Aptos price has jumped to $18.44 today, marking a 37% increase for the layer-one cryptocurrency within the past 24 hours. Its current levels also mean it is up 141% in one week and 400% in the last 30 days as Aptos looks set to become the largest layer-one network in the crypto ecosystem after Ethereum and the BNB chain.
In fact, Aptos has been overtaken by Solana entirely in terms of weak valuations, with some observers declaring that the new project has already begun”.flippingIts old rival. However, with little underlying Aptos other than venture capital and Facebook-related pedigree, it still has a long way to go before the utility that rivals larger, more established chains offers.
Aptos Price Estimates APT Surged 37% in 24 Hours – Is Aptos the New Solana?
Based on its charts and indicators, APT is definitely enjoying a huge breakout at the moment. Its 30-day moving average (red) has moved well above its 200-day average (blue), and while you can assume it’s going to bottom anytime soon, we’ve been calling it several days , apt without actually falling (yet).
Similarly, APT’s Relative Strength Index (purple) has risen to 80 in recent days, though a drop to 73 could indicate that its rally is on the verge of running out of steam. Of course, with a 37% increase today, it hasn’t lost any momentum just yet.
Launched in October, Aptos is a layer-one blockchain with a small but growing number of projects on top, including PancakeSwap (which is its largest dapp). It grew out of Facebook’s ill-fated Diem/Libra digital currency project, using the same Rust-based Move programming language, something that (in theory) makes it faster than many of its rivals.
Given that it stems from Facebook/Meta, venture capital is eager to back the project Aptos is raising millions of dollars in venture capital in the last few months. Arguably more than anything, this has created strong expectations around Aptos, with Aptos growing in the same vigorous way that other flake-makers (such as Solana and Avalanche) did when they first emerged.
In recent weeks, the Aptos team has attempted to engage and grow its community, hosting the first AptosMoveMonday on January 9, when the founders asked questions and provided several announcements. This includes the Aptosworld tour as well as various conferences and developer meetings.
Given its recent price increase, some have begun to claim that Aptos has begun flipping Solana as well as other layer-one blockchains. However, a closer look at its actual performance reveals that such claims are more about hype than anything else.
For example, the developers of Aptos launched the network with the claim that it could process 100,000 transactions per second. However, with this figure its launch saw almost four tps rising up to 27 tps In later days, well below its theoretical limit.
Aptos has also drawn criticism because APT has a highly centralized token distribution. Everywhere 80% of its total supply of one billion tokens is currently at stakeThis shows that a large part of its supply is going to insiders.
At the same time, its total value is still very small, stands at $58.7 million, In contrast, Solana’s TVL is $283 million, even after all the drama following the FTX collapse (FTX was a big supporter and holder of SOL).
In light of all this, it would be premature to declare that Aptos is ‘the new Solana’. However due to its recent gains, it may only be a matter of time before it actually turns around its rival.
Should I buy Aptos now?
Given that APT has been rallying for several weeks now, it may be due to decline in the near future (this is what its indicators suggest).
However, there are other coins in the market that are arguably more promising in terms of potential price action in the coming weeks. Thus, we review the top 15 cryptocurrencies for 2023, as analyzed by crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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