Aptos (APT), the native cryptocurrency of layer-1 blockchain Aptos, has boomed since the beginning of the new year. The token has outperformed crypto heavyweights like Bitcoin (BTC) and Ethereum (ETH), soaring more than 135% over the past seven days.
The crypto market kicked off 2023 on a boisterous note after a nerve-wracking previous year. Bitcoin (BTC) has been rallying above $23K mark as macroeconomic headwinds seem to be cooling. Meanwhile, Ethereum (ETH) has managed to gain significantly due to several factors including the upcoming “Shanghai Upgrade” and increased decentralized finance (DeFi) activity on the Ethereum blockchain. At the same time, the global crypto market cap reclaimed the much anticipated $1 trillion level with major altcoins rising substantially.
Aptos Lights Up
According to CoinMarketCap, Aptos (APT), a relatively new altcoin in the cryptocurrency market has experienced a sharp upswing of nearly 260% since the beginning of the year. At the time of writing, the token is up more than 38% in the last 24 hours to trade at $18.83. Over the past one week, APT prices have zoomed nearly 135% to become the best trending digital asset in the crypto market.
The token has been on a meteoric rise, owing to continued support from the fans and community breaking its all-time high price of $14.52 on January 22, 2023. The spectacular rally has garnered a lot of attention from community members. On January 25, Crypto giant, Binance, took to Twitter to explain the driving factors behind the epic Aptos (APT) rally. The bullish mommentum started with Aptos hosting their first “AptosMoveMonday” Twitter Spaces event of the year on January 9.
A #Binance Research thread 🧵👇
— Binance Research (@BinanceResearch) January 25, 2023
Factors Leading to the Sudden Growth
In the event, Co-founders Mo Shaikh and Avery Ching revealed several details related to upcoming developments, events, conferences and developer meet-ups. Furthermore, the co-founders also annouced the “AptosWorldTour”. Moreover, Aptos’ NFT activity has climbed up in both floor prices and trading volume, particularly on the Topaz NFT marketplace for the network.
In addition Binance also claimed the recent rally can also be attributed to the newly launched liquidity pools for APT/BTC and APT/USDT by the crypto exchange on January 20. A listing on Binance is one of the best ways to get attention in the market and it seems, Aptos (APT) has been pretty successful so far.
— Atomic – Crypto Wallet (@AtomicWallet) January 13, 2023
Other factors that may have triggered this APT surge include PancakeSwap, the biggest decentralized crypto exchange existing on the BNB Chain, announcing on January 6 its deployment on the Aptos blockchain. Following this announcement, one of the best cold crypto wallets in the world, the Atomic Wallet, stated that they would provide support for the APT on their platform.
Launched in 2022, Aptos is currently boasting a market capitalization of just over $2 billion. However, the sudden spike in APT prices has led to speculations regarding whether it is market manipulation or any other artificial factors. Perhaps it is too early to decide anything. The present status on the coin seems quite bullish, although the Fear and Greed index remains neutral for APT.