Aptos (APT) Rises 500% as Bitcoin Stabilises Round $23,000

By Marcus Sotiriou, Market Analyst on the publicly listed digital asset dealer GlobalBlock (TSXV:BLOK).

Bitcoin traded above the current excessive of approx. $23,300 final evening and reached a excessive of roughly $23,800. Nevertheless, it deviated the earlier excessive and fell again under, which is a bearish sign. On the decrease time-frame we’re inside a small vary although between $22,300 and $23,300, so worth might commerce right down to the lows of $22,300 within the quick time period.

The Aptos token (APT), a layer 1 blockchain that has massive tasks akin to PancakeSwap constructed on it, has been a prime performer in current weeks. It has rallied over 500%, from round $3 to $19.50 in only a month. APT is a comparatively new token that has robust VC backing, a scalable platform and a big developer base. The Aptos crew have carried out an important job of participating their group, which has contributed to the spike in worth. For instance, Aptos hosted their first AptosMoveMonday of 2023 on Jan ninth, the place founders answered a variety of questions. They introduced upcoming group engagement occasions, such because the AptosWorldTour, numerous conferences and developer meet-ups.

As well as, knowledge from TopazMarket reveals that Aptos NFTs have elevated in each flooring worth and buying and selling quantity. Aptos Monkey has established itself as a stand out venture on Aptos.

This worth rise has led APT to achieve a completely diluted valuation (FDV) of $19 billion. That is nearly double the FDV of Polygon (MATIC) and 5x the market capitalisation of Cosmos (ATOM). This implies that regardless of the spectacular know-how and group engagement, the APT token may very well be overvalued at the moment.