Quant network is turning out to be one of the most important crypto projects currently in existence as an interoperability solution for the blockchain industry. As such, its native coin called QNT is one of the fastest-growing cryptocurrencies.
QNT is currently one of the best performing cryptocurrencies this week when the market has reverted to more fear rather than greed. The cryptocurrency is currently trading at $376.56 after rallying by 12.18% in the last 24 hours and 17.58% in the last 7 days. Its performance this year has so far been so impressive that it managed to set a new all-time high of $430 on Thursday last week.
Source: Binance
QNT’s current performance would likely have been better if the cryptocurrency was not already in the overbought zone according to the RSI indicator. It has also been experiencing some selling pressure as some investors take profit.
QNT is finding favor with crypto investors courtesy of rapid institutional adoption. Oracle is one of Quant’s biggest partners and it recently released its Q2 report, revealing a list of some of the top financial institutions that are now using its blockchain. Some of the financial institutions on the list include HSBC, Bank of New York, JP Morgan, and Humana, but more than 500 banks have been onboarded.
The fact that some of the biggest banks in the world are now leveraging the Quant network is a big deal for the project because it highlights its important role in the finance industry especially in the transition to blockchain technology. Such utility is bound to create demand for the QNT token, thus contributing to robust growth in the future.
Quant has been overshadowed by some of the top crypto projects such as Ethereum, Bitcoin, and Cardano. However, the shortcomings of those projects are paving the way for the Quant network to help ensure that the internet of blockchains taps into more utility and efficiency. Quant is designed such that crypto projects can launch on it and this allows them to switch to whichever blockchain meets their needs at any given point. It offers flexibility that was lacking in the blockchain industry and this kind of efficiency will be vital for dapps and other crypto projects.
QNT currently has a market cap of $4.6 billion with just over 12 million coins in circulation. Its market cap is still relatively low and is expected to increase significantly as demand for the network increases. This is particularly possible now that some of the biggest financial institutions are taking advantage of the network.
There have been rumors that Quant will be involved in the deployment of CBDCs but they have not been confirmed. However, if that will be the case, then it is likely that QNT will experience more demand than ever before. A combination of QNT scarcity and high demand for the network will likely play into impressive price action in the future. The coin is currently one of the hidden gems in the cryptocurrency market that will likely unlock immense growth in the next few years.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
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