NEAR, the native token of the artificial intelligence-focused blockchain protocol, surged 30% to an intraday high of $2.25 on Friday, pushing its market capitalization briefly above $2.9 billion. The rally extends a blistering run that has seen the token gain 70% since the start of May, with traders pointing to a $36 million exchange-traded product from Bitwise as a key catalyst for the AI token thesis.
The Bitwise effect
Bitwise’s $36 million ETP, launched earlier this year, is being cited by market participants as a structural driver for NEAR’s price action. The product gives traditional investors exposure to a basket of AI-linked crypto assets, and NEAR — as the token of a blockchain explicitly designed for artificial intelligence workloads — sits at the center of that narrative. The ETP’s inflows have provided a steady source of demand, amplifying the token’s upward momentum this month.
Market cap milestone
NEAR’s market capitalization briefly eclipsed $2.9 billion during Friday’s surge, a level not seen since early 2024. The protocol, which uses sharding to scale and positions itself as a platform for AI agents and decentralized machine learning, has become a favorite among investors betting on the intersection of crypto and artificial intelligence.
What’s next for NEAR
The token’s next major test will be whether it can hold above $2.00 in the coming sessions. The Bitwise ETP continues to attract capital, and the broader AI narrative shows no signs of fading. But with a 70% gain in under three weeks, some traders are watching for profit-taking. For now, the market is betting that the AI-crypto crossover still has room to run.
