Quant (QNT) Skyrockets Through $200 – Here Is Why

Jake Simmons

2 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

While the broader crypto market continues to linger in bear territory, one cryptocurrency continues its steep climb undeterred and now occupies rank #27 in the top cryptocurrencies by market capitalization.

Quant (QNT) was trading at half its price exactly one month ago. Today, QNT broke through the $200 mark for the first time since November last year and is currently writing its fifth weekly green candle, according to TradingView. At the time of writing, Quant is trading at $216.

Apparently, the QNT is currently carried by an extremely large hype, which is reflected in the Relative Strength Index (RSI), which is close to a value of 75. An RSI of over 70 indicates an overheated market, as the price has risen too high too quickly. Thus, according to trading theory, a cool-down in the form of a retest of the last high at $133 for QNT could be possible.

QNT TetherUS — QNT’s price is currently above $216. | Source: QNTUSD price chart from TradingView.com

Reasons For The Skyrocketing Price Of Quant

One of the drivers for the hype seems to be the news of the last weeks. In particular, the global trend and call for Central Bank Digital Currencies (CBDCs) has garnered Quant extremely positive headlines.

Quant’s CEO Gilbert Verdian is extremely well-connected, as a pseudonymous Quant community member recently revealed. Thus, Verdian took a seat at the European Central Bank alongside the Central Bank of Italy, the Central Bank of Lithuania, and the London Stock Exchange.

https://t.co/taSGmsoyvm

— Quanthony (@industry_q) October 17, 2022

Another driver of success for the Quant Network, founded in 2015, could be the demand for interoperability – to enable interaction between different public and private blockchains at the same time. For this reason, MIT is also working with the Quant Network to create blockchain interoperability at the scale of the Internet.

Speculation that the Quant Network, with its interoperability feature, would play a central role in the development of central bank digital currencies may have contributed to the rally in recent weeks, and triggered FOMO among some traders.

Moreover, Quant Network has recently made headlines for its work with the Bank of England on the digital pound, and just last weekend, executives attended SWIFT’s Sibos conference, which focused on digital payments.

In addition to Verdian, Quant also employs another very renowned personality. Guy Dietrich, former Managing Director at Rockefeller Capital, has already joined the Quant Network as a board member in 2019.

Dietrich was a managing director at Rockefeller Capital Management in New York until January 2021. He has more than 35 years of investment experience. Before joining Rockefeller, he led Morgan Stanley Smith Barney’s largest private wealth management practice in Silicon Valley.

On the flip side of the coin, according to Santiment, QNT’s rally is being accompanied by an outsized accumulation of coins by whale addresses holding QNT 100 and QNT 1,000. Whales have piled up QNT from 1.47 million to nearly 1.7 million in the past four months.

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.