The Aptos price has jumped to $18.44 today, with the layer-one cryptocurrency rising by as much as 37% within the past 24 hours.
Its current level also means that it has gained by 141% in a week and by 400% in the last 30 days, as Aptos looks set to become the biggest layer-one network in the cryptocurrency ecosystem after Ethereum and BNB Chain.
Indeed, with Aptos exceeding Solana in terms of its fully diluted valuation, some observers have been declaring that the newer project has already begun “flipping” its older rival.
However, with little underlying Aptos besides venture capital and a Facebook-related pedigree, it still has a long way to go before the utility it offers rivals those of bigger, more established chains.
Aptos Price Prediction as APT Pumps Up 37% in 24 Hours – Is Aptos the New Solana?
Based on its chart and indicators, APT is definitely enjoying a big breakout right now. Its 30-day moving average (red) has shot well above its 200-day average (blue), and while you might suppose it’s due to come down anytime soon, we’ve been saying this for several days now, without APT actually falling (yet).
Similarly, APT’s relative strength index (purple) has surged to 80 in recent days, although a dip down to 73 could suggest that its rally is on the brink of running out of steam.
Of course, with a 37% rise today, it doesn’t seem to have lost any momentum just yet.
Launched in October, Aptos is a layer-one blockchain that has small but growing number of projects building on top of it, including PancakeSwap (which is its biggest dapp).
It emerged out of Facebook’s ill-fated Diem/Libra digital currency project, using the same Rust-based Move programming language, something which (in theory) makes it faster than many of its rivals.
Given that it stems from Facebook/Meta, venture capital has been eager to back the project, with Aptos raising hundreds of millions of dollars in venture capital in the past few months.
This, arguably more than anything else, has created strong expectations surrounding Aptos, with APT rising in much the same vigorous that other layer-ones (e.g. Solana and Avalanche) did when they first emerged.
