Coinbase Listing and Upgrades Sent Quant (QNT) to Rally 125% Over 7 Days
Quant (QNT) rallied 125% this week, recording new all-time highs despite the prolonged market-wide correction.
QNT price defied the bearish market trend by rallying 125% after a successful listing on Coinbase and endorsements from well-established tech companies.
Real-world use cases and delivered value are important when evaluating the long-term prospects of a cryptocurrency project, and this is especially true in down markets when sentiment is low and the possibility of an extended bear market is a reality.
Quant is an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology (DLT), using what it calls an “Overledger Network.” According to the project, their network aims to function as the ecosystem for the entire digital economy.
Coinbase listing
The rapid turnaround in the price for QNT following the pullback was due in large part to its listing on Coinbase Pro, which began accepting deposits on June 23.
Price action for QNT began to pick up on June 24 as trading via limit orders opened up on Coinbase Pro, and its addition to the front-side of Coinbase which includes the Andriod and iOS apps on June 25 saw another boost in trading volume and token price.
As a result of the momentum brought by the new listing, the average 24-hour trading volume for QNT soared on June 25.
Protocol upgrades
Prior to the Coinbase listing and market sell-off, QNT price began to gain traction around June 14 following the release of a mid-year technology update called Overledger 2.0. This is the project’s hallmark “DLT gateway that delivers interoperability across different systems, networks and DLTs,” according to the project’s website.
Excitement for the update had been building since early June as evidenced by the recognition Quant has received from several reputable sources including cloud infrastructure provider Oracle and the professional services network Deloitte, which included the project in its nominations for the Most Disruptive Fintech Award for 2021.
Credible Crypto on QNT
In a recent tweet, widely-followed crypto analyst Credible Crypto gave his thoughts on QNT, noting how unusual it is for individual altcoins to be rocketing upward while the rest of the market is in consolidation. QNT could be a sign of more things to come from the altcoin market, says the analyst.
“Altcoins typically don’t make new all-time highs in the midst of a bear market. Yes, there were some exceptions, but most failed to do so. Most altcoins topped out within 30 days of BTC hitting its ATH and then broke down and never recovered. I suspect we see MANY alts follow QNT.”
Credible Crypto claims that QNT’s ascent indicates that the crypto markets have not truly entered a bear market.
$QNT hitting new all time highs. If ever you needed a sign that we aren't in a bear market- here it is. Alts don't make new all time highs in the midst of a bear market. I bet we see a lot more of this from other alts as we begin to recover from this correction. pic.twitter.com/QEYbDdL6qk
