After Coinbase was successfully listed and recognized by well-known technology companies, the cost of Quant (QNT) rose by 125%. It managed to overcome the bearish market trend.
When evaluating the long-term prospects of a cryptocurrency project, real-world use cases and delivered value are essential.
Despite the overall market downturn, one project that has gained momentum in the past month is Quant. This interoperability-focused project aims to help companies integrate and operate distributed ledger technology (DLT).
The entire cryptocurrency market is facing a sell-off. Though, after a brief drop to $44 on June 22, the price of QNT soared by more than 125%. It hit a record high of $99.11 on June 25.
The rapid change in QNT prices after the callback was primarily due to the listing of Coinbase Pro.
Coinbase Pro began accepting deposits on June 23.
With the opening of limit order trading on Coinbase Pro, QNT’s rice action began to rebound on June 24. It was added to the front end of Coinbase, including Andriod and iOS apps, on June 25. Transaction volume and token prices increased again.
On June 25, QNT’s 24-hour average trading volume soared due to the momentum brought by the new listing.
Before Coinbase went public and the market sold off, QNT prices began to receive attention around June 14
It happened due to the release of a mid-year technology update called Overledger 2.0. According to the project’s website, this is the project’s hallmark DLT gateway, providing interoperability across different systems, networks, and DLT.
Since the beginning of June, people’s enthusiasm for the update has been on the rise. It can be recognized from several well-known sources such as cloud infrastructure provider Oracle and professional services network Deloitte.
The project has been listed as the most disruptive financial technology in 2021—a list of nominations for the award.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for QNT on June 22, before the recent price increase.
Cointelegraph Markets Pro’s NewsQuake™ service also highlighted the Coinbase listing announcement on June 24, and the price of QNT subsequently increased by 50% in the next two days.