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Aptos (APT) is up 42% today to dominate the L1 blockchain market

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

As the top selling coin, over $31.43 million has been liquidated from the Aptos market in the last 24 hours.

Aptos Blockchain (APT), a new layer 1 upgradeable Web3 infrastructure, has gained significant momentum over the past few weeks. The APT coin is up 415% over the past 30 days and was trading at $18.72 on Thursday. Developed over the past three years by over 350 developers worldwide, the Aptos blockchain has completely diluted its valuation scale to around $19,242,602,946.

Fueled by the NFT market, Aptos daily trading volume remains high, around $2,691,587,238 in the last 24 hours since the network launched.

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

However, the APT coin is technically overbought with a high chance of recovery in the near future. What’s more, the APT hype will inevitably subside as more short-term traders make profits and exit the market along the way.

“If traders are willing to go short with extremely negative funding rates, they must have assumed that the token would go down,” said Christopher Newhouse, crypto derivatives trader at the GSR cryptocurrency market. “Despite the surge, it suggests that the shorts believe the rally has gone too far.”

According to data provided by Coinglass, over $31.43 million has been liquidated from the Aptos market in the last 24 hours, making it the top-selling coin. Notably, the majority of liquidations occurred on Binance, OKX, ByBit, and Huobi.

Aptos Competes in Tier 1 Blockchain Sector

The Aptos market entered the cryptocurrency market and began to compete ruthlessly with other first-tier blockchains such as Ethereum, Solana, and the BNB network. The Aptos network has high bandwidth, lower fees, and is extremely scalable to meet the needs of Web3 customers.

According to the project white paper, the Aptos blockchain does not break the atomicity of transactions by requiring prior knowledge of data to read and write. In this way, the Aptos network can effectively support atomicity with arbitrarily complex transactions, providing higher throughput and lower latency for real-world applications.

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

Thus, the Aptos network has provided existing layer 1 blockchains such as Ethereum and Solana.

Market analysts predict that the Aptos network will have a strong presence in the next cryptocurrency bull market due to its global adoption and vibrant developer community. However, an impending correction in the cryptocurrency market could see the APT token hit new lows as more regulations come into play in the industry.

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Written by khirou

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