Crypto investors are currently looking in disbelief at a new cryptocurrency: Aptos Coin (APT) is up more than +500% since the beginning of the year, trending again and again on Coinmarketcap. The coin has also risen massively within the last 24 hours. Why is that – and could it be worth getting started?
Aptos Coin leads the crypto markets
Anyone who got in early here can now look forward to big profits on paper! At the beginning of the year, Aptos Coin (APT) was still trading at around $3.70, then the asset began its phenomenal run: APT first conquered $5, then $6, then jumped to $8, and then struggled below that for a while – first then to explode brilliantly in the last few days to 12, 13 and finally more than 19 dollars!
From a low of $3.11 to a previous record high of $19.36 – an increase of more than 522%. Aptos Coin (APT) has risen almost +40% in the last 24 hours alone, making it one of the most searched cryptocurrencies on Coinmarketcap.com.
Many investors are wondering: What is Aptos Coin (APT)? And why is cryptocurrency exploding?
What is Aptos Coin?
Aptos Coin is a relatively new cryptocurrency: the mainnet was only launched in October 2022 – in the middle of the most bitter bear market. The Layer 1 Proof-of-Stake blockchain uses a new smart contract programming language called Move, which in turn is based on Rust.
Aptos’ vision: a blockchain that will mainstream web3 and empower an ecosystem of DApps to solve real user problems.
In March 2022, Aptos raised $200 million in a seed round led by Andreessen Horowitz (a16z). Tiger Global and Multicoin Capital were also involved, i.a. And: In July ’22, the company raised another $150 million led by Sam Bankman-Fried’s FTX Ventures and Jump Crypto.
Why is Aptos Coin exploding?
According to data, Singapore-based crypto exchange UpBit has accounted for about half of Aptos’ trading volume over the past few days. According to estimates, the pump may be due to arbitrage trades. Background: Arbitrage traders take advantage of price differences by buying at the lowest available price and selling at the highest attainable price.
In addition, there is the rapid growth of the cryptocurrency in the DeFi area, here again the amount of similar applications on Aptos has gone through the roof in the last four weeks.
Aptos Names could also be part of the boom: The name and identity arm recently announced its smart contract code. This should provide secure smart contracts, as these can now also be customized by individuals. Another advantage of this: the code becomes decentralized. In this way, society can influence how Aptos Names will develop in the future.
Apto’s price forecast
Aptos Coin is currently trading at $18.85 after rising almost 40% in the last 24 hours. How high could the asset go?
Top trader Altcoin Sherpa is confident: Aptos still has room for improvement. In a new analysis, he shows his more than 189,000 followers an Aptos chart with price targets. Therefore, Aptos could extend the rally and climb as high as $23.37. This corresponds to an increase of almost 24%.
However, it should be noted that a correction will most likely follow the Aptos rally. Because: The coin has run more or less unchecked to its all-time high – investors could be tempted to take profits.
Exciting Aptos Alternatives
If you don’t want to get involved with Aptos Coin (APT) in the middle of the price explosion and are instead looking for other innovative crypto projects: The CryptoNews Industry Talk Team has analyzed the 15 best crypto gaming cryptocurrencies for 2023 and created a ranking.