Quant Adds 10% In 24 Hours While Macro Uncertainty Pulls Others

Quant, an interoperability network that enables connectivity between different networks has experienced a 10% gain in just 24 hours amid the cryptocurrency bear market. As other tokens battle to maintain their head above the water, the value of Quant token keeps on rising. It is steadily rising, surpassing its June 2013 low at $50.

Quant was an initiative that addressed the problem of interoperability between multiple blockchains. In 2018, Quant’s token was created. It has seen a steady rise from $1 to $400, and now it is at an all-time high below $400. In September 2021, Quant witnessed an unprecedented moment in its history. Quant surged 2000% to $187 from $490 in a single month. This spike analysts credit to three factors. 

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Quant’s All-Time High Catalysts

It was here that the first catalyst concept was created. launch of Overledger 2.0.5, the network’s DLT connection for businesses to all networks and DLT. Secondly, Quant offered developers incentives via the “Quant developers Program,” a means to lure devs into its ecosystem. Quant’s growth is ensured by developers who create useful apps and protocols, in turn attracting more people. 

Finally, Quant’s price boosted when it got listed on major exchange platforms like Coinbase Binance. This move alone caused the protocol’s trading volume to skyrocket from $9 million to a whopping $740 million, according to coinmarketcap. They say the rest is history. Despite not reaching such heights, the token continued to perform well until the market crashed.Source: Price chart for QNTUSD from TradingView.com

QNT’s price is currently trading at above $115. | Source: QNTUSD price chart from TradingView.com

The Bearishness of Crypto Assets and Macroeconomics is evident

Quant token dropped to $49. In June 2018, as the crypto market was in a downturn. A number of macro factors combined with Bitcoin’s lofty heights brought down many cryptos.

First, there was the RussoUkrainian conflict that started causing unrest around the world. The RussoUkrainian war always targets crypto and other risky assets. Then followed inflation and Fed’s hawkish attitude towards digital assets in fixing the problem. Ethereum’s merge with its initial hype and subsequent letdown came into the mix, further muddying up the waters. Crypto assets have seen unprecedented lows globally. 

The following information was available at the time of writing Bitcoin Continues to fluctuate at the $20,000 resistance. It is quite a distance from the legendary $65,000 peak, reached in 2021. SOL and ETH also trade at $33 and $1300, respectively, in a bearish market. Solana’s stock is 77% lower than its previous high while Ethereum is down 70%.

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Quant, however is gradually but steadily climbing the ranks. Chart, testing new highs daily. After briefly trading around $120 at the beginning of the day, the token was exchanging $116. Against the past week’s prices, it is a 7.90% gain, 10% over the last 24 hours.

Featured image taken from Pixabay. Chart from TradingView.com

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