On December 6, Aptos (APT) boasted a market cap of nearly $8.25 billion. However, as of now, the market cap has dropped to $6.36 billion, losing nearly $2 billion in just five days.
This sharp drop coincides with anticipation surrounding the upcoming token launch, an event that is likely to generate significant volatility for APT.
The market cap of Aptos APT rose above $8 billion as the price rose to $15.25. For context, market cap is calculated as the product of price and circulating supply. So, when the price rises, the market cap also jumps.
Also, if cryptocurrency prices stall but the tokens in circulation rise, the market cap also jumps. In the case of Aptos, the drop in market cap can be attributed to the overall market decline, which has seen the prices of many altcoins fall from their peaks last week.
