Tue, 26/12/2023 – 14:08
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Aptos (APT), the layer-1 blockchain network deemed a strong Solana competitor, has jumped as high as 10% in intraday trading as demand returned for the first time in weeks. At the time of writing, Aptos is trading for $10.08, raising its market capitalization to $3,094,513,055. An intriguing data insight is showcased by the trading volume, which has jumped by more than 89% to $448,027,268.
Aptos growth trend
Aptos is a regular high flier in the broader digital currency ecosystem but with a generally less active community. Since the cryptocurrency hit an all-time high (ATH) of $19.90, its price fell as low as $4.8341 as of Oct. 13, underscoring the long-term price drawdown spearheaded by early buyers that were taking profit off the coin.
Data from Cryptorank paints an interesting picture as Aptos has printed more red months than green thus far this year. After ending January with 384.1% growth, the next eight months saw intense sell-offs of Aptos. While the digital currency ended with APT dropping by 29% in February, the coin slumped by 4.38% in March, while April and May came with 8.09% and 19.3% slumps, respectively.
Things took a different turn in October when APT ended the month with 28.4% growth. Though marginally, the trend continued in November when the protocol ended with 0.1% growth. Per current trends, Aptos’s demand boost, as showcased by its trading volume, might help it end December on a positive note as it has jumped as high as 43.1% thus far this month.
Banking on functional relationships
For Aptos, its growth potential lies in its technology, which is gaining massive adoption from the traditional institutional players. As reported earlier in August, Aptos and Microsoft inked a major partnership that will enhance Aptos’ tokenization potential.
Related partnerships like this, including those featuring Mastercard, may start helping Aptos change its outlook in the long term.