Quant (QNT) Breaks Records on Binance Listing
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The cryptocurrency market once again shows an appetite for newer, more actively traded projects. The latest token to gain a new all-time high is Quant (QNT), a business-grade cross-chain technology.
The Quant project started an expansion streak toward the end of July. QNT quickly peaked to an all-time record of $122.00, trading with the highest daily volumes in two months. QNT volumes are now above $37M per 24 hours, still a relatively low activity for an altcoin.
The triggering reason for the latest QNT spike was the start of Binance trading.
The event follower the addition of QNT to Coinbase Exchange on July 24, which started the first leg of its expansion.
What is QNT and Overledger
QNT, in its current incarnation, exists as an Ethereum-based token. All the Quant solutions are thus built to scale Ethereum and use its existing facilities for cross-chain transfers. As such, QNT is similar to other bridge projects such as Polygon (MATIC) and Polkadot (DOT).
QNT is in its very early stages of adoption, with a little more than 21,000 accounts or wallets holding the asset.
The Quant Project has built a series of smart contracts in its Overledger 2.0 ecosystem. The solutions, tailored toward other enterprises, include the potential to create multi-ledger tokens, or digital assets that can move between blockchains.
What is Unusual About Quant
In some ways, the rapid success of QNT recalls the fast rise of Internet Computer (ICP) and Telcoin (TEL). It is not so common for newly arrived assets to be listed on the Coinbase Exchange, almost immediately after their launch.
The listing may raise some skepticism, but also work as an advertisement for QNT, as having the potential for even higher market prices.
However, this makes QNT riskier, in case the initial hype dissipates. QNT initially started trading in May 2021, a relatively late arrival just in time for the boom of cross-chain operations and decentralized finance.
But the Quant project has been around for a while, and has built up a small loyal network of early adopters.
QNT Token Sale Dates Back to 2018
The Quant project first popularized its idea in a token sale (ICO) in 2018. The project also presented itself as Quant Network, a blockchain operation system for the future.
QNT tokens sold at a price of $1.51 during the early adoption sale, raising only $11? to $15M based on varied estimates, from its $36M target. The token sale, happening in the spring of 2018, saw a smaller success due to the overwhelming bear market conditions that decreased demand for new assets.
In the summer of 2020, Quant also locked in a venture round from Alpha Sigma Capital, a fund specializing in cryptocurrency projects, decentralization and Web3 technologies.
QNT still outperformed BTC and ETH, with nearly 15X returns in ETH terms, and more than 12X return in BTC prices. However, the recent price rally required significant patience from early investors.
Is QNT Trading Risky
QNT is still a relatively unknown asset with a very recent listing on most major exchanges. Binance trading for QNT is just starting, and has not been fully reflected in the trading mix for QNT.
The token is also available on relatively risky exchanges, which provided the initial liquidity and price discovery.
The fast Coinbase exchange listing has invited some rapid selling, but for now, demand for QNT is high, with the expectation of much higher prices.
The QNT price may backtrack once the initial hype of the listing wears off. For now, QNT liquidity is just establishing itself, with a low liquidity score on most markets. QNT is thus possibly volatile, with a relatively low depth of the order books and the potential for slippage. This is one of the reasons why QNT only took a day to break above $100, peak at around $122 and slip back to $105.
At the same time, Binance trading is in a highly active stage of price discovery. During early trading, QNT touched levels above $150. The asset will go through price discovery and is yet to establish its most active pairing, from the liquidity available from BTC, BUSD, BNB, and USDT.
Now, QNT will have to prove its influence by attracting actual mDApps, or distributed apps on multiple blockchains. QNT has the potential to become the latest addition to the DeFi space, if projects choose to build their platforms through the Quant Overledger network.
QNT also benefits from the recent strength of crypto markets, where BTC returned to the $40,000 tier several times in the past week. QNT also depends on the strength of ETH prices, which are hovering just under the $2,300 range.
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