Quant leap: As wallets holders pass the 90k mark, why QNT has been gaining interest
The price of QNT, the native cryptocurrency of Quant Network, has witnessed a significant increase in wallet holders in the last seven days.
It comes amid the ongoing fallout of popular cryptocurrency exchange FTX and the chaos surrounding its former chief executive Sam Bankman-Fried.
According to data from Coingecko, QNT holders surpassed 90,000 in the past week as the cryptocurrency moved up to 32nd place in terms of market capitalisation ranking.
At the time of writing, QNT was trading at around $104.68 and was down 6.39% in the last 24 hours.
Resilience in the face of FTX-fuelled market concerns
QNT has shown resilience after the downfall of FTX pushed the wider cryptocurrency market into a frenzy with a generic sell-off sentiment taking over investors.
The altcoin dropped to a low of $96.98 on 14 November following the news, before rallying back up to $123 the next day.
However, despite the bear market that has dominated the cryptocurrency scene in the last few weeks, QNT has remained steady with an average daily trading volume floating between $30m to $50m. As of 21 November, 24-hour trading volume was up by 60% at around $45m, according to data from CoinMarketCap.
QNT's recent momentum could be linked to the altcoin breaking out from its long-term resistance line with some investors predicting the price could settle higher than its current point. Some users also recognised that QNT has not been the subject of bad news surrounding its network amid the ongoing panic and fear that has dominated the wider cryptocurrency market following the collapse of FTX. However, anyone considering making an investment in a cryptocurrency should conduct their own thorough research into a token or coin first before committing to a decision.
The price of QNT, at the time of writing, was up more than 170% from the wider cryptocurrency crash in May this year, reflecting the overall investment appetite for the altcoin.
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