The QNT price defied the negative market trend by increasing by 125 percent following a successful listing on Coinbase and endorsements from well-known IT companies.
Real-world use cases and provided value are critical when assessing a cryptocurrency project’s long-term prospects. This is especially true in down markets where sentiment is low, and the chance of a lengthy bear market exists.
Despite the market downturn, one project has gained traction in the last month, Quant (QNT). It is an interoperability-focused initiative meant to assist organizations in integrating and operating distributed ledger technology (DLT).
According to data from Cointelegraph Markets Pro and TradingView, after a brief dip to $44 on June 22 as the entire crypto market experienced a sell-off, the price of QNT rebounded more than 125 percent to set a new record high of $99.11 on June 25.
Coinbase Boost Goes Live
The quick recovery in the price of QNT following the retreat was mainly due to its inclusion on Coinbase Pro. It began accepting deposits on June 23.
Price movement for QNT began to take up on June 24 when trading via limit orders became available on Coinbase Pro. Moreover, its addition to Coinbase’s front-end, which includes the Android and iOS apps, on June 25 witnessed an increase in trading volume and token price.
The average 24-hour trading volume for QNT increased on June 25 due to the momentum generated by the new listing.
Before the Coinbase listing and market sell-off, the QNT price began to rise around June 14. It followed the release of Overledger 2.0, a mid-year technical update. According to the project’s website, this is the signature DLT gateway that delivers interoperability across diverse systems, networks, and DLTs.
Quant’s recognition from Oracle and Deloitte included the project in its nominations for the Most Disruptive Fintech Award for 2021. It has been building since early June, as seen by the growing expectation for the update.
VORTECSTM’s Bullish Data
Before the current price increase, VORTECSTM data from Cointelegraph Markets Pro began to detect an optimistic prognosis for QNT on June 22.
The VORTECSTM Score is unique to Cointelegraph. It is also an algorithmic assessment of historical and present market circumstances based on various data sources such as market mood, trading volume, recent price changes, and Twitter activity.
On June 22, Quant received a VORTECS score of 71. This is due to the market selling off, followed by a 125 percent price rally over the next three days.
The Coinbase listing news on June 24 was also highlighted by the NewsQuakeTM service from Cointelegraph Markets Pro. Itfollowed by a 50% surge in the price of QNT over the next two days.