As wallets holders pass the 90k mark, why QNT has been gaining interest

The price of QNT, the native cryptocurrency of Quant network, has witnessed a significant increase in wallet holders in the last seven days amid the ongoing fallout of popular cryptocurrency exchange FTX and the chaos surrounding its former chief executive Sam Bankman-Fried.

According to data from Coingecko, QNT holders surpassed 90,000 in the last week as the cryptocurrency moved up to rank 32nd in terms of market capitalisation. At the time of writing, QNT is trading at around $104.68 and is down 6.39% in the last 24 hours.

QNT has shown resilience after the downfall of FTX pushed the wider cryptocurrency market into a frenzy with a generic sell-off sentiment taking over for investors. The altcoin dropped to a low of $96.98 on 14 November following the news, before rallying back up to $123 the next day.

However, despite the bear market that has dominated the cryptocurrency scene in the last few weeks, QNT has remained steady with an average daily trading volume floating between $30-50m. It’s current 24-hour trading volume is up by 60% at around $45m, according to data from CoinMarketCap.

QNT’s recent momentum could be linked to the altcoin breaking out from its long-term resistance line with some investors predicting the price could settle higher than its current point. Some users also recognised that QNT has not been the subject of bad news surrounding its network amid the ongoing panic and fear that has dominated the wider cryptocurrency market after FTX’s collapse.

The price of QNT is currently up more than 170% from the wider cryptocurrency crash in May this year, reflecting the overall investment appetite for the altcoin. 

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