The majority of cryptocurrencies have traded positively in the last 24 hours, with some digital assets recording solid gains, being led by Quant (QNT) and Ethereum Classic (ETC), among the top 100 digital assets by market capitalization.
Particularly, Quant has advanced 16.76% over the past 24 hours and currently trades at $93.12, leading the market in terms of gains. The close runner-up Ethereum Classic gained 14.74% in the same time period and currently is trading at $27.17, as per data acquired from CoinMarketCap on July 27.
Furthermore, the two best 24-hour performers are followed by the stablecoin TerraClassicUSD (USTC) in third place, gaining 10.10%, Lido DAO (LDO) in fourth with 7.41%, and Monero (XMR) in fifth place, respectively, with an increase of 6.97% in the last day.
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Ethereum Classic Jumps
Notably, Ethereum Classic is enjoying a strong rally, mainly due to AntPool, a crypto mining platform, recently announcing a $10 million investment to back quality projects built on ETC. Endorsed by mining hardware manufacturer Bitmain, Antpool is the third-largest Bitcoin (BTC) mining pool and 14th-largest Ethereum mining pool, according to data from btc.com.
Impressively, ETC price has rebounded by over 120% since mid-June, making it the standout performer over the past month. Nonetheless, it is still down over 85% versus its May 2021 record high of $185.
As for QNT, On June 20, the cryptocurrency broke out from a descending resistance line that had previously been in place since the September 2021 all-time high price, later reaching $107.
While QNT’s price has decreased slightly since, it bounced at the $100 horizontal area, validating it as support in the process. If Quant continues to increase, the next closest resistance area would be at $155.
Despite some notable drops in the cryptocurrency market, the more recent recovery could signal an end to the crypto winter. However, this will depend on numerous other factors, with inflation and rising interest rates being the most notable.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
