight straight days.

The Near token price rose to a high of $6.50 on Wednesday, which was the highest point since June 12th. In total, it has soared by more than 60% from its lowest point earlier this year.

Near’s rebound happened as the open interest in the futures market continued rising. According to data by CoinGlass, the open interest rose to more than $207 million, up from a low of $126 million earlier this month.

Open interest is a key figure in the futures market as it shows the volume of unfilled orders. A higher figure is usually a positive sign and it shows that there is demand for a cryptocurrency or any other asset.

The same trend is being seen in the spot market where the daily trading volume has also risen sharply. It jumped to more than $542 million in the past 24 hours, up from the $362 million it handled on Tuesday and the $244 million it processed on Monday.

Another important fundamental is that Near Protocol’s staking yield has also risen recently. It moved to 9.17%, making it one of the biggest yielders in the cryptocurrency industry. A 9.17% staking yield means that a $100k investment will yield over $9,000 annually all factors constant. Near has a staking ratio of almost 50%.

Still, a key issue for Near Protocol is that it is not performing well. According to data by DeFi Llama, the total value locked (TVL) in the network has risen to more than $291 million. This is a small number for a platform whose market cap stands at over $7 billion, making it the 17th-biggest token in the industry.

In contrast, Arbitrum, the biggest layer-2 network in the world with more than $3.15 billion in assets has a market cap of over $3 billion. Similarly, Polygon, a pioneering layer-2 network is valued at more than $5.4 billion while it has more users, developers, and assets.

The above is the detailed content of The Near token price has staged a strong recovery after bottoming at $4 earlier this month.. For more information, please follow other related articles on the PHP Chinese website!