Quant (QNT) cryptocurrency has been on a sustained bullish trend in the past week as the majority of cryptocurrencies including Bitcoin and Ethereum struggled to get a footing after months of a bear market.
Although QNT is on a downtrend today, having lost about 6% in the past 24 hours, the coin has gained about 26.3% in the past seven days. The coin has seen a resurgence that has seen it beat Bitcoin and Ethereum, the two largest cryptocurrencies by market cap. But why?
Let’s delve into the forces propelling this cryptocurrency high in such tough times.
Why Quant price surged 26% in the past week
Interestingly, there has not been any major news about Quant blockchain or its QNT token over the recent past that would spur such a performance for the coin. But all the same, a blockchain analytics startup called Santiment has attributed Quant’s price surge to “Volume, daily active addresses, and whale accumulation.” The startup says that whales have accumulated 15% of QNT tokens in just five months.
Data from Intotheblock also shows that about 60% of holders purchased QNT between one and twelve months ago.
The majority of Quant’s network activity can be attributed to the recent changes where the network introduced the Tokenize mechanism back in June allowing users to generate QRC20 tokens that are compatible with ERC20 tokens. Quant also supports QRC21 tokens allowing users to build and deploy safe, interoperable non-fungible tokens (NFTs).