Ali Raza
Aptos (APT) has been one of the top gainers in the crypto market during the last 24 hours. The coin has gained 18% over the past day, trading at $5.13 at the time of writing. Aptos’ gains come amid a notable recovery across the cryptocurrency space.
Aptos price analysis
Aptos is one of the newest cryptocurrencies in the market. However, this has not prevented it from making commendable gains and outperforming the broader market. In the last 24 hours. APT has traded between $4.30 and $5.37, indicating substantial volatility.
APT has a market capitalization of around $666 million, ranking it as the 65th largest cryptocurrency, according to CoinGecko data. The coin’s trading volumes in the last 24 hours stand at around $257 million.
APT created an all-time high of around $13.73 on October 19. However, it has plunged 62% since then. Amid the ongoing occurrences across the broader market, including the collapse of FTX, Aptos is proving resilient.
The Relative Strength Index for this coin is at 46, a neutral level between the token being overbought or oversold. The RSI indicator at these prices shows that APT is leaning towards being oversold. Nevertheless, the trend shows the possibility of reversal, as shown by the Moving Average Convergence Divergence (MACD).
Despite the recent gains, APT is still not out of the woods as the market enters the weekend. The recent gains could be reversed as investors eagerly await Monday when institutions will start revealing the exposure and losses they made after the FTX exchange debacle.
Aptos denies exposure to FTX
The issues surrounding the FTX exchange have the entire crypto space on edge. The community speculates that the ripple effects of FTX’s insolvency will start. BlockFi has already halted withdrawals, citing the “lack of clarity” around the current situation with FTX.
A rumor also spread that the Aptos’ Treasury was exposed to FTX. However, Aptos quickly shut down these rumors saying that Aptos Labs and the Aptos Foundation treasury were not in any way connected with FTX and would continue to operate normally. This could be why the APT token has recorded an impressive gain now that the broader market is bullish today.
A message to the Aptos community: no Aptos Labs or Aptos Foundation treasury is held by FTX.
The network will continue to operate as expected, without impact from these events.
We have a lot to be excited about and look forward to building for the future. Let’s Move.
— Aptos (@Aptos_Network) November 9, 2022
In July 2022, FTX, alongside other investors, participated in an investment round for the Aptos ecosystem, which increased the firm’s valuation. The $150 million series A funding round was led by FTX Ventures and included other investment firms such as Jump Crypto, and Andreessen Horowitz, among others.
Aptos is a blockchain touting itself as a solution to the issues that often hamper the broad adoption of web 3.0 & crypto, such as outages and downtime. The team behind Aptos believes that its blockchain will be a reliable foundation for the web3 space, and it will be a gateway used by people who want to access decentralization.
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This article was written for Business 2 Community by Ali Raza.
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