Ethereum-Based Altcoin Rises 30% in One Week, Widely Outpacing Bitcoin and the Overall Crypto Market
One Ethereum (ETH)-based altcoin surges nearly 30% this week as it outperforms both the king crypt and the overall digital asset market.
Interoperable blockchain network Quant (QNT) has sparked a rally over the past seven days, from $103.14 on September 14 to $133.34 at the time of writing, a gain of nearly 30%.
QNT has risen significantly compared to top crypto-asset Bitcoin (BTC) and the total market cap of all crypto-assets, as they have risen 3% and 4% respectively during the same time frame.
According to market intelligence firm Santiment, trading activity has centered around Quant stepped up significantly over the past month and week, supporting the crypto asset’s growth.
“Quant has been climbing the market cap recently. Among the top 100 assets in crypto, it has the second best return in the last month, and the best in the last week. Volume, daily active addresses and whale accumulation have all supported QNT’s rise.”
Santiment further finds that traders currently buying QNT are retail investors rather than those with at least $1 million worth of the digital asset, who are doing the opposite and selling their tokens.
“If we look at the holder distribution, we might notice that retail holders seem to be the ones buying QNT. A larger group of holders, QNT millionaires, who have Quant worth up to $1m. [the] on the contrary, they unload.”
Although Quant has seen a massive rally over the past week, it is still much lower than the all-time high of $311.72 set last September.
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