APT (Aptos), the native token of the Aptos network records a new all-time high. Amid the crypto rally this week as BTC (Bitcoin) price soars, APT (Aptos) had set its newest all-time high. On Jan. 26, APT (Aptos) price climbed to $19.92 recording a 395.7% increase in a span of 30 days.
Despite launching its mainnet amid the crypto winter on Oct. 17, 2022, the project has since become a big success. On Oct. 22, 2022, the digital asset was first listed in leading exchanges which include Bybit, Coinbase, and FTX at $8.85. But shortly after listing, APT (Aptos) price surged to $13.73 recording more than a 50% increase from its listing price.
The crypto asset has also plummeted along with other major cryptocurrencies like BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), and XRP (Ripple) following the controversial fall of FTX. Following its current price rally, the crypto asset’s total market cap is now nearing the $3 billion mark and is now ranked at #26 in data by Coinmarketcap. Although a remarkable increase in the price of BTC (Bitcoin) has contributed to the price rally of other cryptocurrencies, are there significant reasons behind the token’s current uptrend?
First, the network is not something its competitors should undermine mainly because of its strong VC backing and immense developer base. On Jan. 9, Aptos founders hosted the Twitter event #AptosMoveMonday where they engaged with the audience. They answered questions concerning the project and also revealed the project’s roadmap. During the event, they also released updates on upcoming events exclusive to the network’s community. But there’s more! Aptos NFTs have recorded an increase in trading volume contributing to the token’s surging price. On top of that, the Aptos network’s fast-rising popularity has also attracted many users and investors to its fold. With issues of hacking and other cybersecurity threats plaguing the space, users find Aptos an ideal alternative to other networks since it utilizes Move, a programming language that gives priority to security and safe asset management.
Leading decentralized exchange Pancakeswap and leading centralized exchange Binance also made back-to-back announcements driving the price of APT (Aptos) even more. On Jan. 6, Pancakeswap announced its deployment on the Aptos blockchain. On Jan. 20, Binance announced on Twitter the launching of APT/BTC and APT/USDT liquidity pools for Aptos.
Additionally, on Jan 20th, #Binance announced the opening of two new liquidity pools for Aptos, with $APT / #BTC and $APT / $USDT. @CoinMarketCap data shows that this (at least partially!) helped drive price (up ~56%) and trading volume (up 147% on a 5-day average) for $APT.
— Binance Research (@BinanceResearch) January 25, 2023
The Aptos network utilizes energy-efficient proof-of-stake as its consensus mechanism. Dubbed a “Solana killer”, the network’s developers claim that it can process more than 150,000 TPS. In recent by Crypto.co, APT (Aptos) has slightly fallen from its recorded all-time high with its price at $18.36. But this is not something really surprising given that cryptocurrencies are characterized by their volatility.