The crypto market has been remarkably bullish since the start of the new year. Over the past three weeks, several assets have seen price increases, such as Bitcoin, which gained over 37% to trade above $21,000 for the first time in two months.
While this is an impressive feat, altcoins have been the real stars of the market, with many performing astonishingly in the market. Aptos (APT), one of the pioneer tokens of 2023, has just recorded a gain of 54.73% in the last 24 hours based on data from CoinMarketCap.
APT has been one of the best performing coins in 2023, gaining over 248% year-to-date. Although it is a relatively new token, its price growth in 2023 exceeds that of many market giants, including Ethereum (ETH), Solana (SOL), Ripple (XRP) and, of course, Bitcoin ( BTC).
As of this writing, Aptos (APT) is trading at a market price of $12.60. According to CoinMarketCapthe daily trading volume of the token also increased by 373.99%, reaching a value of $1.82 billion.
APT is trading $12.64 | Source: APTUSD chart at Tradingview.com
What’s 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, the APT token reached its ATH value of $10.25. However, APT started the new year at $3.43 due to the FTX crisis that happened in November.
That said, the dramatic rise in APT’s price so far can be attributed to many factors. One of them is the growing support for various crypto projects. On January 6, PancakeSwap, the largest BNB chain DEX, announcement its deployment on the Aptos blockchain after approval by its user community.
The following week after this announcement, the price of APT jumped 97.6%, marking the beginning of APT’s price rise in 2023. During this period, Atomic Wallet, one of the best crypto wallets cool with over 3 million users, also has announcement they would provide support to the APT with immediate effect.
Another contributing factor to APT’s impressive price hike is the constant buzz around the project due to its origins from the now-defunct Meta Diem blockchain initiative.
Moreover, Aptos is designed with many intriguing features, including its unique programming language – Move – which makes many investors view it as a blockchain with huge potential to become a major competitor to Ethereum, Solana and others. other platforms compatible with established smart contracts.
What to expect from Aptos in 2023
The Aptos blockchain is definitely one to watch in 2023. According to the project roadmap, the developer’s team will mainly focus on the implementation of demand-based gas costs with the aim of drastically reducing the current gas tariffs on the network.
If successful, such an upgrade is expected to have a positive effect on an APT token that is already soaring high in the clouds. 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