Over the past 30 days, layer one blockchain asset apts (APTs) are up 391.8% against the US dollar. Over the past seven days, Aptos has risen 123.7% after reaching an all-time high of $19.92 per unit on January 26, 2023.
The role of decentralized finance, infrastructure support and NFTs in Aptos’ recent rise in value
A relatively new cryptocurrency, fit (APT), reached an all-time high on Thursday when the token hit $19.92 per coin. Aptos, which launched in mid-October. 2022, was created by two developers who previously worked on Meta’s Diem project before it was discontinued. The project is also supported by several venture capital firms, including Parafi, Andreessen Horowitz, and Multicoin Capital.
When the mainnet went live and Aptos (APT) went public, the price increased by around 20%. However, like the rest of the cryptocurrency market during the last two months of 2022, the value of the apts fell. On December 29, 2022, the aptos reached an all-time low of $3.08 per coin. However, as of January 27, the APT value is 474% higher. Today, the value of apts is around 11% lower than its all-time high of $19.92 per coin, and in the last 24 hours, APT hit a low of $17.37 per unit.
APT is currently the 28th largest cryptocurrency in terms of market capitalization of the entire $1 trillion cryptocurrency market. On Friday, apts had an overall market capitalization of around $2.83 billion. At the time of writing, aptos has a circulating supply of around 160.54 million APT tokens, and in the last 24 hours, the token has seen a global trade volume of $813 million. While some merchants tried little the market during the rise in value, many were finally unsuccessful.
“I completely annihilated myself”, a trader wrote on Wednesday. “I never cut, today I decided to do it and I lost everything. I committed to my short APT and got destroyed. I was left with nothing, even my bags that I sold trying to save that damn short. It hurts, I have never lost so much in my entire life,” added the merchant.
The recent rise in apts (APTs) is attributed to its implementation by major decentralized exchange Pancakeswap. Aptos’ total value locked (TVL) in decentralized finance (defi) has risen rapidly in recent weeks, with pancakeswap accounting for 57.62%.
The price increase is also attributed to the issuance of non-fungible tokens (NFTs) and NFT projects such as Aptos Land Genesis, Aptos Monkeys, Babyapetos and Aptopunks. Aptos-based NFTs are seeing significant trading activity in the topaz.so NFT market. In addition, APT has also recently been integrated with Atomic Wallet, a defi Web3 wallet with over 5 million users.
What do you think is driving the recent rise in apts (APT) and do you think it has the potential to continue its uptrend? Let us know your thoughts in the comments section below.
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