“Solana killer” token Aptos (APT) rose 275% since the start of 2023

Contents

1 Aptos NFT and token value growth
2 What’s with the current APT price?
3 Predictions: will the price go up or down?
4 What is Aptos? Why is it worth paying attention to?

The native Aptos token (APT), a Proof-of-Stake [a mechanism for processing transactions and creating new blocks in the blockchain] blockchain with support for smart contracts and decentralized applications, rose 275,5% since the beginning of the year (from $3.4567 to $12.98). Such a rise was made possible by the growth of NFT a digital asset that represents real-world objects like art, music, game items, and videos on Aptos. Let’s talk about this further.

Aptos NFT and token value growth

Aptos is a layer-1 the base layer of the blockchain network; it includes blockchains that can perform transactions without the involvement of another network blockchain that supports smart contracts and decentralized applications.

After the launch in 2022, interest in NFT created on the Aptos blockchain began to grow, and the value of the native token increased. Also of interest to the blockchain, was the fact that the creators and users call Aptos a “Solana killer” because of its similarity to the blockchain, and its ability to solve its problems. Then the coin had a listing on Binance, FTX, and Coinbase.

The coin APT entered the market in October with a price tag of $8.0187, and a few days later soared to $9.9324 (+23,87), showing the first ATH the all-time high is the highest price ever reached by a cryptocurrency.

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Now the growth of the token value was probably influenced by even more interest in NFT based on the Aptos blockchain. Data from the Topaz NFT trading floor shows an increase in prices for a number of collections, which have collectively drawn tens of thousands of trade volumes over the past 24 hours. This is probably made possible by the available cost of some good-quality collections, which are still inexpensive because of the Aptos exchange rate. Among them:

Aptomingos. Trading volume is 602,6 APT (~$7749) in a day (+45,21%). Floor price is 65,8 APT (~$864).
MAVRIK. Trading volume is 291 APT (~$3742) in a day (+54,76%). Floor price is 6,439 APT (~$82,81).
TaCkNFT. Trading volume is 114,27 APT (~$1465) in a day (+11327%). Floor price is 0,12 APT (~$1,5).
Aptos CoinFlip. Trading volume is 22,7 APT (~$291) in a day (+40,5%). Floor price is 2,81 APT (~$36).
Skellies Lab NFT. Trading volume is 17,9 APT (~$229) in a day (+26,95%). Floor price is 6,94 APT (~$89).
Apto Knights. Trading volume is 14,78 APT (~$189) in a day (+1638,8%). Floor price is 0,5 APT (~$6,4).

You can buy non-fungible tokens on the Topaz — Aptos NFT marketplace or, if the collection is sold out, scope secondary NFT marketplace.

What’s with the current APT price?

As of this writing, the token is trading at $12.91, down 2.65% from the day before, but up 60.63% from a week ago.

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And the day before, on January 23, a new ATH was formed, which brought the token to the $14.29 bar, which is 44.87% higher than the previous peak and 358.17% higher than the historical low of $3.1189.

Predictions: will the price go up or down?

The current success has put APT in the CoinMarketCap trends. Some users believe there will be another ATH soon.

$APT is #1 trending on @CoinMarketCap

New ATH incoming ^^ pic.twitter.com/2fJd138HCu

— TYC (@tycocryptofirm) January 24, 2023

According to experts, the token broke through the downward resistance line, a level above which bears [market participants who make money on falling asset prices] do not let prices go. According to technical analysis, the next line is at $14.84, and if APT breaks it as well, the value of the token could soar to $22.15. Otherwise, the price will hold at $9.8.

APT value may also be affected by the unlocking of the token. According to Token Unlock, it will take place on February 12.

Trader BABYWOO is also confident that APT will still rise. His technical analysis of January 23 shows a new rally is coming.

$APT second round soon 👁️👁️ pic.twitter.com/Q1AGG4aufJ

— BABYWOO (@_BABY_WOO_) January 23, 2023

According to Wallet Investor, the token could be a bad long-term investment. The platform’s analysis suggests that, despite current growth, if one invests in the coin now, the current investment could be devalued in the future.

“Aptos (APT) and potentially its market environment has been in a bullish cycle in the last 12 months (if exists). Our Ai cryptocurrency analyst implies that there will be a negative trend in the future and the APT are not a good investment for making money,” says the report.

The high volatility of the cryptocurrency market makes it difficult to accurately predict what the value of a coin will be in the future. Short-term forecasts are less prone to errors, and long-term estimates are even harder to make. Therefore, the algorithms that analysts use to estimate the situation may be wrong.

What is Aptos? Why is it worth paying attention to?

The token was launched in October 2022. Therefore, it can be considered a newcomer to the cryptocurrency market. However, due to its features, APT immediately gained support from the community.

One is that the blockchain uses a new programming language called Move, which was developed for the abandoned Meta (Facebook) cryptocurrency project Diem. APT’s creator, Mo Shaikh, saw his goal as continuing the corporation’s endeavors and translating their vision into his brainchild.

The fact that the developers of the popular NFT game CryptoKitties (total volume is $11,5M) joined its development adds weight to the project. They used their Flow blockchain to implement the Jolteon protocol in Aptos. This allowed the token to become competitive. But does it confirm the title of Solana killer?

Solana

Pros:

High transaction rate. Over 65K TPS (transactions per second).
Low transaction cost — $0.00025.
One of the most popular blockchains with a market capitalization of $9B (Aptos $2B is 4.5 times lower).

Cons:

Network outages. In 2022, Solana had five major ones and many smaller ones. The damage is impossible to calculate, but during this time, investors and users could not use the network, thus losing money.
Low decentralization. There are only 1,000 validators checking the network. For comparison, Ethereum has more than 500K of them. Aptos had already had a thousand in the third phase of the testnet. The current number is unknown, but stage 4 involved an unlimited number of participants.

Aptos