Quant (QNT) surges 50% in September, here’s what contributed to cryptocurrency price
Quant Network’s QNT rose 50% in September, climbing in value from $87 to $131. As noted by crypto analytics agency Santiment, QNT ranks second among the top 100 largest crypto assets in terms of profitability for the month and first in the last week. In addition to the impressive increase in the price of QNT, the largest volume of the cryptocurrency has been trading since September 2021, and there is extremely high activity on QNT addresses.
🧮 #Quant has been climbing the market cap ranks as of late. Among the top 100 assets in #crypto, it has the 2nd best returns in the past month, & best in the past week. Volume, daily active addresses, and whale accumulation have all supported $QNT‘s rise. https://t.co/A0xnAlTjq1 pic.twitter.com/hNA974TIwq
— Santiment (@santimentfeed) September 28, 2022
This price action on Quant Network has a number of justifications, not least of which are related to the specifics of the project.
The first reason is given by Santiment itself, reporting that whales holding between 100 and 1,000 QNT have increased their positions by 15.4% over the past five months. Given the relatively small capitalization of the project, $1.5 billion, and a quite high price of QNT, such purchases on the apathetic crypto market can give a necessary boost to the price of the asset.
Quant Network and CBDC
Other reasons for the growing demand for QNT include Quant Network’s specialization in blockchain interoperability and specific work with CBDCs, also called “state cryptocurrencies.” Given the expertise of the Quant Network, which has already managed to work with the Digital Pound Foundation on CBDCs for the Bank of England, the company can be considered almost a monopolist in the sector.
At the same time, in Europe and Australia, there are already active discussions and research into the topic of creating their own digital currencies, which could potentially provide new partners for the Quant Network.