NEAR Protocol fell 7.79% to around USD 4.82 on October 9, losing its market capitalization lead over Stellar after a strong monthly rally. NEAR could regain its lead over XLM by closing the approximately USD 535 million market-capitalization gap.
At Stellar’s current valuation, NEAR would need an increase of roughly 8.5%, although changes in XLM’s price will affect that threshold.
According to CoinGecko data, Stellar ranked 20th with a market capitalization of approximately USD 6.82 billion, ahead of NEAR in 21st at USD 6.28 billion. The reversal followed NEAR’s move above Stellar on October 8, when its valuation reached around USD 7.2 billion.
With approximately 1.3 billion NEAR tokens circulating, a price near USD 5.24 would bring its market capitalization close to Stellar’s USD 6.82 billion valuation. That calculation assumes Stellar’s market capitalization and NEAR’s circulating supply remain unchanged.
However, NEAR does not need to reach a fixed price to regain its position. A decline in Stellar would lower the threshold, while an XLM recovery would require a larger increase from NEAR. The ranking depends on the total circulating value of each asset.
NEAR retained a monthly gain of nearly 97% despite its latest daily decline. The token recently traded above USD 5.59 before falling below USD 5.00, reversing part of the advance that had lifted it ahead of Stellar.
According to CoinGecko data, NEAR’s 24-hour trading volume reached approximately USD 1.55 billion, up 20.1% from the previous day. Trading volume rose as NEAR’s price fell, although the data do not establish whether the activity came from profit-taking, leveraged-position closures or other trades.
Stellar also faced losses, although its daily decline was smaller. XLM traded near USD 0.1945, down 2.8% over 24 hours and 12.7% over seven days. Its smaller daily loss helped it hold a higher market capitalization as NEAR fell more sharply.
Bitwise announced that its NEAR ETF began trading on NYSE Arca on September 29 under the ticker NRR. The fund provides exposure to NEAR through a listed product, allowing buyers to invest without holding the token directly. It charges an annual management fee of 0.75%.
Bitwise also reported that NEAR Intents had processed more than USD 32 billion in cumulative transaction volume. The service enables users and automated agents to exchange assets across blockchain networks. That activity is separate from investment flows into the token or the ETF.
Meanwhile, NEAR Intents general manager Alex Shevchenko said the USD 3.8 million taken in a recent exploit had been returned in full. The team ended its investigation following the recovery, which occurred before the October 4 deadline.
A recovery above USD 5.00 would narrow NEAR’s valuation gap with Stellar. However, that level alone would not put NEAR ahead if XLM maintained its approximately USD 6.82 billion market capitalization. NEAR would still need additional gains to match that valuation.
The comparison also works in the opposite direction. If Stellar’s market capitalization declined while NEAR held steady, the gap would shrink without a NEAR price increase. With both tokens moving lower over the latest daily period, their relative performance remains central to the ranking.
NEAR’s price, Stellar’s valuation and changes in circulating supply will determine the next reversal. For now, Stellar holds the lead despite NEAR’s stronger monthly performance.
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