Aptos (APT) Rises 500% as Bitcoin Stabilises Around $23,000

Marcus Sotiriou, Market Analyst at Listed Digital Asset Broker global block (TSXV: Block).

Bitcoin has traded above its recent high of around 1. At $23,300 last night, it reached a high of around $23,800. However, it deviated from its previous highs and fell to the bottom. This is a bearish signal. On the lower timeframe, the price is likely to fall to $22,300 lows in the short term as it remains within a small range between $22,300 and $23,300.

Aptos Token (APT), the Layer 1 blockchain on which large projects such as PancakeSwap are built, has seen its best performance in recent weeks. Over 500% increase from about $3 to $19.50 in just one month. APT is a relatively new token It has strong VC backing, a scalable platform, and a large developer base. The Aptos team does a great job of getting the community involved, which contributes to the price spike. For example, Aptos held his first AptosMoveMonday of 2023 on his January 9th, where the founder answered many questions. They announced upcoming community engagement events such as the AptosWorldTour, various conferences and developer meetups.

Additionally, TopazMarket data shows that both the floor price and trading volume of Aptos NFTs are increasing. Aptos Monkey has established itself as a standout project for Aptos.

This price increase has pushed APT’s fully diluted valuation (FDV) to $19 billion. This is almost double his FDV on Polygon (MATIC) and five times his market cap on Cosmos (ATOM). This suggests that the APT token may currently be overvalued, despite its impressive technology and community involvement.

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