Aptos (APT) Gains 55% In 24 Hours, Maintaining Its Bullish Form For The Year

Semilore Faleti

Last Updated: June 11, 2024 2:33 pm

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The crypto market has been remarkably bullish since the turn of the new year. In the last three weeks, several assets have experienced price rallies, like Bitcoin, which gained over 37% to trade above $21,000 for the first time in two months.

While that is an impressive feat, altcoins have been the real stars of the market, with many pulling off a stunning market performance. Aptos (APT), one of the trailblazing tokens of 2023, has just recorded a 54.73% gain in the last 24 hours based on data from CoinMarketCap.

APT has been one of the best-performing coins in 2023, gaining by over 248% since the start of the year. Although it is a relatively new token, Its price growth in 2023 outshines that of many market giants, including Ethereum (ETH), Solana (SOL), Ripple (XRP) and, of course – Bitcoin (BTC).

At the time of writing, Aptos (APT) is trading at a market price of $12.60. According to CoinMarketCap, the token’s daily trading volume has also gone up by 373.99%, attaining a value of $1.82 billion.

APT trading $12.64 | Source: APTUSD Chart on Tradingview.com

What Is Behind APT’s Rise?

Aptos was launched on October 22, 2023, making it one of the newest projects in the crypto space. On October 23, the APT token attained its ATH value of $10.25. However, APT began the new year trading at $3.43 due to the FTX crisis that occurred in November.

That said, the dramatic rise in APT’s price so far can be attributed to many factors. One of which is growing support from various crypto projects. On January 6, PancakeSwap, the biggest DEX on the BNB Chain, announced its deployment on the Aptos blockchain following approval by its user community.

The following week after this announcement, the price of APT surged by 97.6%, marking the beginning of APT’s price rally in 2023. During this period, Atomic Wallet, one of the top cold crypto wallets with over 3 million users, also announced they would be providing support for APT with immediate effect.

Another contributing factor to APT’s impressive price rally is the constant buzz around the project due to its origins stemming from the now-defunct Meta Diem blockchain initiative.

Moreover, Aptos is designed with many intriguing features, including its unique programming language – Move – that makes many investors consider it as a blockchain with massive potential to become a major competitor to Ethereum, Solana, and other established smart contract-compatible platforms.

What To Expect From Aptos In 2023

The Aptos blockchain is definitely one to look out for in 2023. According to the project’s roadmap, the major focus of the developer’s team will be the implementation of demand-driven gas costs in a bid to drastically reduce the current gas fees on the network.

If successful, it is expected that such an upgrade could exert a positive effect on an APT token that is already soaring high in the clouds. However, it goes without saying that this is merely speculation and should not be relied upon in making investment decisions.

Feature Image: Boxmining, Chart from Tradingview.com

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.