Real-world use cases and distributed value are important when evaluating the long-term prospects of a cryptocurrency project, and this is especially true in down markets when sentiment is low and the potential for extended bear markets is a reality.
One project that has been gaining momentum despite the market-wide slowdown over the past month is Quant (QNT), an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology (DLT). is designed for.
Data from Cointelegraph Markets Pro and TradingView shows that after a brief drop to $44 on June 22, as the entire crypto market faced a sell-off, the price of QNT rose by over 125% to reach $44 on June 25. Set a new record high at 99.11.
Coinbase Bump in Full Effect
The rapid change in the QNT price following the pullback was due in large part to its listing on Coinbase Pro, which began accepting deposits on June 23.
Inbound transfers for Bonds, LPT and QNT are now available in regions where trading is supported. Merchants cannot place orders and no orders will be filled. If liquidity conditions are met, trading will commence on or after 9 AM on Wed 6/24. https://t.co/ozmX17nhsz
— Coinbase Pro (@CoinbasePro) 23 June 2021
Price action for QNT began on June 24 as trading began via limit orders on Coinbase Pro, and in addition to its front-side coinbase Which includes the Android and iOS apps on June 25, saw a further increase in trading volume and token value.
As a result of the momentum brought by the new listing, the 24-hour average trading volume for QNT increased on June 25.
Protocol upgrade draws attention
Prior to the Coinbase listing and market sell-off, the price of QNT began to gain traction since its mid-year release around June 14. technology update Called Overledger 2.0. According to the project’s website, the hallmark of the project is a “DLT gateway that provides interoperability across systems, networks, and DLT.”
Enthusiasm for the update has been building since early June, as evidenced by the recognition Quant has received from a number of reputable sources, including a cloud infrastructure provider Oracle and professional service network Deloitte, which includes the project Enrollment For the Most Disruptive Fintech Award for 2021.
VORTECS™ data accelerates ahead of Quant’s most recent rally
VORTECS™ data from Cointelegraph Markets Pro began tracing a bullish outlook for QNT on 22 June ahead of the recent price hike.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ score for Quant actually hit a high of 71 on 22 June as the market was selling out and subsequently the price rallied 125% over the next three days .
Cointelegraph Markets Pro’s NewsQuake™ service also highlighted the Coinbase listing announcement on June 24, which was followed by a 50% increase in the price of QNT over the next two days.
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