Quant Network's native token, QNT, has been incrementally rallying in the days following the protocol's institutional partnership with the European Central Bank's (ECB) digital euro project.
According to data from crypto.news, QNT (QNT) has risen more than 11% in the past 24 hours. It has maintained a steady uptrend over the past few trading sessions, gaining more than 20% in the past week and over 50% in the past month. However, it remains nearly 80% below its all-time high.
Quant's token has reached a market cap of approximately $1.3 billion, with daily trading volume exceeding $30 million. Compared to the previous trading day, volume has increased by 5.7%, indicating a modest rise in market activity.
In recent days, QNT's consistent bullish sentiment has allowed it to outperform the broader cryptocurrency market, which is up 1.80%. This growing optimism may attract more investors, potentially fueling further price gains.
There has also been a significant surge in daily active addresses recorded on the Quant network, going up by 25.27% according to data by TradingView. This indicates a growing user engagement and interest in the platform, which often correlates with positive price movements.
Not only that, but this month QNT also broke through a long-standing bearish trendline and surpassed the $80 threshold. This technical breakout suggests a potential for continued upward momentum for Quant's token.
Most recently, Quant announced that it has been tapped to partner with the European Central Bank on its project to develop a private digital euro. The ECB has been working on the issuance of a digital euro since as early as November 2023.
"We are honored to have been selected, and as leaders in distributed ledger technology, programmability and interoperability, we have the technical expertise, strategic insight and extensive institutional experience to deliver a programmable payment use case as part of the ECB’s wider vision for a digital euro," wrote Quant in its official statement.
