The crypto market has been remarkably bullish since the turn of the year. Over the past three weeks, several assets have witnessed price rallies, such as Bitcoin, which is up over 37% to trade above $21,000 for the first time in two months.
While this is an impressive feat, altcoins have been the true stars of the market, with many having stunning market performances. Aptos (APT), one of the game-changing tokens of 2023, has recorded a 54.73% gain over the past 24 hours, based on data from CoinMarketCap.
APT has been one of the best-performing coins in 2023, gaining over 248% year-to-date. Despite being a relatively new token, its 2023 price growth 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 daily trading volume of the token has also increased by 373.99% to hit $1.82 billion.
APT Trading $12.64 | Source: APTUSD chart on Tradingview.com
What is behind the rise of APT?
Aptos was launched on October 22, 2023, making it one of the newest projects in the crypto space. On October 23, APT token reached its ATH level of $10.25. However, due to the FTX crisis in November, APT started the new year trading at $3.43.
However, the dramatic increase in the historical price of APT can be attributed to many factors. One of them is the growing support from various crypto projects. On January 6th, PancakeSwap, the largest DEX on the BNB chain, announced its deployment on the Aptos blockchain after approval by its user community.
The week following this announcement, APT’s price surged by 97.6%, marking the start of APT’s 2023 price rally. During this time, Atomic Wallet, one of the leading cold crypto wallets with over 3 million users, also announced , this on will now support APT.
Another factor contributing to APT’s impressive price rally is the constant excitement surrounding the project as it originated from the now-defunct blockchain initiative Meta Diem.
In addition, Aptos is loaded with many fascinating features, including its unique programming language – Move – which leads many investors to view it as a blockchain with tremendous potential to become a key competitor to Ethereum, Solana, and other established smart contract compatible platforms will.
What to expect from Aptos in 2023
The Aptos blockchain is definitely one to watch out for in 2023. According to the project roadmap, the main focus of the development team will be on the implementation of demand-driven gas costs in order to drastically reduce the current gas tariffs in the network.
If successful, it is expected that such an upgrade could have a positive effect on an APT token that is already floating high in the clouds. However, it goes without saying that this is speculation only and should not be relied upon as a basis for any investment decision.
Featured Image: Boxmining, chart from Tradingview.com
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