Cardano and Quant prices showed signs of recovery on Sunday, Sep. 8, following the recent crypto market sell-off.
Quant (QNT) token saw a second consecutive day of gains, reaching a high of $70, marking its highest swing since Aug. 26. The token surged by over 23% from its recent low, although it still remains 54% below its peak for the year.
Similarly, Cardano (ADA) experienced an upward trend, reaching $0.3390, significantly higher than its low of $0.30 on Friday. Despite the increase, Cardano has dropped by nearly 60% from its highest point in 2024.
The rise in prices for Cardano and Quant can be attributed to Bitcoin’s moderation in sell-off. After dropping to $52,900 on Friday, Bitcoin rebounded to $54,500 on Sunday, prompting some investors to buy the dip. Altcoins like Cardano and Quant often follow Bitcoin’s movements.
Furthermore, data indicates increased wallet activity for both Cardano and Quant. Address activity for Cardano has surged, suggesting accumulation by investors, which typically leads to a market rebound. Additionally, Cardano’s open interest in the futures market has been on the rise, reaching $177 million on Sunday, as per CoinGlass data.
Quant’s futures open interest has also seen a significant increase, reaching $12.15 million, its highest level since June 7. This surge in open interest signifies a higher volume of unfilled orders in the market.
Cardano and Quant are prominent players in the crypto industry, with Cardano aiming to establish itself as a leading alternative to Ethereum. Despite facing challenges in attracting developers and users, recent initiatives like the Chang hardfork aim to boost network activity.
Quant, on the other hand, focuses on enabling companies to build blockchain applications, particularly in payment services. The network is recognized for its overledger technology, making it a key player in Real World Asset tokenization.
Overall, the positive momentum in Cardano and Quant prices reflects a broader market recovery following the recent sell-off, with investors eyeing potential opportunities in these prominent cryptocurrencies.