Interoperability support network Quant is up 10% in the general crypto bear market over the past 24 hours. The coin is relentlessly climbing the price charts while others struggle to stay ahead. The cryptocurrency has risen steadily, hitting new highs after hitting a yearly low in June when prices fell below $50.
Quant Blockchain is a project that aims to solve the problem of interaction between multiple blockchains. Since its launch in 2018, the coin has climbed upwards from below $1, culminating in an all-time high of just under $400. This unprecedented event took place in September 2021. Quant surged 200% from $187 to $490 that month, and analysts attribute the surge to three factors.
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Quant’s all-time high catalyst
The first catalyst outline is emission Overledger 2.0.5, DLT Connectivity for Networks, for Enterprise to All Networks and DLT. Second, Quant provides incentives to developers through the Quant Developer Program, a means of attracting developers into its ecosystem. Developers build useful protocols and applications, which in turn attract more users, ensuring Quant’s growth.
Finally, Quant price rises after listing on major exchange platforms Coinbase and Binance. According to coinmarketcap, this move alone caused the protocol’s trading volume to soar from $9 million to $740 million. The rest, they say, is history. Although the coin has not tested such high levels since then, it continued to perform well until the entire market became volatile.
Macroeconomics Makes Crypto Assets Bearish
By June of this year, the Quant token fell to a low of $49 when the cryptocurrency market fell into a downward spiral. A combination of macro factors has pulled most cryptocurrencies, including Bitcoin, from their highs.
On the one hand, the Russia-Ukraine war started to spark global turmoil, which always targets risky assets, such as cryptocurrencies. Then there’s inflation and the Fed’s hawkish approach to digital assets when it comes to tackling the problem. The Ethereum merger was mixed with its initial hype and subsequent disappointment, further muddling things up. As a result, global crypto assets have been testing unprecedented lows.
As of this writing, bitcoin Continue to move around the $20,000 resistance. That’s a marked far cry from the legendary high of $65,000 seen in 2021. Likewise, ETH and SOL were not excluded from this bearish market turn, trading at $1,300 and $33, respectively. Ethereum is down 70% from its all-time high, while Solana is 87% below its own.
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However, Quant is slowly but surely heading towards an uptrend chart, testing new highs every day. At the time of writing, the coin was changing hands around $116 after briefly testing $120 earlier in the day. Compared to the price over the past week, it is up 7.90% and up 10% in the past 24 hours.
Featured image from Pixabay and chart from TradingView.com