Over the past day, the overall value of cryptocurrencies surged by nearly 6%, reaching around $2.51 trillion on May 16, 2024. This rise, particularly noticeable in Bitcoin and some alternative and meme coins, has reignited optimism among investors. Bitcoin's movement has been mirroring major stock indexes like the S&P 500, which hit a new peak, as anticipation of interest rate cuts in the US later this year has boosted interest in digital assets.

However, the likelihood of the SEC approving spot Ether ETFs has diminished recently, with the SEC arguing that many altcoins, including Ethereum and XRP, are not properly registered securities.

NEAR Protocol, a competitor to Ethereum, is forecasted to experience a significant surge in value, akin to recent trends seen with meme stocks like GameStop. With a market cap of approximately $9.6 billion and a daily trading volume of nearly $1 billion, NEAR has surged by over 15% in the last 24 hours, trading around $8.16 on May 16th. Despite a short-term correction, NEAR is poised to reach new highs in the near future, as indicated by its strong performance and Relative Strength Index (RSI) above 70 on the weekly timeframe.

While Bitcoin and Ethereum will continue to dictate market trends, NEAR stands out due to its backing by notable investors like Coinbase Ventures and Pantera Capital, along with its robust ecosystem valued at over $358 million in Total Value Locked (TVL). Its accessibility and reliability have attracted both institutional and retail investors, especially amidst the growing tokenization of real-world assets (RWA) on blockchain platforms.