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QNT moves into the top 30: is a new all-time high next for Quant Network?

By Darius McQuaid

14:55, 17 October 2022

A shiney arrow made from chrome or steel sits on a car park pointing upwards
QNT is the native token of Quant, launched in June 2018 with the goal of ‘connecting blockchains and networks on a global scale’ – Photo: Getty Images

QNT, the native token of Quant, launched in June 2018 with the “goal of connecting blockchains and networks on a global scale”, without reducing the efficiency and interoperability of the network, has secured a position within the top 30 cryptos on CoinMarketCap.

Despite the current crypto bear market, QNT has almost doubled in value over the past three months and is now ranked 28th out of the top 30 cryptos.

QNT was at $221 and was up day on day by 20.38% according to CoinMarketCap on 17 October. QNT was also up by 45% over the previous seven-day period.

QNT to USD 

‘Still extremely cheap’

Despite QNT’s rise in value a former trader at Goldman Sachs, the multinational investment bank trader, turned crypto enthusiast said: “It is not too late” to buy into QNT as it is “still extremely cheap”.

The former trader believes QNT “is poised to hit the thousands, then tens of thousands and beyond.”

Because of the rise in price during this period the Twitter user referred to QNT as “the king of the bear market”.

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DOGE/USD

0.11 Price
+0.250% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.48 Price
+6.320% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,130.32 Price
+0.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

368.50 Price
+5.450% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

QRC-721

In August, Martin Hargreaves, Quant’s chief product officer, unveiled the transfer function protocol QRC-721, to help users build and deploy secure, interoperable non-fungible token (NFTs).

Hargreaves said Quant launched QRC-721 as a competitor to WEthereum’s (ETH) ERC-721 which is described as the non-fungible token standard.  

Hargreaves said that ERC-721, despite its popularity, has been prone to hacks as “fraudsters have found a myriad of ways to steal digital wallet credentials and gain access to administrative controls” through the protocol. In addition, he said, it lacked “interoperability and was unable to interact seamlessly with blockchains other than Ethereum.”

Due to these short comings, Hargreaves saw “a need for an alternative to the ERC-721 token and launched the QRC-721 standard so that users could easily build and deploy secure, interoperable NFTs.”

The launch is seen as helping QNT’s rise.

Markets in this article

ETH/USD
Ethereum / USD
3130.32 USD
13.09 +0.420%

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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