AVAX and NEAR Shine in Asia, Outshines Bitcoin

• AVAX and NEAR outperform Bitcoin and Ethereum in the last seven days after gaining recognition in Asia. 

• NEAR’s recent surge has also been linked to the partnership agreement with Nym Technologies.

Avalanche (AVAX) and Near Protocol (NEAR) have made a huge mark in the crypto market with an incredible run, outperforming Bitcoin in the last seven days. Within the period, AVAX has recorded a whopping surge of 66 percent and 11 percent in the last three months. In just 30 days, AVAX has surged by 142.59 percent.

The asset has added $11 representing 106.60 percent to its value to trade at $22.10. AVAX is a little above its neural market sentiment with a reading of 53/100. 

NEAR has also defied the general current market sentiment to become bullish with a reading of 74/100. The asset is 59.37 percent up in the last three months to trade at $1.83. In just seven days, NEAR has surged by 25 percent and made an 82 percent run in the last 30 days.

This sends its market capitalization to $1,833,935,569. In the past 24 hours, most altcoins have moved from  “green” to “red.” Comparatively, both NEAR and AVAX are doing better than Bitcoin as the leading asset declined by 1.5 percent in the last seven days. However, Bitcoin is still 28 percent up in the last 30 days and 40 percent up in the last 90 days. 

AVAX Price Surge Motivated by Asia Adoption

Several factors could be linked to the recent price gain of AVAX, but the leading development could be traced to the decision of the Monetary Authority of Singapore (MAS) to include the asset in its tokenization initiative Project Guardian.

John Wu, President, of Ava Labs commented:

This initiative under Project Guardian fundamentally aligns with Ava Labs’ mission to provide the tools and tech to digitize and tokenize the world’s assets while harnessing the speed, scalability, and customizability of Avalanche. We are proud to be working with such industry leaders as they help drive forward the future of finance.

Under this project, Onyx by J.P. Morgan and Apollo Global have shown that Proof of Concept revolutionizes asset management. 

$AVAX has been outperforming alternative layer-1s over the past couple of days, jumping 24.3% after JP Morgan announced that its Onyx blockchain platform is using @avax to automate asset management in an initiative called Project Guardian.

The use of tokenization and smart contracts to automate and enhance the efficiency and scalability of financial services is demonstrated in this initiative. Singapore regulators have prioritized the use of blockchain rather than crypto for Fintech. 

NEAR Partnership Agreement

NEAR is also reported to have benefited from the positive reactions around its partnership agreement with Nym Technologies. This company is a privacy infrastructure project backed by “Binance Labs and the venture capital firm Andreessen Horowitz (a16z).”

The open, transparent nature of public permissionless blockchains means that transaction data is visible to anyone who cares to look, and even off-chain information like IP addresses and geolocation data can be vulnerable to being exposed.

Ethereum has in the past 24 hours declined by 4.9 percent to trade at $1,970.23. In the last seven days, the asset has fallen by 6.60 percent. 

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