Layer 1 Blockchain Aptos Hit All-Time High After A Blistering Uphill Run This Week

  • APT, the utility token of the Aptos network, has gained over 130% in the past seven days, tapping an all-time high. 
  • PankcakeSwap’s community commitment to the network and its recent integration into Atomic wallet are linked to the token’s surge. 
  • Fantom and Hedera also enter the weekly top gainers list recording over 20% and hitting new milestones. 

Digital asset bulls continue swimming in ecstasy following recent upticks from the market as several assets break multiple resistance levels, which they hovered around for months.

The price of Aptos (APT) started this year with a rally and has maintained the momentum gaining over 130% in the past week. APT hit an all-time high of $18.30 after a bullish 24 hours of trading, which saw it grow by 41%.

This year, the token’s price has soared over 420% after its fall last year due to the controversy surrounding its tokenomics and centralization concerns. A 420% year-to-date (YTD) growth means that APT has eclipsed the YTD growth of market leaders Bitcoin (BTC) and Ethereum (ETH).

BTC has been up by 30%, while ETH, on the other hand, has gained 33% in 2023. BTC has touched levels not seen for months after it reached pre-FTX highs and later marched on to tap $23,400. BTC currently exchanges hands at $23,058, while ETH trades at $1,602 at press time.

The growth of Aptos was anticipated following its launch last year by former Meta employees with huge promises of technical development and increased web3 activities. Although the initial growth was stunted by controversies, Aptos now boasts of a market capitalization of over $2 billion in a few months. 

The reason behind the charts

The entire cryptocurrency market has been on a rally for weeks, with APT and other assets like Fantom (FTM) and Hedera (HBAR) among the biggest gainers. The recent rise of APT began after PancakeSwap’s community voted to stick with the network two weeks ago.

PancakeSwap is the first decentralized exchange (DEX) on the Aptos network and has over $32 million in assets locked on the network. The integration into Atomic Wallet also played a significant role in the surge.

Finally, overall decentralized finance (DeFi) activities boomed on the network in the last couple of weeks with further plans by the team to enter new non-fungible token (NFT) partnerships. Topaz, a leading NFT marketplace on APT, has recorded over 250% increase in sales volume in the last 30 days.

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