Oct 9, 2024
6thTrade
Aptos (APT), one of the most talked-about Layer 1 blockchains of recent years, continues to make waves, leaving its competition trailing with impressive token performance. This recent uptick seems driven not only by well-executed marketing but also by significant business developments.
Aptos (APT) Up by 7.5%, Reaches $4.6 Billion Market Cap
In a market where most cryptocurrencies are struggling, Aptos is bucking the trend. The APT token, native to the Aptos blockchain, has surged by around 7.5% over the past day, reaching a market capitalization of $4.62 billion. This increase has propelled APT into the ranks of the fastest-growing tokens among the top 100 crypto coins. Notably, the token has approached the $9.25-$9.30 resistance level, a price it hasn’t seen since late May.
This recent rally has helped Aptos outperform well-known large-cap competitors like meme coin Pepe (PEPE) and brought it closer to challenging AI-driven project Bittensor (TAO). According to CoinGlass data, APT liquidations have surpassed $1.3 million over the past 24 hours, with over half of that coming from short positions—totaling $650,000 in losses for those betting against it. $APT
Standing Out Amidst a Sluggish Market
Aptos’ recent success stands out against a backdrop of a red market. The overall crypto market cap dipped by 1.3% overnight, while leading cryptocurrencies Bitcoin and Ethereum suffered losses of 0.8% and 1.4%, respectively. In contrast, Aptos has continued its upward trajectory, with founder Mo Shaikh recently appearing on Scott Melker’s podcast, “Wolf of All Streets,” where he discussed upcoming developments, including the launch of Aptos Card and plans to expand the utility of the APT token.
Expanding into Japan with Strategic Acquisitions
Aptos’ ambitions don’t stop at market performance. The project has recently announced a series of strategic partnerships and acquisitions. Notably, it has made a bold move into the Japanese market by acquiring HashPalette, a blockchain platform specializing in music and art NFTs. This acquisition is a significant step forward for Aptos, as HashPalette's technology will also be showcased at Expo 2025, helping Aptos solidify its position in the Asian market.
Additionally, Aptos is now a chosen blockchain for major finance firms, with Franklin Templeton using its network for tokenized shares, further signaling Aptos’ credibility and reach within traditional finance.
Building Momentum with University Engagement
Aptos representatives have also been engaging with the academic community, presenting at the University of California's Blockchain at Berkeley, where they discussed recent developments. This kind of outreach is part of Aptos’ broader strategy to build brand recognition and credibility within the crypto community.
In recent weeks, “Aptos Autumn” has emerged, driven by a series of partnerships, acquisitions, and new use cases. With its recent strides in the Japanese market and partnerships with institutional giants, Aptos is well-positioned to continue its impressive performance. As the project gains more attention and visibility, all eyes will be on how it plans to capitalize on these recent accomplishments.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
