The reason Quant (QNT) price rose 125% for the week despite the recession
Quant (QNT) is up 125% despite the bearish trend of the broader market following its successful listing on Coinbase and confirmation from established tech companies.
Real-world use cases and the value delivered are important in assessing the long-term prospects of a crypto project, and this is especially true in bear markets where sentiment is weak and there is a likelihood of entering a bear market.
One project that defied a market-wide downturn last month is Quant, a focus on interoperability designed to help companies integrate and operate distributed ledger technology (DLT).
QNT .Price chart | Source: TradingView
Data from TradingView shows that QNT price rose over 125% after a slight drop to $ 44 on June 22, when the entire crypto market was sell-off, to a record high of $ 99.11 on June 25.
The Coinbase effect remains
QNT’s rapid price change after the pullback was due in large part to its listing on Coinbase Pro, which began accepting deposits on June 23.
The price action for QNT began on June 24th when limit orders were opened on Coinbase Pro and the addition of Coinbase, including Andriod and iOS apps on June 25th, resulted in a further spike in token price and trading volume.
Attention-grabbing protocol upgrade
Prior to the Coinbase listing and market sell-off, QNT price started gaining momentum on June 14 after the release of a technology update called Overledger 2.0. This is the standard “DLT Gateway brings interoperability between different systems, networks and DLTs”, according to the project website.
Enthusiasm for the update has been growing since the beginning of June, as the recognition of Quants from a number of well-known sources shows, including the cloud infrastructure provider Oracle and the service network Deloitte Professional. Quant is also one of the projects in the nomination for the most groundbreaking fintech award in 2021.
You can see more details about the QNT price.
According to Cointelegraph