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Many altcoins are competing in the market to dethrone Ethereum. However, it is not uncommon for one of the Ethereum blockchain’s tokens to move abruptly, irrespective of ETH.
At press time, Quant (QNT) was going up the charts, even when Ethereum was falling.
Ergo, the question is – What is so attractive about QNT and can it be your next best investment?
Ethereum’s token beats Ethereum
Despite the recent market crisis, Quant has grown by more than 84.85 percent this week. On September 7, while the majority of the market was down, QNT increased by 9%.
Quant has increased by 425.87 percent in the last month and a half, jumping from $68 to $344.9.
The publication of Overledger 2.0.5 is a major component in the aforementioned admiration. This version aims to connect institutional and enterprise ecosystems for clearing and settlement with stablecoins, DeFi, NFTs, and popular ERC20 and ERC721 digital assets.
However, such optimism was not fueled just by the release. Since its launch on Coinbase on June 25th, the market has been optimistic for the alt. This increased its volumes from an average of $9-$10 million on 6 September to $740 million (across all exchanges).
Furthermore, due to its network capabilities and profitability, the network has attracted a large number of investors.
Even in a recovering market, Quant’s profitability has been at an all-time high, with 91 percent of addresses profiting. Furthermore, at the time of publication, the average balance on each address for QNT was $248k.
Furthermore, the altcoin’s MVRV is presently at its greatest in three years, making it more appealing to new investors.
But, not every shiny object is gold
Regardless of how good its financial data appear, network statistics fall short of making it the finest investment. QNT’s correlation to Bitcoin, for example, was only 0.26, removing the altcoin’s status as a risk-free investment.
The network also has no development activity, despite the fact that the most recent update was released three days ago.
Finally, it has a 58 percent whale dominance, with an average holding time of 2 years. This makes it particularly vulnerable to dumping, which has a negative impact on the cryptocurrency’s liquidity.
Thus, despite having some good-looking financials, Quant might not necessarily be your next best bet.