On October 9, NEAR Protocol dropped 7.79% to trade near USD 4.82, relinquishing its market capitalization advantage over Stellar following a powerful monthly surge. NEAR has the opportunity to reclaim the top spot from XLM by bridging a market-capitalization deficit of roughly USD 535 million.
Based on Stellar’s present valuation, NEAR requires an upward price movement of about 8.5%, though this target will shift depending on how XLM’s price fluctuates.
Stellar Moves Ahead of NEAR Crypto
CoinGecko metrics place Stellar in the 20th position with a market cap of approximately USD 6.82 billion, edging out NEAR, which sits in 21st place at USD 6.28 billion. This flip in standings comes right after NEAR surpassed Stellar on October 8, when its valuation climbed to roughly USD 7.2 billion.
With a circulating supply of about 1.3 billion NEAR tokens, a price point near USD 5.24 would push its market cap to match Stellar’s USD 6.82 billion valuation, presuming Stellar’s market cap and NEAR’s circulating supply stay constant.
Nevertheless, NEAR is not tied to a specific price target to recapture its standing. A drop in Stellar’s value would reduce the required threshold, whereas an XLM rally would demand a more substantial price increase from NEAR. Ultimately, the standings rely on the combined circulating value of each cryptocurrency.
NEAR Price Falls After Its Monthly Rally
Even with the recent daily pullback, NEAR maintains a monthly surge of almost 97%. The digital asset recently changed hands above USD 5.59 prior to slipping under USD 5.00, which erased a portion of the gains that previously pushed it ahead of Stellar.
Figures from CoinGecko indicate that NEAR’s 24-hour trading volume hit approximately USD 1.55 billion, marking a 20.1% increase compared to the prior day. While trading volume climbed alongside the price drop, the data does not clarify whether this activity stemmed from profit-taking, the unwinding of leveraged positions, or alternative transactions.
Stellar experienced declines as well, though its daily losses were milder. XLM traded close to USD 0.1945, reflecting a 24-hour drop of 2.8% and a seven-day decline of 12.7%. This smaller daily decrease enabled it to maintain a superior market capitalization as NEAR suffered a steeper correction.
Bitwise ETF Expands Access to NEAR
Bitwise revealed that its NEAR exchange-traded fund launched on NYSE Arca on September 29 under the ticker symbol NRR. This fund grants exposure to NEAR via an exchange-traded vehicle, enabling purchasers to gain exposure without directly owning the asset, and carries an annual expense ratio of 0.75%.
Additionally, Bitwise noted that NEAR Intents has facilitated over USD 32 billion in cumulative transaction volume. This platform allows human users and automated bots to exchange assets across disparate blockchain ecosystems, functioning independently from investment capital moving into the token or the ETF.
In related news, Alex Shevchenko, general manager of NEAR Intents, confirmed that USD 3.8 million siphoned in a recent security breach was fully reimbursed. The development team concluded its inquiry following the asset recovery, which was finalized ahead of the October 4 deadline.
What Would Restore NEAR’s Lead Over Stellar?
Reclaiming levels above USD 5.00 would narrow the valuation differential between NEAR and Stellar. Even so, hitting that milestone alone would not propel NEAR past XLM if Stellar preserves its approximate USD 6.82 billion market cap, meaning NEAR would need further appreciation to match that worth.
The inverse holds true as well. Should Stellar’s market valuation contract while NEAR remains flat, the gap would narrow without requiring any price growth from NEAR. Because both assets trended downward over the most recent daily cycle, their comparative performance dictates the leaderboard.
Going forward, NEAR’s token price, Stellar’s valuation, and shifts in circulating supply will dictate the next shift in rankings. At present, Stellar retains the upper hand despite NEAR’s more impressive monthly gains.
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