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Solana Killer Aptos (APT) Surges 27%, Here's What May Have Caused It

Sun, 12/04/2022 - 14:53
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Gamza Khanzadaev
APT rising for two weeks straight, but many crypto enthusiasts have missed opportunity
Solana Killer Aptos (APT) Surges 27%, Here's What May Have Caused It
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The price of the Aptos blockchain token, APT, has risen by more than 25% in the last two weeks. This is the first time since the token's listing that its quotes have ended two weeks in a row with a positive result.

Interestingly, according to trading volumes reported by CoinMarketCap, the APT price has risen at a relatively low level of interest. For example, over the last 14 days, trading volumes have only twice exceeded $140 million, when previously such trading volume could be considered minimal for this crypto asset.

In fact, there is no particular reason for the APT price to rise so much. Nevertheless, both the fundamental and technical aspects of this action can be considered.

Speaking of Aptos' performance as a blockchain, the number of addresses is growing and the number of daily transactions has stabilized at around 600,000. In addition, the amount of gas fees is also growing, which generates additional revenue for the blockchain.

Solana 2.0: Here's Why Aptos (APT) Can Take SOL's Place

Aptos (APT) price action

As for the APT price chart, an interesting picture emerged. APT, which had been accumulating since mid-November, broke through the resistance of the 200-day moving average and then retested it twice more during the last month to move above the important $5 level.

Source: TradingView

APT is now on track for $5.5. If it manages to overcome it, the rate could hike to a block around $7.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.