Aptos (APT) begins 2023 with a fabulous rally. Since New Year’s Day, the altcoin has gained 350 percent in price and also reached a new all-time high of nearly $20. What’s driving Aptos right now?
Aptos (APT) made its stock market debut in October 2022, but the coin, which was designed to be multifunctional, drew a lot of criticism at its launch for not having a well-balanced token distribution. After that, it was quiet around Aptos, the insolvency of the crypto exchange FTX was the dominant topic in the crypto scene. But in the new year 2023, the tide has turned for Aptos, shortly after New Year’s Eve APT started to rally. Since then, Aptos has seen around 350 plus in the price curve and yesterday, Thursday, a new all-time high for APT was recorded at just under $20. With a market capitalization of almost 3 billion US dollars, Aptos has now worked its way into the top 30 cryptocurrencies. Are speculators at work here, or has APT developed momentum of its own?
Analysts have noticed with Aptos that of the roughly 2 billion daily trading volume with APT, up to half takes place on the UpBit crypto exchange and there in the unusual trading pair with the South Korean won. This suggests that investors are taking advantage of so-called arbitrage opportunities here, where price differences for APT on different trading venues almost automatically lead to profits. In addition, the world’s largest crypto exchange Binance has recently created new liquidity pools for Aptos, which have been very popular and support the price curve of APT.
Binance itself has compiled some further facts from its analysis department, which could be the background for the lively interest in Aptos and the price jump. Here it is positively assessed that the NFT division at Aptos is developing splendidly and that word is increasingly getting around that Move is used as a progressive programming language in the APT ecosystem.
Conclusion: Aptos sniffs high air – alternative to Solana?
When APT debuted a quarter of a year ago, there was frequent talk of Aptos as the “Solana killer”. What was meant by this was that the multifunctional character of APT and the high performance of the network are the best prerequisites for competing with Solana (SOL). The crash of FTX hit Solana hard and provoked doubts about the future chances of SOL. This could be another factor for Aptos to flourish. However, you as an investor should also keep in mind that Aptos’ token distribution remains a weak point and massive APT could likely start flowing into the market in October when holding periods for early investors expire.