• Aptos, a layer-one cryptocurrency, rose 37% within the past 24 hours, with its current level also representing a 141% increase in just one week and a 400% increase in the last 30 days.
• With its fully diluted valuation exceeding that of Solana, some experts are claiming that Aptos has begun “flipping” its older rival.
• The Aptos 30-day moving average has shot well above its 200-day average and its relative strength index has surged to 80, although a dip down to 73 could indicate that its rally is close to running out of steam.
The past 24 hours have been incredibly profitable for holders of Aptos, the layer-one blockchain that has recently emerged out of Facebook’s ill-fated summer. The cryptocurrency has seen its price jump by an impressive 37%, taking it up to $18.44. This also translates to a 141% increase in just one week, and an even more impressive 400% increase in the last 30 days.
This surge has meant that Aptos has now exceeded Solana in terms of its fully diluted valuation, leading to some industry insiders claiming that the newer project has begun “flipping” its older rival. While this is certainly an impressive feat, analysts are quick to point out that Aptos still has a long way to go before its utility rivals that of more established chains.
The Aptos charts are also looking healthy. Its 30-day moving average has shot well above its 200-day average, indicating that the current price increase is likely to continue for a while longer. Its relative strength index has also surged to 80, suggesting that the rally is still in full force. But with the index having already dipped down to 73, it could be an indication that the uptrend is on the brink of running out of steam.
The mainnet launch of Aptos back in October has certainly helped drive up the price. With PancakeSwap being the biggest dapp on the network, the demand for Aptos has increased significantly. This, coupled with the fact that it is still a relatively new project, has meant that the Aptos price has skyrocketed in recent weeks.
Whether Aptos will be able to keep up this pace of growth and eventually rival the big players in the cryptocurrency ecosystem remains to be seen. But with the impressive growth that it has seen over the past few weeks, it is certainly one to watch.