Knowing that there are many altcoins on the market that want to dethrone ETH is often a surprise. At the time of going to press, QNT is growing rapidly on the charts, even though ETH is down 6% in the past 24 hours.
QNT 4-hour chart | Source: Tradingview
The question is what is so appealing about QNT and is it the next best investment?
QNT is up over 18% that day and 108% this week, despite the recent market crash. On September 7th, when most of the market was falling, QNT was up 9%.
In the past 1.5 months, as of press time, QNT is up nearly 450% from $ 68 to $ 389.
An important factor in the price is the release of Overledger 2.0. This update aims to connect corporate and institutional ecosystems with stablecoins, DeFi, NFTs and popular ERC20, ERC721 digital assets for clearing and settlement.
On the other hand, the market is very bullish on QNT as it was listed on Coinbase on June 25th. As a result, the volume rose from an average of 9-10 million US dollars to 740 million US dollars (across all exchanges) on September 6.
In addition, Quant has attracted many investors thanks to its networking capabilities and profitability.
Number of locations only profitable from quant | Source: Intotheblock
Even in a recovering market, QNT’s profitability is at its peak with 91% of addresses. Additionally, the average credit per address at press time is QNT 248,000.
In addition, the MVRV is now at a 3-year high, which makes it even more attractive for new investors.
Average QNT balance across addresses | Source: Intotheblock
Unlike financial metrics, Quant’s network stats aren’t strong enough to make QNT the best investment. For example, QNT’s correlation with Bitcoin is only 0.26, which disqualifies the title of risk-free investment.
Correlation of QNT with bitcoin (Green) | Source: Intotheblock
The network also has no development activities, although the last update was rolled out 3 days ago.
In the end, 58% of the whales dominated the supply of QNT with an average holding period of 2 years. This makes it very susceptible to mass sell-offs, which leads to price losses and also affects liquidity.
relationship Reign of the whales in the total offer QNT (Green) | Source: Intotheblock
So, despite the positive financial numbers, QNT probably isn’t your next best bet.
We invite you to join our Telegram for faster news: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…
Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…
This website uses cookies.