CoinDesk Analysis Team
CoinDesk
What bear market?
Layer 1 blockchain Aptos’ APT tokens is up 250% in just 14 days even as the broader crypto market grapples with bankruptcies, lawsuits and a decline in overall sentiment.
The tokens command a market capitalization of over $2.3 billion on Monday, making Aptos the 30th-most valued network based on current token supply, and have a fully diluted valuation of $14 billion based on their total supply.
Prices trade just shy of $14 on Monday, up from last week’s $7 and over 300% from November’s $3 lows, per CoinDesk data. The move was primarily led by spot tokens, as APT futures markets remained relatively muted.
NFT markets on Aptos appear to have contributed to that growth. Data from Aptos NFT marketplace Topaz show collections such as Aptomingos – a set of comic flamingos – and Aptos Monkeys attracted tens of thousands in trading volume in the past 24 hours, with the minimum prices of several NFT projects rising in the past week.
Some popular traders on Crypto Twitter expect interest in Aptos NFTs to surge in the coming days. Flipping NFTs – a term for quick buying and selling of an asset – built on the network have steadily become trendy among opportunistic traders, several tweets by various community members suggest.
The Aptos mainnet was launched on Oct.18 to reasonable scrutiny and technical difficulties. Some criticized the way APT tokens were distributed: Investors and the Aptos Foundation received almost half the 1 billion tokens issued, leading to concerns that investors and the foundation could potentially liquidate their tokens, which would trigger a negative market reaction.
The team, on its part, defended the token distributions citing adequate lock-up periods put in place to prevent any large investor from dumping thier holdings en masse. "Our goal when we designed the tokenomics was to create something that fairly represents the community," Aptos CEO Mo Shaikh told CoinDesk in an interview.
"If you look at our tokenomics distribution, we have among the lowest across any blockchain for investors. … It's among the most fair that we have seen even compared to other projects,” Shaikh claimed at the time.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Polygon price still ties up with gains from Mondayday trading. MATIC shows signs of issues underneath as indicators point to a cool-down need. Expect a fade soon toward support before ticking $1.20 to the upside.
St Maarten revealed plans to adopt Tron as legal tender, marking a major milestone for the open-source blockchain-based operating system.
Binance Coin (BNB) price sees bulls playing a risky game as in early morning trading this Tuesday during the ASIA PAC session, $323.80 got hit and immediately saw price action drop lower.
Tezos (XTZ) price is seeing bulls hurrying up to cash in those last big profits as this rally is starting to flash warning signs. While global markets
US Dollar Index (DXY) seesaws near 102.00 as the bulls struggle to defend the first daily gains in three, marked the previous day, during early Tuesday’s inactive trading.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
