NEAR Price Surges Over 91% as Cross-Chain Routing System Gains Traction
NEAR Protocol has seen a significant price surge in recent days, more than doubling its value over the past week to $4.6259.
The move comes as the protocol's cross-chain routing system, NEAR Intents, continues to gain traction, with cumulative transaction volume reaching $29.3 billion and a record daily volume of above $300 million on September 18.
One reason behind the price increase is the appreciation in value of Zcash (ZEC), which has risen by 30.62% over the past week, causing the locked value of NEAR Intents to rise as well.
While genuine volume growth and leverage are contributing factors to the rally, a Bitwise analyst notes that part of the increase in locked value is due to price appreciation on assets already deposited, rather than new capital inflows.