Qtum pronounced “Quantum” may be the cryptocurrency that offers the best of both worlds as it combines functionalities from the king and queen of the market. This makes the cryptocurrency a very interesting proposition. Although Qtum is one of the major cryptocurrencies in the market, it could not benefit much from the bull run of 2021. The cryptocurrency had established its all-time high at $99 during the bull run of 2021 but the price could not skirt close to the ATH during 2021. Qtum could only record its 52-week high at $35.38. The upcoming halving of the cryptocurrency may help it breach its ATH.
The price of the cryptocurrency had fallen drastically during the market crash. However, some bullish momentum appears to have been restored. Qtum has been highly volatile and no trend has been confirmed yet. At the time of writing, the cryptocurrency stands at a price level of $13.42. A minor upside movement can be seen in the daily timeframe with the price level moving up by nearly 2% and the trading volume increasing by 20%.
What is Qtum?
Qtum presents an interesting proposition in the market as it combines the technology of the two market leaders – Ethereum and Bitcoin. The cryptocurrency offers the best of both the networks. The network has Ethereum’s smart contract compatibility and the security of Bitcoin’s unspent transaction output model (UTXO). The platform was created by Patrick Dai, Jordan Earls and Neil Mahl in 2016 with the aim of creating a network that is suitable for large-scale organizations.
Although the network combines technologies from Ethereum and Bitcoin, it has also differentiated from both the networks by developing additional layers to Qtum. Qtum has created an Account Abstraction Layer (AAL) – a technology which allows Ethereum’s smart contracts and Bitcoin’s UTXO to run in conjuncture.
Halving on 1st December
Qtum has not broken its all-time high during the bull run of 2021. As it cryptocurrency is struggling to maintain bullish momentum, the upcoming halving event may help it propel upwards. The halving is scheduled to take place on 1st of December. Halving events burn half the supply of a cryptocurrency. Bitcoin’s halving are historical events that pushes the whole market into a bull run while Qtum’s halving cannot have such an impact, it will definitely help it upwards.
According to the estimates of Wallet Investor, the cryptocurrency is expected to reach $17.73 in a year’s time while the five-year price is projected to be at $40. Digital Coin Price is also bullish on the future of Qtum. Their predictions place the cryptocurrency at $47 by 2026.
