The crypto market has been very bullish since the turn of the new year. In the past three weeks, some assets have experienced a price rally, like Bitcoin, which gained more than 37% to trade above $21,000 for the first time in two months.
While that’s an impressive feat, altcoins have become the real stars of the market, with many attracting impressive market performance. Aptos (APT), one of the trailblazing tokens of 2023, has just recorded a gain of 54.73% in the last 24 hours based on data from CoinMarketCap.
APT is one of the best performing coins of 2023, gaining more than 248% since the beginning of the year. Although it is a relatively new token, its price growth in 2023 outshines 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 token’s daily trading volume has also risen by 373.99%, reaching a value of $1.82 billion.
APT trading $12.64 | Source: APTUSD Chart on Tradingview.com
What’s Behind the Rise of APT?
Aptos launched on October 22, 2023, making it one of the newest projects in the crypto space. On October 23, the APT token reached an ATH value of $10.25. However, APT started the new year trading at $3.43 due to the FTX crisis that occurred in November.
That said, the dramatic increase in APT prices so far can be attributed to many factors. One of them is the support of various crypto projects. On January 6, PancakeSwap, the largest DEX on the BNB Chain, announced its deployment on the Aptos blockchain after being approved by the user community.
The following week after this announcement, the APT price increased by 97.6%, marking the beginning of the APT price rally in 2023. During this period, Atomic Wallet, one of the top cold crypto wallets with more than 3 million users, also declare they will provide support to APT with immediate effect.
Another factor contributing to APT’s impressive price rally is the ongoing buzz around the project due to its origins in the now-defunct blockchain initiative Meta Diem.
In addition, Aptos is designed with many exciting features, including a unique programming language – Move – which makes many investors consider it a blockchain with great potential to become a major competitor to Ethereum, Solana, and other smart contract compatible platforms.
What to Expect From Aptos In 2023
The Aptos blockchain should be on the lookout for 2023. According to the project’s roadmap, the main focus of the development team is the implementation of demand-driven gas costs in an effort to drastically reduce the current gas costs in the network.
If successful, it is expected that such an upgrade can have a positive effect on the APT token that has been soaring high in the cloud. However, it goes without saying that this is only speculation and should not be relied upon when making investment decisions.
Feature Image: Boxmining, Chart from Tradingview.com