Interoperability Network Quant has gained 10% in the last 24 hours among the entire crypto bear market. The token is inexplicably climbing up the price charts, while other tokens struggle to keep their heads above water. The crypto has been steadily rising, testing new highs as the price dipped below $50 after its yearly low in June.
Quantum Block was a project aimed at solving the interoperability problem between multiple blockchains. In the year Since its launch in 2018, the token has rallied from under $1, ending at an all-time high of under $400. This unprecedented event in quantum history occurred in September 2021. Quant rose 200% from $187 to $490 per month, an increase analysts attributed to three factors.
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Quantum’s all-time high catalysts
The first list of launch Overledger 2.0.5, the network’s DLT connection for all networks and DLT for business. Secondly, Quant has provided incentives to developers through the “Quant Developers Program” to attract devs to its ecosystem. Devs build useful protocols and applications, which in turn, attract more users, thereby ensuring quantum growth.
Finally, the price of quant increased as it was listed on major exchange platforms. Coinbase and Binance. This move alone boosted the protocol’s trading volume from $9 million to $740 million, according to coinmarketcap. They say the rest is history. Although the token hasn’t tested such highs since then, it continued to do well for itself until the overall market crash.
Macroeconomics has changed to crypto assets
In June of this year, when the crypto market went downhill, the quant token dropped to $49. A combination of macro factors has pulled most cryptos, including Bitcoin, from their highs.
For one, the Russo-Ukrainian war started creating global instability, which always targets vulnerable assets, for example, crypto. It was followed by inflation and the Fed’s (digital assets) blind approach to fixing the problem. The Ethereum merger came from the initial hype and the subsequent crash into the merger, which muddied the waters even more. As a result, crypto assets are experiencing unheard of low prices globally.
At the time of writing this article. Bitcoin It continues to fluctuate around the $20,000 resistance level. This is a far cry from the peak of $65,000 in 2021. Similarly, ETH and SOL have not come out of this bearish market, trading at $1300 and $33 respectively. Ethereum is down 70% from its all-time high, Solana is down 87% of its own.
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But Kuwait is slowly but surely rising to the top. Chart, trying new highs every day. At the time of writing, the token is trading hands around $116 after briefly testing $120 on the day. Relative to last week’s prices, it is 7.90%, a 10% gain in the last 24 hours.
Featured image from Pixabay and chart from TradingView.com