Near (NEAR), a new Ethereum rival, is surging in value following the completion of a new funding round.
From a low of $13.38 on Monday, the altcoin surged to a high of $19.92 on Thursday on news that the Near Foundation had raised an additional $150 million in investments.
Su Zhu, CEO of Three Arrows Capital, tweets about the financing round to his 456,400 followers, disclosing that the cryptocurrency hedge fund spearheaded the private token sale.
Mechanism Capital, Dragonfly Capital, Andreessen Horowitz, Jump, Alameda, Zee Prime, and Amber Group are among those who have invested in cryptocurrency funds.
The Near protocol is a decentralized application platform and proof-of-stake blockchain that employs sharding technology. The Ethereum competitor is a relative newcomer to the crypto industry, but investors and experts alike are optimistic about the digital asset.
According to Su, macro investors are clinging on to bitcoin while exiting other holdings when the market corrects. Meanwhile, Cantering Clark, a pseudonymous crypto expert, predicts that the cryptocurrency will increase past $20 and perhaps reach $50.
NEAR is now trading at $19.32 at the time of writing.