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The Aptos’ price has reached a record high. Why, and is there a limit to the rise?

Tanja Nechet

News editor

Jan 26, 2023 at 06:37

The Aptos blockchain cryptocurrency APT price reached a record high of $18 on January 26. The token has been growing continuously since the beginning of the year and doesn’t look like it’s going to stop. What is the reason for such a boost, and how soon will we see a pause (if at all)?

Aptos (APT) and the story of its skyrocketing

Aptos is a Layer-1 blockchain that supports smart contracts and decentralized applications. The project was launched in October 2022, right before the FTX exchange collapse, so it was a difficult and thorny start. However, once the crypto market began to slowly pull back in early 2022 from last year’s dramatic events, Aptos’ token, APT, showed phenomenal results.

Since the beginning of this year, the token has already gone up 6 times in price and continues to grow. If the price started at $3, then at the time of this writing it is $18. It’s an all-time high for APT.

The market capitalization has also increased sixfold: from about $500 million in the fall of 2022 to $3 billion now.

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Why is the Aptos cryptocurrency growing non-stop?

The first sharp APT price spike of the year occurred on January 9, after the first 2023 AMA (Ask Me Anything) session, when blockchain co-founders Mo Shaikh and Avery Ching actively answered numerous questions and discussed many upcoming events.

Then Aptos NFTs started to grow in price and trading volume. After seeing the surge in Aptos cryptocurrency, investors rushed to buy various collections.

Crypto-enthusiasts followed with preparations for token unlocks on January 12. And two days before that event, they began accumulating APT, boosting demand and pushing the price from $3.93 to $5.71.

And on January 20, the largest crypto exchange Binance announced the opening of two new liquidity pools: APT/BTC and APT/USDT. After that, the price went up by about 56%.

Then another growth wave began on January 25. 36.46% of the trading volume over the last 24 hours ($904,174,933 out of $2,561,957,890) was accounted for by the South Korean won pair on the South Korean exchange UpBit.

Cryptocurrency is often more expensive on South Korean exchanges, which experienced traders take advantage of. They buy cryptocurrency at low prices on some exchanges and sell it at higher prices on exchanges such as UpBit. On this exchange, the highest 24-hour APT price is $18.62, followed by Binance APT/USDT with 16.14% of the total daily trading volume and token price of $18.29; in third place is also Binance, but with the trading pair APT/BUSD and 10.23% of the total daily trading volume and token price of $18.31.

Will Aptos continue to grow?

The price of Aptos could continue to break records if demand remains as high. In addition, there is another token unlock scheduled for February 12, according to Token Unlocks. In total, 143,630,434 APT have been unlocked, while another 856,369,566 remain locked.

Aptos developers also have a strong and clear roadmap with many activities and collaborations for the current year. Among them are the voting and NFT staking projects.

Aptos is preparing to launch its first Web3 game in collaboration with NPIXEL, The Gran Saga: Unlimited. A public launch is planned for the second quarter. 

If things continue in this bullish vein, according to Coinpedia, the price of Aptos could reach $25.47 by the end of this year. 

And with negative trends, the price could fall to the $16.64 mark. 

The traders of 001k.Trade consider that, in the long term, Aptos’ current price is far from the limit. Therefore, it makes sense to hold some of the tokens. In addition, coins will be needed to participate in all the activities within the ecosystem (which is currently developing). 

“We believe in the development of the ecosystem and I believe that tokens will still be useful for us,” they say.

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