Since its launch, Aptos Price (APT) has entered the top 100 cryptocurrency market capitalizations and posted the highest return in the market after surging more than 32% in the last 24 hours, according to data from CoinMarketCap, following major events. publication listings. on major cryptocurrency exchanges including Binance, FTX, OKX, and more.

Aptos Labs, an employee-founded startup behind Facebook’s ill-fated Diem cryptocurrency, began operations for a week on Oct. 17. with its main Aptos blockchain network, as well as its native cryptocurrency.

Source: TradingView

Before its launch, Aptos was considered a potential “Solana killer” and promised to make transactions faster and cheaper on a blockchain that supports non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized financial activities. (DeFi). Aptos boasted that it was capable of about 130,000 transactions per second. But during its launch on Monday, it was reported by a Paradigm engineer that the blockchain was capable of less than seven transactions per second, less than the Bitcoin network.

However, Aptos co-founder Mo Shaikh answered to the prosecution. While he was excited about the blockchain launch, he acknowledged that the slow start and low TPS “were a result of the network being underutilized, and this was just due to growing pains.”

Despite being a new token, APT has managed to rank in the top 60 in terms of market cap size. Aptos (APT) is currently ranked 44th out of more than 13,000 cryptocurrency projects listed today, according to data from CoinMarketCap.

The reasons why APT is succeeding in the market are based on three factors, negative funding rates, VC support and market recovery.

So far, the Aptos price is up 32% while funding rates have turned negative. This means that the shorts are paying the longs. Funding rates can sometimes act as a trigger for a reversal, as opening more short positions becomes more expensive and bulls gain support from market makers. Typically, after funding rates turn negative, they are paying bulls, such as illustrated by figures down.

Source: coinglass.com

It is no secret that before the Aptos coin was listed on major exchanges, the cryptocurrency already received a lot of support from institutional investors linked to Meta’s Diem crypto project. Aptos’ launch came after the blockchain platform raised $200 million in March, with backing from Andreessen Horowitz, Coinbase Ventures, FTX Ventures, Multicoin Capital, and other major crypto venture capital firms.

Despite the 50% drop, Aptos remains one of the largest digital assets on the market, and the potential market recovery provides some support for the token.

At the time of writing at 09:23 pm EAT on Sunday, APT was trading at $9.60 with a 24-hour trading volume of $1,530,266,354, according to CoinMarketCap. The Aptos coin is currently ranked 44th, with a live market capitalization of $1,202,252,216, according to CoinMarketCap. It has a circulating supply of 130,000,000 APT coins and the max.

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