Can NEAR crypto overtake Stellar again? THESE metrics suggest it could
NEAR is gaining ground as rising adoption, ETF demand, and cross-chain expansion strengthen its market position.
The most recent surge in NEAR Protocol [NEAR] is posing a threat to Stellar’s top-20 ranking. NEAR Protocol’s total value rose from $6.8 billion to nearly $7.2 billion as the token saw its value rise by about 7% in 24 hours thanks to increased buying interest.
Volume of transactions on NEAR was greater than $1.2 billion, which indicates new money coming into the market. However, Stellar [XLM] can’t seem to compete with the same drive, and therefore there is very little gap separating them at this point.
It’s worth noting that before this current trend, NEAR did overtake Stellar for a short period, but then Stellar took back its position.
Nevertheless, the difference between the two rankings is still small enough that it can easily go either way depending on whether there will be sustained interest in NEAR.
Robinhood expands NEAR’s cross-chain access
NEAR’s latest push is gaining a practical dimension as Robinhood Chain plugs into its cross-chain infrastructure. The integration enables users to switch out from one specific blockchain platform to over 180 digital assets available via 30 different blockchain platforms.
More importantly, this integration enables an intent-based approach to transfer digital assets.
For instance, when a user wishes to exchange Ethereum [ETH] for Global Dollar [USDG], they do not need to go through two blockchain bridges or access two separate platforms to achieve this. Thus, making it easier for users to access digital asset liquidity.
So why does this matter? Essentially, NEAR is turning something that has previously been a purely technical aspect of blockchain technology into a product available to the public.
With NEAR Intents already processing substantial cross-chain activity, Robinhood adds another potential source of flow.
Bitwise’s NEAR ETF gains institutional traction
This growing utility is now being reflected in regulated markets, where Bitwise’s NEAR ETF is attracting capital. In a post on X, Bitwise president Teddy Fusaro stated that NRR ranked among the top 10 by assets under management from 107 U.S. ETFs launched in September.
Despite the claims, there was no public data to substantiate nor contradict him.
The ETF was launched towards the end of September. As a result, there was little opportunity to accumulate shares prior to the initial trading day.
Yet assets reached about $65.4 million by the 6th of October, supported by $35.5 million in first-day inflows and another $13.2 million the next session.
This also indicates that demand rose quickly rather than increasing over time. More importantly, this placement provides NEAR with a significant amount of visibility to institutional investors.
If inflow continues, they will increase the degree of regulated exposure NRR has to NEAR, supporting NEAR crypto’s overall market presence by extending its network activity.
Final Summary
- NEAR Protocol challenges Stellar’s ranking position as stronger buying lifts its market value.
- NEAR needs sustained ETF inflows and network activity to extend its momentum
