Qtum shoots up today. Why, and what is Quantum?
Two days of slight recovery and the hopes for a full on bullmarket are already making their return. Positive sentiment (or: hopium) seems to be growing on places like Twitter and Reddit, although the recovery is still very mild at this point. Well have to wait and see wether BTC can break northwards of 9200 and then 10K again.
Now, with Bitcoin quote unquote rallying, some altcoins are posting some far more impressive gains. Take Qtum (QTM) for example, which is up a staggering 55% for the day.
Two days ago it was trading at $10.7, now its trading at $20.13.
You might expect just another case of pump and dump here. However, the trading volume was over $600 million in the last 24 hours, and with a marketcap of almost 1.5 billion dollars and the 18th place in marketcap, it is a little too big to be just that.
The basics of Qtum: a cryptocurrency (and meant as such, no RFID-chips here) with a focus on business-oriented solutions and options for smart contracts. A great primer can be found here.
Recently, the Qtum top people had a meeting with regulators in China, which, according to a series of tweets from founder Patrick Dai, went well. Also interesting is that the amount of live nodes doubled in the last few weeks alone, from over 3000 to over 6000 at the time of writing.
But interestingly enough, nobody seems to have a clear answer why Qtum shoots up right now. The most popular conclusion is, of course, possible end of the bearmarket, but sheeeeeyt, that goes for any coin. The second most popular conclusion, and probably the right one, is that Qtum fell off a cliff only 10 days ago, so it was due for some recovery. Still, 55% in a day raises a few questions and eyebrows.
For now, its best to keep watching Qtum with an hawkeye, and we will offer you a more in depth perspective about this project later on.