Qtum (pronounced as Quantum) is an open source decentralized blockchain platform and a value transfer protocol. It is a hybrid Bitcoin and Ethereum blockchain platform which combines the best of both the major crypto worlds- adding bitcoin’s value storing capabilities and Ethereum’s smart contract platform. On the one hand, it uses the UTXO model which blocks the outputs and requires the users to provide evidence of the asset ownership to spend it, and on the other hand, it is a virtual machine that executes the smart contracts. Though, it is compatible with devices of the “internet of things,” it mainly focuses on mobile dApp market and built a developer ecosystem with strong community support. Qtum blockchain combines the PoW consensus with smart contract technology. And due to the blockchain’s hybrid nature, Qtum was the first to use the PoS consensus protocol.
Mining of the Qtum coins faces no difficulties due to the PoS protocol. Each of the transaction for sending the coins to the Qtum wallet requires approval from 500 miners, after which the new owner makes the profit. The creation of the block of Qtum coin is performed every two minutes and each block rewards four tokens along with the commission for transactions entered into the block as a result of Qtum mining.
As per analysis from CoinMarketCap, QTUM is ranked as the 31st largest cryptocurrency, and it’s market cap value is USD 186,361,646 for the 24h Volume of USD 206,258,599 on March 07 at 14:09 UTC. This is based on the circulating supply of 89,305,056 QTUM out of a total supply of 101,305,056 QTUM coins. The current market value is relatively higher compared to its corresponding value on February 07 of USD 156,893,288. There has been an 18.78% hike from the past. QTUM’s year beginning market cap value crossed 190 million USD and reached a high of 220 million USD on January 10. However, the volatility of the cryptocurrency interferes with the stability of MCap values. The crypto coin’s market had been downtrend between January 28 and February 18, when the values wavered between $180 million and $150 million, reaching its all-time low on February 07 with the value of USD 154,476,836 which is 20.64% lower than the current value. The gradual improvement of the market still swayed between major variations in the MCap value. The 20-day EMA also displays an uptrend on comparison with the present-day values. The differences between the values have progressed by 9.23 percent. This rising value puts the digital currency on a bullish pressure.
Elaborating on the QTUM/USD pair, the current value of this pair is $2.09 at 14:09 UTC. The analysis on the pair shows that similar to MCap values, the price of USD has been oscillating between consequential highs and lows. This cryptocurrency reached its milestone when the price of USD bounced up between February 18 and February 24, as QTUM rallied from a low of USD 1.99 to a high of USD 2.45 which is 23.12%, a spectacular return within 06 days. Stats show that the MCap/USD pair has taken the lead, followed by BTC. The current value of BTC as on March 07 is 0.00053309 (14:09 UTC). Stats display the lows and highs of BTC’s price value – the low on February 7 with the value of 0.00050719 and a high on February 24 with 0.00058429 and with a percentage difference of 15.20%. However, the price of BTC has been on a tide with sharp rises and falls and has been downtrend after its all-time high. The downtrend of the bitcoin’s price is evident in the current value which is lower than its all-time high by 8.76%.
The 14-day moving average shows the values going uphill from USD 186,202,084 on February 21 to the current value with a very negligible percentage increase. Though, both the averages are moving uptrend; they are not significant enough to give the bulls an upper hand, pointing the market balance in favor of the sellers. This means both the long term investment and the short term investments will have to be put on hold. The traders will have to explore the market and observe the trend until there is a stable and significant increase. Investing in this cryptocurrency once there is growth will work advantageously to the investors and the cryptocurrency.