Aptos (APT) Price Analysis, What It Is, and How to Invest

Nicholas Otieno -

Cryptocurrencies have reshaped the global financial infrastructure, providing a straightforward way to transact digitally without involving third parties like credit card firms or banks (and paying the high fees they usually charge for processing transactions).

The digital asset market is currently experiencing a significant uptrend, with Aptos (APT) capturing the spotlight because of its impressive performance. This altcoin is asserting its influence in the bullish market dynamics.

Investing in a rising altcoin, like Aptos, can be rewarding as it provides diversification and potentially higher returns. However, many crypto users want to understand the use cases and technology behind Aptos, which are essential factors for making informed decisions.

APT price analysis                                                    

On Tuesday this week, Aptos’ native token (APT) jumped over 15%, hitting a new fresh high of $18.78 at 10.51 am EST, according to the CoinGecko market aggregator. The price climb on Tuesday was the highest Aptos has reached since hitting its previous all-time high of $19.86 on January 30, 2023.

The new price uptick could have been triggered by Aptos’ recent announcement of new applications that advance the development of products and applications in its blockchain.

Last month, Aptos Labs rolled out a new way for users to sign transactions on its network without using passwords. Earlier this month, the firm announced a partnership with Google Cloud to improve live service gaming experiences with web3 capabilities for users worldwide.

Aptos token is trading at $18.50, up 3.82 in the last 24 hours at the time of writing. With the current price action, Aptos’ market capitalization stands at $7.34 billion, an immense rise from the $4 billion recorded early this month.

While the worst-performing year of Aptos was 2022, when the price dropped by -74.90% from $13.73 to $3.45, the best-performing year for the altcoin was 2023, when the price of APT surged by 173.58%. For the last year now, Aptos price has increased by 67%.

What does this trend mean?

While in the first week of January 2024, Aptos reached $10.84, last month's average price was $9.57, and currently, the crypto is trading at $18.44, up by 38.43%. Market observers believe that APT is likely to continue its bullish stance, breaking its previous all-time high of $19.86 and reaching between $35.59 and $40.50 before the end of the year.

The year 2024 has marked a significant milestone in the landscape of cryptocurrencies, witnessing an extraordinary surge that has attracted the attention of both crypto investors and market analysts.

Aptos market sentiment is currently bullish, while its Fear & Greed Index is showing 83 (Extreme Greed). The crypto has been on an impressive uptrend since early March, surging by more than 94% over the last 30 days, showcasing its strong performance. The altcoin has also gained recognition in the crypto market, climbing to the 23rd position among the largest cryptocurrencies by market cap.

Community-building initiatives and developments in the blockchain network could propel Aptos price to a potential high of $38.25 before the end of this year. However, bearish trends could still lower the APT price to $16.35.

What is Aptos token?

Aptos blockchain was formed by former Facebook executives Avery Ching, who is currently Aptos’ CTO, and Mo Shaikh, who is now its CEO. After abandoning Meta’s Diem stablecoin and Novi digital wallet, the duo relaunched and renamed the project Aptos in late 2022.

Aptos blockchain has its own native token, popularly known as the Aptos coin (APT), designed to be staked to keep the network operating, with incentives paid out to stakers who contribute to the overall security of the blockchain.

Users need APT tokens to participate in governance or submit transactions. Those who hold APT tokens can interact with dapps (decentralized applications) on the network and also participate in governance processes. At the heart of Aptos network lies a staking mechanism, where token holders are rewarded for participating actively in the network’s consensus and security.

Aptos use cases

Although Aptos is still a young ecosystem, it’s getting traction in various industries. Here are some of the top projects operating on the Aptos blockchain:

  • APT token is being used to pay for transactions and network fees on the Aptos platform. For those who want to buy Aptos, this token is being traded on the top 50 cryptocurrency exchanges, including Binance, Coinbase, and others.
  • Various Defi platforms (like OKX DEX, CoinSender, PancakeSwap, Sushi, and others) are active on Aptos.
  • Several gaming platforms are built on the Aptos network, including the action role-playing game Plasmaverse, the casual MMORPG Bitmates, ReadyGG with an ecosystem of over 2000 games, game developer Stan targeting mainly the Indian gaming market, and others.
  • Last year, Web3 social video platform Chingari collaborated with the Aptos blockchain to support its Web3 products.
  • Mastercard recently partnered with Aptos to create a tool for onchain identity and verification for ticketing and payments.
  • KYD Labs, a ticketing company, also runs its platform on Aptos blockchain to create live event ticketing.

Conclusion

Factors like partnerships and many projects on the blockchain could help bring more recognition to Aptos cryptocurrency and enhance the sentimental belief of users.

Looking beyond 2024, the trajectory of major altcoins, like Aptos, appears poised for continued growth. Users must prepare for this evolving landscape by staying informed and adopting best practices to navigate the future of finance with confidence.