The price of Aptos (APT) has been on the rise over the last week. The digital asset which had been adversely affected by the collapse of FTX, which was one of its backers, seems to be finding its feet in the market once more. Aptos price has now rallied to new highs even amid the crypto market deceleration.
What Is Driving Aptos Price?
On Wednesday, Binance posted a Twitter thread highlighting the developments that were taking place on the Aptos blockchain. Aptos which has been flying under the radar for some time had begun to make some moves, especially in relation to its community.
Founders Mo Shaikh and Avery Ching were on a community Twitter Space where they revealed their plans for the blockchain. An important announcement was the Aptos World Tour which is supposed to be multiple conferences and developer meetups hosted across the world. This announcement focused on its developer community, but there was another for the general community.
The Aptos Move Monday is something that is expected to be an ongoing event where founders answered questions from the community. The first one, hosted on Monday, brought with it glad tidings as the price of APT had surged with it.
3/
Mo and Avery announced significant upcoming community engagement, including the #AptosWorldTour, various conferences and developer meet-ups. They also discussed expected 2023 developments with #Aptos. To get the full picture, check out the recording: https://t.co/gomO5Kt1Of.— Binance Research (@BinanceResearch) January 25, 2023
Other important factors are the fact that NFTs are becoming more popular on the blockchain with more collections choosing to launch on Aptos. Additionally, Binance also contributed a fair share to the recent movement in price.
The crypto exchange announced that it was adding two new liquidity pools for the cryptocurrency. The addition of the APT/BTC and APT/USDT pools on the largest exchange in the world helped drive the price upwards by more than 50% at the time.
APT reaches new all-time high | Source: APTUSD on TradingView.com
Will APT Maintain The Upward Movement?
The main driver behind the Aptos price is currently the support it is getting both from its community and prominent players in the crypto sector. For it to maintain this upward momentum, the digital asset would need further support from possibly other exchanges.
Also, if development were to continue on the blockchain as expected, the increased usage of the network can also drive it to higher prices as APT is needed to carry out transactions. Thus, the growth of the NFT space and the possibility of the DeFi space on the network can help maintain the present momentum.
APT’s price is up over 400% in the last month and has already recorded a new all-time high price of $19. It’s up 130% in the last seven days and is currently the second top trending coin on Coinmarketcap behind bitcoin.