Quant adds 10% in 24 hours, but macro uncertainty draws others in

Quant, the network that enables interoperability, is up 10% in the last 24 hours amid a general crypto bear market. The token is relentlessly rising up the price charts while other tokens struggle to keep their heads above water. After its annual low, it is testing new highs.

The Quant blockchain was a project aimed at solving the problem of interaction between multiple blockchains. Since the start of 2018, the token has started to rise from under $1 and reached an all-time high just below $400. This event, unprecedented in the history of quants, occurred in September 2021. The quant jumped 200% from $187 to $490 in the month.

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The Greatest Catalyst in Quants History

An overview of the first catalyst is release Overledger 2.0.5 DLT connectivity for business networks to all networks and DLT. Second, Quant provided incentives to developers through the Quant developers Program, a means of luring developers into its ecosystem. Developers build useful protocols and apps that attract more users, thereby ensuring Quant’s growth.

Finally, Quant’s price rose when it was listed on major exchange platforms such as coin base and binance. This move alone saw the protocol’s trading volume skyrocket from $9 million to a whopping $740 million, according to Coinmarketcap. And the rest, they say, is history. Although the token has not tested such highs since then, it continued to perform well on its own until the general market crashed.

Macroeconomics Turned Crypto Assets Bearish

By June of this year, Quant token had fallen to $49 as the cryptocurrency market went into a downward spiral. A combination of macro factors has dragged most cryptocurrencies, including Bitcoin, down from their highs.

For one thing, the war between Russia and Ukraine has started to cause global unrest, which is constantly targeting risk-prone assets such as crypto. Then inflation and the Fed’s hawkish attitude towards digital assets solved the problem. The Ethereum merger with the initial hype and subsequent disappointment mixed together made the water even more murky. As a result, crypto assets around the world are testing unprecedented lows.

At the time of writing, Bitcoin It continues to move around the $20,000 resistance level. This is a far cry from the legendary high of $65,000 recorded in 2021. Likewise, ETH and SOL have not been ruled out of this bear market turn, trading at $1,300 and $33 respectively. Ethereum is down 70% from all-time highs, while Solana is down 87%.

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Still, quants are slowly but surely chart, testing new highs daily. At the time of writing, the token traded around $116 after briefly testing $120 earlier in the day. It is up 7.90% against the price over the past week and is up 10% in the last 24 hours.

Featured image from Pixabay and chart from TradingView.com