Actual use cases and delivered value are important when evaluating the long-term prospects of a cryptocurrency project, and this is especially true in bear markets when sentiment is weak and the possibility of falling. t a prolonged bear market is a reality.
One project that has gained momentum over the past month despite the market downturn is Quant (QNT), an interoperability-focused project designed to help businesses integrate and leverage distributed ledger technology (DLT ).
Data from Cointelegraph Markets Pro and TradingView shows that after a brief dip to $ 44 on June 22 as the entire crypto market faced a massive selloff, QNT’s price jumped over 125% to set a new high at 99.11 $ June 25.
Coinbase bump in full effect
QNT’s rapid price recovery after the withdrawal was largely due to its listing on Coinbase Pro, which started accepting deposits on June 23.
Inbound transfers for BOND, LPT and QNT are now available in regions where trading is supported. Traders cannot place orders and no orders will be executed. Trading will begin at or after 9:00 a.m. PT on Wednesday 6/24, if liquidity conditions are met. https://t.co/ozmX17nhsz
– Coinbase Pro (@CoinbasePro) June 23, 2021
Price action for QNT started to pick up on June 24 as trading via limit orders opened on Coinbase Pro, and its addition to the front side of Coinbase which includes the Andriod and iOS apps on June 25 saw a further increase in transaction volume and the price of tokens.
Due to the momentum brought by the new listing, the 24-hour average trading volume for QNT soared on June 25.
Protocol upgrades attract attention
Ahead of Coinbase’s listing and market liquidation, the QNT price started to gain ground around June 14 after a mid-year report was released. technological update called Overledger 2.0. This is the hallmark of the project “DLT Gateway that provides interoperability between different systems, networks and DLT”, according to the project website.
Enthusiasm for the update had increased since early June, as evidenced by the recognition Quant has received from several reputable sources, including the cloud infrastructure provider. Oracle and the professional services network Deloitte, which included the project in its applications for the most disruptive Fintech award for 2021.
VORTECS ™ data turned bullish ahead of Quant’s latest rally
Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for QNT on June 22, 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, trade volume, recent price movements and activity Twitter.
As shown in the graph above, the VORTECS ™ score for Quant actually reached a high score of 71 on June 22 as the market was down and was then followed by a price rebound of 125% over the course of the market. of 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% price hike for QNT over the next two days.
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