A massive rise for the best digital currency in 2023.. jumps 450% despite everyone’s fall By Investing.com

A massive rise for the best digital currency in 2023.. jumps 450% despite everyone’s fall By Investing.com
A massive rise for the best digital currency in 2023.. jumps 450% despite everyone’s fall By Investing.com
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Investing.com – One of the altcoins snatched the title of the best of 2023 so far, after seeing a wave of violent declines dominate the trading of the Aptos cryptocurrency in the last weeks of 2022.

During today’s trading, and despite the large wave of declines that swept all the major ones, the Aptos symbol succeeded in escaping from that huge wave, recording strong gains over the course of 24 hours.

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Aptos price evolution

The Aptos symbol rises during these moments of today’s transactions by more than 25%, reaching the highest levels of 16 per symbol, with a market value close to $ 2.6 billion, and the currency ranks 26th among digital currencies in terms of market capitalization.

Aptos has risen by more than 110% in a week, while the token has risen by more than 350% in a month, and by more than 230% in sixty days, while the coin has increased by 80% in 90 days, and by more than 370% since the beginning of the year.

The beginning of the ascent

On the other hand, the Aptos currency recorded its last bottom on December 30, when it fell near the levels of $ 3 per symbol, and the market value of the currency at that time was about $ 444 million.

Today, Aptos is trading at $16.5 per symbol, an increase of 450%, while Aptos’ market gains in less than a month amounted to approximately $2.2 billion.

reason for the rise

On December 22, 2022, Aptos Labs released a blog post regarding their next big step in lowering fees, with the latest upgrade coming in response to traders’ demand for an improved fee schedule in the network.

The developers have released a three-phase plan to fix the problem, and it will include improving operations on NFT data that would drop transactions by 10 times.

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In addition, they will build fee-efficient data structures that separate storage costs from execution costs.

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It is scheduled, according to the company’s statement, to be completed in the late first quarter of this year, which prompted the holders of the Aptos token to expect the currency to rise in the near future, as the demand for Aptos NFTs begins to rise.

Another reason

In addition to the above, Binance announced on January 20 that its coin swap service will include APT/BTC and APT/USDT, likely the decision behind the latest price hike.

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What’s next for APT pricing?

After Aptos was suffering from strong declines in the last weeks of 2022 until December 30, it achieved the strongest rise among all digital currencies since the beginning of the year.

Aptos token is up by more than 370% and the token has successfully breached the 93-day consolidation channel, furthermore the cryptocurrency is steadily trading above the 50-day EMA, which is a bullish setup.

Besides, it broke out from a multi-month double bottom pattern, and double bottom patterns are usually an indication of a reversal of the previous pattern.

It is currently in the price discovery phase amid expectations of further upside, and the next level to watch should be $17.92, and after that $22.73.

The article does not express a recommendation or nomination, but merely monitors the fluctuations of the market, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, noting that it is not fully subject to the bodies and markets.

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