While the cryptocurrency market caught its breath ten days ago, some cryptocurrencies stand out and outperform the rankings. This is particularly the case of the APT token of the Aptos blockchain, which has seen a meteoric rise especially in recent days, for various reasons.
Aptos APT outperforms the rest of the market
The market has been green for about ten days, and it feels good. Bitcoin (BTC) and Ether (ETH) climbed 10% and 5.1% respectivelydriving the overwhelming majority of altcoins on their way up.
But some of them are experiencing momentum that propels them above this already largely bullish crypto market, as is the case of APT, the Aptos blockchain token, which has climbed 230% in the last 14 days.
But its most notable boost has been in the past 3 days, as the APT has simply increased by 85% in the space of 2 days. At the time of writing, the APT is seeing a price of $12.95, shortly after signing its highest price (ATH) in its existence, i.e. $14.47.
Figure 1 – Price evolution of the APT token
Launched last October, the Aptos project had a mixed start, and this mainly for the revelation of its tokenomics very late, which have also been judged by many observers as likely to favor the founders of the blockchain. Effectively, the latter have allocated half of the billion APT tokens put in placeleading many investors to fear a massive dump.
For its part, the Aptos team says that the APT tokens in question will be distributed gradually in order to prevent this kind of problem. During the revelation of tokenomics, Mo Shaikh, CEO of Aptosalso claimed that the distribution was made “ with the community at the center “.
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The APT surpasses Solana, Polygon and Avalanche
As a consequence of this rise in the price of APT, the latter overtook Solana’s SOL and Avalanche’s AVAX in terms of total diluted market capitalization (Where fully diluted value, FDV). This metric adds the still undistributed tokens to the classic market capitalization in order to have a more global representation.
Figure 2 – Ranking of cryptocurrencies by total diluted market capitalization
What led to such an increase in the value of the APT? Well, according to Aptos’ non-fungible token (NFT) platform, Topaz, it seems to be due to the trading volumes of the largest collections that have exploded. The floor price many NFT collections on Aptos have also increased significantly in recent times, such as the Aptos Monkeys, Aptomingos, AptoPunks and My Ducks collections.
But that’s not the only reason, since on January 20, Binance announced the launch of APT/BTC and APT/USDT liquidity poolswhich allows APT holders to generate returns by depositing their tokens on the platform.
Thus, the combination of these 2 news participated in the explosion of the APT price, and it is currently impossible to predict when the latter will end.
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Sources: Figure 1 – TradingView, Figure 2 – CoinGecko
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