Real-world use cases and delivered 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 possibility of an extended bear market is a reality.
One project that has been gaining momentum over the past month despite the market-wide downturn is Quant (QNT), an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology (DLT).
Data from Cointelegraph Markets Pro and TradingView shows that following a brief dip to $44 on June 22 as the entire crypto market faced a sell-off, the price of QNT surged more than 125% to establish a new record high at $99.11 on June 25.
Coinbase bump in full effect
The rapid turnaround in the price for QNT following the pullback was due in large part to its listing on Coinbase Pro, which began accepting deposits on June 23.
Inbound transfers for BOND, LPT & QNT are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Wed 6/24, if liquidity conditions are met. https://t.co/ozmX17nhsz
— Coinbase Pro (@CoinbasePro) June 23, 2021
Price action for QNT began to pick up on June 24 as trading via limit orders opened up on Coinbase Pro, and its addition to the front-side of Coinbase which includes the Andriod and iOS apps on June 25 saw another boost in trading volume and token price.
As a result of the momentum brought by the new listing, the average 24-hour trading volume for QNT soared on June 25.
Protocol upgrades attract attention
Prior to the Coinbase listing and market sell-off, QNT price began to gain traction around June 14 following the release of a mid-year technology update called Overledger 2.0. This is the project’s hallmark “DLT gateway that delivers interoperability across different systems, networks and DLTs,” according to the project’s website.
Excitement for the update had been building since early June as evidenced by the recognition Quant has received from several reputable sources including cloud infrastructure provider Oracle and the professional services network Deloitte, which included the project in its nominations for the Most Disruptive Fintech Award for 2021.
data turned bullish ahead of Quant’s most recent rally
As seen in the chart above, the VORTECS
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