Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High
On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT is still up 349% compared to last month’s exchange rate.
Aptos Hits $20 Ceiling, Slides 20% Lower From All-Time High
Aptos, a layer one (L1) blockchain created by two developers from the former Diem cryptocurrency project at Meta, saw significant growth against the U.S. dollar last month. Six days ago, it reached an all-time high of $19.92 per unit. However, in the past 24 hours, APT has lost 8.3% in value and traded between $15.89 and $17.48 per coin.
Despite this decrease, Aptos was one of the top-performing cryptocurrencies in January 2023 and has increased more than 400% since its all-time low on Dec. 29, 2022. Out of the thousands of cryptocurrencies in the industry, worth a total of $1 trillion as of Feb. 1, 2023, APT is ranked 28th in terms of market capitalization.
Currently, the circulating supply of 161,361,143 APT is valued at $2.55 billion in USD. The global trade volume for APT was $423.74 million in the past 24 hours. Of that volume, 57.32% was exchanged for Tether (USDT) and 18.15% was traded for the Korean won (KRW), making the Korean won APT’s largest fiat currency pair, surpassing the percentages exchanged for the euro or the U.S. dollar.
About 1.46% of all APT trades today are exchanged against the Turkish lira. In the decentralized finance (defi) space, APT has $61.24 million total value locked (TVL) in defi on Feb. 1, 2023. On Wednesday, Pancakeswap dominated the APT value locked in defi with 59.76%. The Aptos team and community members are on the “Aptos World Tour,” recently completing a stop in Korea.
“When considering where to have our first hackathon, there was no doubt that Seoul was our top choice,” Mohammad Shaikh, the co-founder and CEO of Aptos Labs said at the event. According to aptoscan.com stats, the largest wallet, controlled by the Aptos Foundation, holds 52.53 million APT, or 5.162% of the total supply. The top five APT wallets, including the largest address held by the Aptos Foundation, hold 11.22% of the supply among 3,101,008 unique addresses.
What are your thoughts on the current state of APT in the cryptocurrency market? Do you think it has the potential to bounce back or will it continue to decline? Let us know your thoughts in the comments section below.
