Quant, Cardano prices spike; wallet activity hot: Santiment

On Sep 8, 2024

Cardano and Quant prices drifted upwards on Sunday, Sep. 8 as the recent crypto sell-off eased a bit.

Quant (QNT) token rose for the second consecutive day, reaching a high of $70, its highest swing since Aug. 26. It rose by over 23% from its lowest point last week but remains 54% below its highest point this year.

Cardano and Quant have higher wallet activity

Cardano (ADA) rose to $0.3390, much higher than Friday’s low of $0.30. Like other coins, it has dropped by almost 60% from the year-to-date high.

These tokens rose slightly as Bitcoin’s (BTC) sell-off moderated. After falling to $52,900 on Friday, Bitcoin bounced back to $54,500 on Sunday as some investors bought the dip. In most periods, altcoins tend to track Bitcoin’s movement.

Cardano and Quant prices also rose as data shows heightened address activity. According to Santiment, this indicates that some investors are accumulating, and that often leads to a rebound.

📊 As traders await a potential Bitcoin/crypto rebound, Cardano, Quant, and Holo are three notable assets seeing a sudden surge in address activity. When coins that are declining in value suddenly see rises like these, it historically raises the likelihood of a bounce. 📈 pic.twitter.com/udBULCmZYa
— Santiment (@santimentfeed) September 7, 2024

Another evidence is that Cardano’s open interest in the futures market is rising. Data by CoinGlass shows that its open interest rose to $177 million on Sunday, the third consecutive day of gains.

It was slightly higher than Friday’s $167 million. Cardano’s active addresses have also risen to over 31,000, according to DeFi Llama.

Similarly, Quant’s futures open interest went parabolic, reaching a high of $12.15 million, its highest level since June 7, and much higher than last week’s low of $6.50 million.

Quant futures open interest | Source: CoinGlass

Futures open interest is an important metric in the financial market because it shows the volume of unfilled orders.

Quant, Cardano: Big players in crypto

Cardano and Quant are some of the biggest players in the crypto industry. Cardano, with a market cap of $12 billion, is the 11th coin and its goal is to become the best alternative to Ethereum (ETH).

However, over the years, the network has struggled to attract developers and users. As a result, it only has a handful of DeFi dApps and a total value locked of $191 million. This makes it smaller than other newer layer-1 and layer-2 networks like Arbitrum and Sui.

The developers recently launched the Chang hardfork, which its developers hope will lead to more activity.

Quant is a different network that helps companies build blockchain-enabled applications, especially in the payment services.

It is often seen as one of the top players in the fast-growing industry of Real World Asset tokenization, helped by its overledger technology.