The APT token has risen by 37% in the last 24 hours
The price of Aptos rose to $18.44 today, the “first tier” cryptocurrency has gained more than 37% in the last 24 hours.
Its current level also reflects an increase of 141% during the week and 400% in the last 30 days. This remarkable performance highlights Aptos’ ambition to compete with the most important blockchains in the crypto ecosystem, such as Ethereum and Binance Chain.
Aptos is already on top of the Solana blockchain in terms of FDV (Fully Diluted Valuation) and some users are now reporting that the project is already in the process of developing a project. displacement from his former rival. However, despite its many qualities, Aptos still has a long way to go before it meets the bigger and more robust blockchains in the crypto sector.
Aptos Price Forecast: APT Token Up 37% Today
Based on the charts and technical indicators we have available, APT token is enjoying absolute bullish momentum in the current time frame. Its 30-day moving average (in red) has risen well above its 200-day moving average (in blue) and even though it seems normal to consider a decline in the near future, APT token is not presented for today. the slightest sign of weakness.
Similarly, the RSI index (in purple) has risen to 80 over the past few days, although a drop to 73 could indicate that the bullish rally is running out of energy in the medium-term horizon. . However, this statement should be tempered by recalling that today it has registered an increase of more than 37%.
Launched in October last year, Aptos is a single-layer blockchain that connects an ever-growing number of projects, including PancakeSwap.
The Aptos project ecosystem came after the failure of Libra, a cryptocurrency that Mark Zuckerberg originally wanted to launch for Facebook. Technically, it uses a variant of the Rust programming language, which supposedly gives it a speed advantage over its competitors.
Given that this cryptocurrency project is partially associated with Facebook and Meta, investment firms have rushed to Aptos to back it financially, resulting in several hundred million dollars in fundraising for the blockchain in the past few months.
This detail in particular led to some expectations from investors, but also created a clear enthusiasm from the market, with the bullishness of APT similar to other “layer one” type blockchains like Solana or Avalanche.
In recent weeks, the teams at the top of Aptos have chosen to develop and grow the community revolving around the project by holding a conference on January 9th called AptosMoveMonday. During this event, the founders answered a number of questions, as well as made particularly important announcements for the future of blockchain.
Is Aptos the new Solana?
Based on this recent bullish price action, analysts said that Aptos has already started to reverse Solana and will be positioning itself to take on another major layer one blockchain in the near future. Nevertheless, a careful observation of its performance shows that this increase is essentially a the hype.
To support this, the developers say that when their network is launched, it can handle up to 100,000 transactions per second. But as we can see later, this figure was actually like that 27 GST days after launch, which is a far cry from the previously announced goal.
Aptos has logically been criticized for this broken promise, and on top of that there are issues with the token being too highly centralized. Almost, really 80% of the supply of one billion tokens is currently being accumulatedthis suggests that the vast majority of supply is in the hands of insiders.
In light of these details, it seems too early to say with certainty that Aptos will be the new Solana. Nevertheless, his recent achievements remain particularly impressive and definitely place him in contention.
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Should I buy Aptos now?
Although APT has shown a bullish trend over the past few weeks, technical indicators suggest that its price may definitely decline in the near future.
However, there are other interesting cryptocurrencies in the current market that could definitely benefit from positive price action over the next few weeks.
Disclaimer: The Industry Talk section presents the opinions of cryptocurrency industry players and is not part of the editorial content of Cryptonews.com.
