{"id":18715,"date":"2023-01-27T19:44:55","date_gmt":"2023-01-28T03:44:55","guid":{"rendered":"https:\/\/coinnetworknews.com\/5-reasons-why-the-aptos-apt-rally-could-still-have-wings\/"},"modified":"2023-01-27T19:44:55","modified_gmt":"2023-01-28T03:44:55","slug":"5-reasons-why-the-aptos-apt-rally-could-still-have-wings","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/5-reasons-why-the-aptos-apt-rally-could-still-have-wings\/","title":{"rendered":"5 reasons why the Aptos (APT) rally could still have wings"},"content":{"rendered":"
Aptos\u2019 APT reached a new all-time high of $20.39 after posting gains exceeding 400% since the start of 2023. While the rally could just be a pump-and-dump event due to the perception of weak fundamentals, increasing negative sentiment toward the token will likely fuel the prices in the short term.<\/p>\n
Let\u2019s explore some of the factors that could be propelling the Aptos price rally.<\/p>\n
Aptos is a byproduct of Facebook\u2019s attempt with the Libra blockchain, which regulators forcibly shut down. Two of Libra\u2019s leadership team members, Mo Shaikh and Avery Ching, later found Aptos, a decentralized version of the abandoned blockchain project.<\/p>\n
The project is based on the Move programming language and introduces a new class of layer-1 blockchains that will compete against the likes of Solana and Cardano. The primary reasons behind the tailwinds for the APT token include investors\u2019 hope for a technological breakthrough that could finally provide a scalable, secure, decentralized blockchain.<\/p>\n
Aptos raised $350 million in 2022, which included a $200 million seed round led by Andreessen Horowitz and a $150 million Series A funding<\/a> round led by FTX Ventures and Jump Crypto. Later, Binance made a follow-on strategic investment to help boost<\/a> the Aptos ecosystem.<\/p>\n FTX Ventures\u2019 prominence induces the risk of a sell-off from the defunct entity. In this regard, some investors might be reassured by the involvement of other venture capitalists like Multicoin Capital, Blocktower Capital and Coinbase Ventures. High-volume exchanges like Binance could also soften the blow dealt by FTX and Alameda Researc.<\/p>\nSteady ecosystem development<\/h2>\n