Little-known crypto asset is on a parabolic rally, registering new all-time highs despite the prolonged market-wide correction.
The altcoin in question, Quant (QNT), hit a new all-time high of $ 104.41 from a seven-day low of $ 45.23, according to CoinMarketCap. The meteoric rise represents an increase of 130.84% ââin just one week.
Quant is a network that aims to link and connect all other blockchains globally, using what he calls an âOverledger Networkâ. According to the project, their network aims to function as the ecosystem of the entire digital economy.
Popular crypto analyst Credible Crypto in new tweet weighs on QNT, noting how unusual it is for individual altcoins to soar as 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.
âAltcoins generally don’t reach new all-time highs in the middle of a bear market. Yes, there were a few exceptions, but most didn’t. Most altcoins peaked within 30 days of BTC reaching its ATH, then crashed and never recovered. I suspect we see a LOT of alts following QNT.
Credible Crypto claims that QNT’s rise indicates that the crypto markets haven’t really entered a bear market.
“QNT is hitting new all-time highs. If you ever needed a sign that we are not in a bear market, here it is. Alts are not hitting new all-time highs in the middle of a bear market. I bet we’re seeing a lot more in the other replacements as we start to recover from this fix. â
Quant has since retreated and is now trading at $ 88.77. Hot crypto asset has risen over 700% since the start of 2021 to $ 11.04.
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