Since going live and becoming available in most exchanges, Aptos price bullish momentum has quickly collapsed and started a long-term bullish trend. Today, despite it being up by a percentage point, the past one week has seen its value dropping by more than 20 per cent.
However, despite the price collapse, Aptos‘ underlying technology has fascinated a lot of cryptocurrency users. Its premise of delivering over 100,000 transactions per second has also attracted many investors, who view it as a potential challenger to well establish projects such as Solana. Such a high TPS will also mean that the platform will be able to be competitive against mainstream centralized companies such as Visa and MasterCard, which also have high TPS.
Another reason why the project has quickly gained traction is due to the team behind the project. Following Meta’s move to shelve their stablecoin Diem, some dissatisfied workers came together to start their own layer-1 blockchain project, which many have continued to hold as the successor to Meta’s shelved project. The use of Layer-1 proof-of-stake blockchain, which has grown popular with users in the past few years, has also seen the project continue attracting new users.
In the past one week, the price of Aptos has dropped by more than 20 per cent. This is despite the project seeing a 1 per cent price gain in today’s trading session. The drop in Aptos price has also come at a time when the cryptocurrency industry is seeing a new push to the upside. Therefore, there is a high likelihood that the current bearish trend has been due to the project being new and investors staying out of risky investments.
However, based on today’s percentage gain, there is a high likelihood that we might see Aptos price recovering. There is a real chance of Aptos price returning to trade above the $10 price level. A trade below the $5 price level will invalidate my bullish view.
This post was last modified on Oct 31, 2022, 13:47 GMT 13:47