The wider crypto market is still in bear territory. However, one cryptocurrency has continued its rapid climb unabated and currently ranks #27 among the most valuable cryptocurrencies according to market capitalization.
Quant (QNT), was traded at just half of its original price a month ago. TradingView reports that QNT has broken through $200 today and is now writing its fifth weekly green candle. Quant traded at $216 at the time this article was written.
The QNT seems to be surrounded by a lot of hype. This is reflected in the Relative Strength Index, (RSI) which closes to 75. An RSI above 70 means that there is an excessively hot market. This could be because the price has risen far too fast. According to trading theory, it is possible for a cooling down by retesting the QNT high of $133. Source: QNTUSD price chart from TradingView.com
There are many reasons why Quant is so expensive
News from the last few weeks is a key driver for this buzz. Quant received very positive headlines for its call for Central Bank Digital Currencies.
Quant’s CEO Gilbert Verdian is extremely well-connected, as a pseudonymous Quant community member recently revealed. Verdian, along with Central Bank of Italy, Central Bank of Lithuania and London Stock Exchange, took up a place at the European Central Bank.
— Quanthony (@industry_q) October 17, 2022
Another driver of success for the Quant Network, founded in 2015, could be the demand for interoperability – to enable interaction between different public and private blockchains at the same time. It is for this reason that MIT is also working with the Quant NetworkTo create interoperability of blockchains at the Internet scale
There was speculation that Quant Network’s interoperability feature would be a key factor in developing central bank digital currency. This may have triggered FOMO among traders.
Moreover, Quant Network has recently made headlines for its work with the Bank of England on the digital pound, and just last weekend, executives attended SWIFT’s Sibos conference, which focused on digital payments.
Quant has another well-known personality, in addition to Verdian. Guy Dietrich (ex-Managing Director of Rockefeller Capital) joined Quant Network in 2019 as a member of the board.
Jusqu’ January 2021 Dietrich worked as Rockefeller Capital Management’s managing director. His investment expertise spans more than 35 year. Before joining Rockefeller, he led Morgan Stanley Smith Barney’s largest private wealth management practice in Silicon Valley.
On the flip side of the coin, according to Santiment, QNT’s rally is being accompanied by an outsized accumulation of coins by whale addresses holding QNT 100 and QNT 1,000. Over the past four month, QNT have been amassed by whales at a rate of 1.47 million to close to 1.7million.