Aptos (APT) surges 42% today to dominate the L1 Blockchain market
As a top traded coin, over $31.43 million has been liquidated from the Aptos market in the last 24 hours.
The Aptos (APT) blockchain, a new upgradeable layer 1 Web3 infrastructure, has gained significant momentum in recent weeks. The APT coin has risen 415 percent in the past 30 days to trade around $18.72 on Thursday. The Aptos blockchain – developed over the past three years by over 350 developers worldwide – has seen its fully diluted valuation scale to around $19,242,602,946.
Driven by the NFT market, Apto’s daily traded volume has remained high, around $2,691,587,238 in the last 24 hours since the chain was launched.
For example, according to aggregated market data from Aptos NFT marketplace Topaz, collections such as Aptomingos and Aptos Monkeys have attracted tens of thousands in trading volume in recent days.
However, the APT coin is overbought from a technical point of view with high chances of a reversal in the near future. Also, the APT hype is bound to suppress as more short-term traders take profits and exit the market along the way.
“If traders are willing to open short positions with very negative funding rates, they must have believed that the token will decline,” said Christopher Newhouse, a crypto derivatives trader at crypto market maker GSR. “Despite the increase, this suggests the shorts believe the rally may have gone too far.”
As a most traded coin, over $31.43 million has been liquidated from the Aptos market in the last 24 hours, according to data provided by Coinglass. In particular, most liquidations have occurred on Binance, OKX, ByBit and Huobi.
Aptos competes in the Layer 1 Blockchain sector
The Aptos market has entered the crypto market and started mercilessly competing with other tier-1 blockchains such as Ethereum, Solana and the BNB chain. The Aptos network has high throughput, lower fees and is extremely scalable to meet Web3 customers’ demand.
According to the project’s whitepaper, the Aptos blockchain does not break transaction atomicity by requiring prior knowledge of the data to be read and written. As such, the Aptos network can effectively support atomicity of arbitrarily complex transactions, enabling higher throughput and lower latency for real-world applications.
There is no doubt that $Aptos is THE best layer 1 after Ethereum, according to the market.
— Ran Neuner (@cryptomanran) 25 January 2023
The Aptos development team has already launched the Petra wallet, on-chain explorer and the Aptos names for domain verification.
As such, the Aptos network has provided existing layer 1 blockchains such as Ethereum and Solana.
Market analysts predict that the Aptos network will feature heavily in the next crypto bull market due to its global adoption and vibrant developer community. Still, a looming crypto market correction could send the APT token to new lows as more regulations enter the industry.
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