Little-Known Crypto Asset Surges 130% in Seven Days, Shatters All-Time High as Bitcoin and Crypto Markets Search for Support
One little-known crypto asset is on a parabolic rally, recording new all-time highs despite the prolonged market-wide correction.
The altcoin in question, Quant (QNT), rallied to a new all-time high of $104.41 from a seven-day low of $45.23, according to CoinMarketCap. The meteoric ascent represents a surge of 130.84% 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 an “Overledger Network.” According to the project, their network aims to function as the ecosystem for the entire digital economy.
In a new tweet, popular crypto analyst Credible Crypto weighs in on QNT, noting how unusual it is for individual altcoins to be rocketing upward while the rest of the market consolidates. According to the pseudonymous trader, QNT could be a sign of more things to come from the altcoin market.
“Altcoins typically don’t make new all-time highs in the midst of a bear market. Yes, there were some exceptions, but most failed to do so. Most altcoins topped out within 30 days of BTC hitting its ATH and then broke down and never recovered. I suspect we see MANY alts follow QNT.”
Credible Crypto claims that QNT’s ascent indicates that the crypto markets have not truly entered a bear market.
“QNT hitting new all-time highs. If ever you needed a sign that we aren’t in a bear market – here it is. Alts don’t make new all-time highs in the midst of a bear market. I bet we see a lot more of this from other alts as we begin to recover from this correction.”
Source: Credible Crypto
Quant has since pulled back and is now trading at $88.77. The red-hot crypto asset is up over 700% year-to-date after opening 2021 at $11.04.