Cryptocurrency

Quant rises over $200 after surging 100% in 30 days

Zegex

Quant Network’s QNT token is one of the best performing digital assets in the cryptocurrency market. $216.54 in the last 30 days.

According to CryptoSlate data, the interoperability-focused blockchain network’s native token has enjoyed a string of positive performances, reaching a new all-time high on October 17th.

While trading about 50% below its all-time high of $427.42, the asset has enjoyed a renaissance over Bitcoin (BTC) and Ethereum (ETH) over the same period.

What is a Quant Network?

Quant is an interoperability-focused network that facilitates the interaction of private and public blockchains. Its token supply is capped at 14.6 million.

Founded in 2015, the project allows decentralized applications to work on multiple blockchains simultaneously.according to it websiteThe project is also designed to facilitate the issuance and trading of central bank digital currencies.

Why is QNT Soaring?

According to blockchain analytics firm Santiment, QNT’s rise was fueled by “quantity, daily active addresses, and an accumulation of whales.”

The company added that whales have amassed 15% of the coin in five months. data According to Intotheblock, about 60% of coin holders have purchased between 1 and 12 months.

However, it seems likely that it was a recent development on the network that sparked a new wave of holders interested in the token.In June, the network launched a tagged mechanism. tokenizeenabled the creation of QRC20 interoperable tokens compatible with ERC20 tokens

Apart from that, the network has also enabled the QRC721 standard. This means that users can now create and deploy interoperable, secure and non-fungible tokens on the blockchain.

Lunar Crush data shows that social media sentiment towards the coin remains bullish. According to the company, social mentions and engagement increased by 43.24% and he by 64.57% respectively over the past seven days.

Meanwhile, Tradingview analysts It pointed out The quant was in the overbought zone. The relative strength index (RSI) of the asset was above 75. An RSI score above 70 usually means the asset is overbought, while a score below 30 indicates oversold.

Quant's Relative Strength Index
Source: TradingView.com

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