As the highest-trading coin, over $31.43 million has been liquidated from the Aptos market in the last 24 hours.
Aptos (APT) blockchain, a new upgradeable Layer 1 Web3 infrastructure, has gained a lot of momentum in the last few weeks. APT coin is up 415% over the past 30 days, trading around $18.72 on Thursday. Developed over the past three years by his 350+ developers around the world, his Aptos blockchain has reached a fully diluted valuation of around $19,242,602,946.
Backed by the NFT market, Aptos daily trading volume remains high at around $2,691,587,238 in the last 24 hours since the chain was launched.
For example, collections such as Aptomingos and Aptos Monkeys have amassed tens of thousands of transaction volumes over the past few days, according to total market data from Aptos NFT marketplace Topaz.
However, APT coin is overbought from a technical point of view and will likely return in the near future. Additionally, the APT hype will be muted as more short-term traders exit the market prematurely with profits.
Christopher Newhouse, a crypto derivatives trader at crypto market maker GSR, said, “If traders were willing to open a short position with a very negative funding rate, they believed the token would fall. It must be,” he said. “Despite the surge, this suggests Shorts thinks Larry may have gone too far.”
As the top-traded coin, more than $31.43 million has been liquidated from the Aptos market in the last 24 hours, according to data provided by Coinglass. In particular, most of the clearings are on Binance, OKX, ByBit, and Huobi.
Aptos Competes in Layer 1 Blockchain Sector
The Aptos market has entered the cryptocurrency market and is starting to compete relentlessly with other layer 1 blockchains such as Ethereum, Solana and BNB chains. The Aptos network has high throughput, low prices, and is highly scalable to meet the demands of Web3’s customers.
According to the project whitepaper, the Aptos blockchain does not break transaction atomicity as it requires prior knowledge of reading and writing data. As such, the Aptos network can efficiently support atomicity in arbitrarily complex transactions, resulting in higher throughput and lower latency for real-world applications.
there is no doubt that $ aptos According to the market, it is the best Layer 1 after Ethereum.
— Ran Neuner (@cryptomanran) January 25, 2023
The Aptos development team has already launched Aptos names for Petra wallet, on-chain explorer and domain verification.
As such, the Aptos network offers existing Layer 1 blockchains such as Ethereum and Solana.
Market analysts predict that the Aptos network will feature heavily in the next crypto bull market due to its global adoption and active developer community. Nevertheless, a looming crypto market correction could send the APT token to new lows as more regulation enters the industry.
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