Cardano and Quant prices rose on Sunday, September 8, as the recent crypto selloff eased slightly.
Quant (QNT) rose for the second day in a row, reaching a high of $70, its highest level since August 26. It is up more than 23% from its low point last week but remains 54% below its high point this year.
Cardano and Quant have higher wallet activity
Cardano (ADA) rose to $0.3390, well above its low of $0.30 on Friday. Like other coins, it is down about 60% from its high since the beginning of the year.
These coins have been rising slightly as Bitcoin (BTC) selloffs have slowed. After falling to $52,900 on Friday, Bitcoin rebounded to $54,500 on Sunday as some investors bought the dip. For the most part, altcoins tend to track Bitcoin’s movement.
Cardano and Quant prices also rose as data showed increased address activity. According to Santiment, this indicates that some investors are amassing, which often leads to a recovery.
There is further evidence that Cardano’s open stake in the futures market is on the rise. CoinGlass data shows that Cardano’s open stake rose to $177 million on Sunday, marking its third straight day of gains.
It was just above $167 million on Friday. Active Cardano addresses have also risen to over 31,000, according to Davey’s Call.
Similarly, Quant’s futures stake rose significantly, reaching $12.15 million, its highest level since June 7, and well above last week’s low of $6.50 million.
Average open interest for futures contracts is an important measure in the financial market because it shows the volume of unfilled orders.
Quant, Cardano: Two Big Players in the Crypto World
Cardano and Qant are two of the biggest players in the cryptocurrency industry. Cardano, with a market cap of $12 billion, is the 11th coin and aims 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 has only a handful of DeFi dApps and a total value locked of $191 millionThis makes it smaller than other newer Layer 1 and Layer 2 networks like Arbitrum and Sui.
The developers recently launched the Chang hard fork, which the developers hope will lead to more activity.
Quant is a different network that helps companies build blockchain-based applications, especially in payment services.
It is often viewed as one of the top players in the rapidly growing real-world asset tokenization industry, aided by its Overledger technology.