Aptos (APT) Price Skyrockets 120% – Discover The Top Reasons Behind The surge
As expected, the altcoin market, led by Aptos (APT), has rallied higher compared to Bitcoin in the past few weeks. Short-term holders and crypto miners have been reported taking profits after a year-long bear market. According to aggregate data provided by Coinglass, over $109 million has been liquidated in the crypto market and APT is the third largest after Ethereum and Bitcoin.
Reportedly, over $14.5 million has been liquidated by APT traders in the past 24 hours after the asset retested an ATH set immediately after launching. The psychological resistance level coincides with an overbought RSI indicator that signals an imminent retrace.
Closer Look at Aptos (APT) Market Outlook
The newly launched layer 1 blockchain has attracted huge crypto investors’ attention in the past few weeks. According to our latest crypto price oracles, APT has rebounded from $3.2 to a high of around $20 in the past four weeks. The APT price action is well bolstered by the institutional investors including Binance that have supported the projects.
Most importantly, on-chain data shows that Aptos’ top 20 investors hold a total of 155,576,835 $APT worth approximately $2.76 billion. As a result, these APT whales account for about 15.3 percent of the total supply.
Interestingly, the top address “Aptos 1” received a total of 729,000 APT worth approximately $12.78 million in the past 24 hours. However, the address sent out over $13.44 million in the same period.
Notably, Aptos undertook several fundraising to support its Web3 development projects. Moreover, the Aptos project involved over 350 blockchain developers in the past two years before launching. The crypto project raised over $350 million last year from key investors like Andreesen Horowitz, Coinbase Ventures, and Paxos, among others.