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Friday, January 27, 2023

Why Aptos is at an all-time high as Bitcoin’s price is up 2.3 per cent

Aptos is going from strength to strength this week, having more than doubled in value over the last seven days, reaching an all-time high of £15.17.

The cryptocurrency, created by the team behind Meta’s abandoned Diem blockchain, has soared 145.8 per cent this week, 44.3 per cent of which it gained in the last 24 hours alone.

Its growth has been stoked by higher-than-average selling prices on South Korean exchange UpBit, where around half of the token’s trading volume has taken place over the last day.

Cryptocurrency often fetches higher prices on South Korean exchanges, something that savvy traders can spin to their advantage by buying low elsewhere and selling high on exchanges like UpBit.

Booming trades on the group’s NFT marketplace Topaz are also boosting the record growth of Aptos, with popular NFT collections Aptos Monkeys and Aptomingos enjoying a 735.42 per cent and 321.19 per cent growth in sales volume over the last 24 hours respectively.

Solana is also on the up among the major currencies, shedding its association with FTX founder Sam Bankman-Fried, having more than doubled its value since the start of the year and seeing 8.3 per cent growth in the last 24 hours.

It comes as Bitcoin climbs 2.3 per cent over the last day and 11.7 per cent over the last week, with Goldman Sachs having yesterday labelled it the best-performing crypto asset of 2022 in recent data.  

The leading currency has been at the forefront of the market’s recovery since the start of the year, having gained almost 50 per cent in value since the beginning of January.

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