The price of Qtum (QTUM) has grown by more than 19% in the last 24 hours, accompanied by a 283% rise in its trading volume.
The recent bullish market sentiment sparked by expectations around Bitcoin (BTC) seems to have rubbed off on QTUM. The coin, ranked 112 by market capitalization on CoinGecko, is currently trading at $3.10. It had gone as high as $3.21 in the last day.
Data from CoinMarketCap shows traders moved more than $188 million worth of QTUM in the last 24 hours, a 283% jump from the previous day.
QTUM has also showcased a notably robust performance over the past seven days, both in terms of volume and price movement. In that period, the token’s price has risen by nearly 35%.
The same growth is reflected in QTUM’s 14-day and 30-day price charts, where it registered improvements of 44% and 41% respectively.
Analysts at InvestObservers have given QTUM a “very bullish” rating, citing its recent performance. However, they expressed fears the token could end up in a volatile position were the current rally to burn out.
Upcoming Qtum updates
Earlier in the month, the project announced a scheduled mandatory update for its mainnet due for Nov. 27, 2023.
The update gives the Qtum community power to increase the network’s block size by 8,000kb and adjust gas fees as needed, thanks to the implementation of a decentralized governance protocol.
In the quest for higher throughput, the update has introduced 32-second block targeting and implemented segregated witnessing, which developers hope will augment the network’s speed.
Built on Bitcoin’s Unspent Transaction Output model, Qtum routinely updates its core codebase to align with all Bitcoin Improvement Proposals (BIPs) that come with the latest Bitcoin Core release.
Since it utilizes smart contracts and the Ethereum Virtual Machine (EVM), the network has also rolled out EVM updates such as Taproot and EVM one.