A little-known cryptocurrency is on a parabolic rise and is recording all-time highs despite a prolonged market-wide correction.
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According to CoinMarketCap, the altcoin Quant (QNT) rose to an all-time high yesterday, from a seven-day low of $45.23 to $104.41 yesterday. The meteoric rise represents a 130% increase in just one week. Quant is a network that aims to bridge and connect all other blockchains on a global scale using what it calls the “Overledger Network”. According to the project, their network aims to function as an ecosystem for the entire digital economy.
In a recent tweet, popular crypto analyst Credible Crypto weighs in on QNT, noting how unusual it is for individual altcoins to skyrocket as the rest of the market consolidates. According to the anonymous trader, QNT could be a sign of more to come from the altcoin market.
Credible Crypto claims that the rise of QNT shows that crypto markets are not really entering a bear market:
Quant has since pulled back and is currently trading at $78.77. The cryptocurrency has risen over 700% to date after opening 2021 at $11.04.