The cryptocurrency market saw a rebound yesterday as Bitcoin (BTC) traded above the $20,000 price point. However, the recovery was short-lived as most currencies experienced a dramatic decline today, sending them back into the red.
According to data from CoinMarketCap, the market tracking site, the global crypto market cap is at $912 billion, down by 6.17% in the last 24 hours. The prices of all significant cryptocurrency tokens, including BTC, Ethereum (ETH), Solana (SOL), and Polkadot, are down by around 7%.
Of all the top ten cryptocurrencies, Ripple (XRP) has been the worst-performing coin during the previous 24 hours, having shredded 12.5% of its value. Although, on a seven-day scale, XRP appears to be the best of the top ten, with a 6.82% increase.
Amidst the unfavorable market, the native token of the Quant Network (QNT) gained 20.25% against BTC and ETH in the last 24 hours. Its overall trade volume for the same period went up by 245.35%, bringing its value to $137.76 and its market cap to $1,663,121,971.
Macro investor Emanuel Hernandez argued that “it took Bitcoin four years to reach one billion in market cap,” with a series of regulatory battles. In comparison, he claimed QNT reached one billion in two and a half years “and continues to show strength in its adoption.”
Hernandez further asserted that QNT would be worth over $20,000 in three years if it moved at an equal pace as Bitcoin did back in 2013-2017.
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Source: Cryptocurrency - investing.com
