QTUM Recovers Above $20 on Binance Trading
QTUM climbed fast after the recent sell-off, low volumes start picking up.
The QTUM platform is seen as one of the promising contenders for 2018, but the immediate price movements are all about regaining enthusiasm after the most recent market sell-off.
Luckily for QTUM, the news of launching Binance trading pairs and an incentive competition for the most active traders helped to lift the prices from the recent lows. QTUM has had a longer slide from peaks nearly $100 to the current $20 levels.
Additionally, QTUM points out the bullish news that its network of nodes keeps growing, adding to the value of the asset by the potential for connections and transaction processing. Now, it remains to be seen if the QTUM network manages to gain the appeal for its PoS approach.
Other projects, such as VeChain (VEN), are betting their popularity on node-based staking and verification. And even Ethereum is preparing for the stage where it becomes a staking coin.
QTUM, just like NEM (XEM), was one of the long-awaited assets that took a while to land on the in-demand Binance platform. Immediately, Binance trading took up more than 11% of QTUM total volume, although larger Korean exchanges remain the biggest engines for setting the QTUM price.
The QTUM/USDT pair quickly became extremely active on the newly launched trading, entering the top 10 of best-traded assets. The QTUM/BTC pair was the second best-traded pair in the past day on the exchange.
But the recent recovery in QTUM will have to prove its strength - in the past weeks, upward price movements quickly unraveled at the tiniest negative news and relatively small-scale selling. In the case of QTUM, the recent climb against both the USD and in terms of BTC prices may be propped up by short-term hype.
Yet having easily achieved prices of $100, QTUM at $20 continues to look appealing, and lower prices may still see buying. But others are warning that altcoins may be yet to see even lower levels.
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