Aptos (APT) Rallies 42% Today to Dominate L1 Blockchain Market

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  • January 26, 2023

As a top-traded coin, over $31.43 million has been liquidated from the Aptos market in the past 24 hours.

The Aptos (APT) blockchain, a new upgradable layer 1 Web3 infrastructure, has gained significant momentum in the past few weeks. The APT coin has gained 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 across the globe – has seen its fully diluted valuation scale to about $19,242,602,946.

Fueled by its NFT market, Aptos daily traded volume has remained high, about $2,691,587,238 in the last 24 hours since the chain was launched.

For instance, according to aggregate market data from Aptos NFT marketplace Topaz, collections such as Aptomingos and Aptos Monkeys attracted tens of thousands in trading volume in the past few days.

However, the APT coin is overbought from a technical standpoint with high chances of retracing in the near term future. Moreover, 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 highly negative funding rates, they must have believed the token will decline,” Christopher Newhouse, a crypto derivatives trader at crypto market maker GSR, said. “Despite the surge, this suggests shorts think the rally may have gone too far.”

As a top traded coin, over $31.43 million has been liquidated from the Aptos market in the past 24 hours, according to data provided by Coinglass. Notably, most of the liquidations have happened on Binance, OKX, ByBit, and Huobi.

Aptos Compete in the Layer 1 Blockchain Sector

The Aptos market has entered the crypto market and begun to ruthlessly compete with other layer-1 blockchains like Ethereum, Solana, and the BNB chain. The Aptos network has a 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 upfront knowledge of the data to be read and written. As such, the Aptos network can efficiently support atomicity with arbitrarily complex transactions, enabling higher throughput and lower latency for real-world applications.

The Aptos development team has already launched the Petra wallet, the on-chain explorer, and the Aptos names for domain verification.

As such, the Aptos network has given existing layer 1 blockchains like Ethereum and Solana.

Market analysts forecast the Aptos network will feature heavily in the next crypto bull market due to its global adoption and vibrant developer community. Nevertheless, a looming crypto market correction could send the APT token to new lows as more regulations enter the industry.

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