APT Whips Up 21% Gains, Unfazed by Huge Aptos One Outage

Aptos One outage due to heavy traffic didn’t stop APT from climbing back above critical resistance.

Woman wearing a futuristic suit at a desert surrounded by mountains.
  • Layer-1 blockchain Aptos registers 600,000 new crypto wallets in days.
  • Aptos One omni-channel commerce solution witnesses traffic influx.
  • $APT soars 21% daily to reclaim $6 resistance, but there’s a catch.

Aptos (APT) emerged as a pioneer of Move technology in the crypto space, even though its launch in October 2022 was met with several hiccups. Last week, the Aptos Foundation launched an omnichannel commerce solution called Aptos One.

This new tech business suite by Aptos encountered an enormous traffic influx, causing the network to go lights out. The heavy load is evident in the numbers: In the first 24 hours, Aptos One already encompassed over 600,000 new crypto wallet addresses and 1.3 million transactions with the new smart contract.

Among the new dApps on the new platform, the leading one is Graffio. The digital art platform provides a digital canvas where artists can create using the preset artificial intelligence tools. 24 hours after the canvas is completed, the digital art creation transitions into a non-fungible token (NFT) on the Aptos Layer-1 blockchain.

APT Soars 21% Despite Aptos One Blackout

Adapting to the volatile crypto market conditions, the newbie altcoin $APT mounted to a $2.93bn market cap on January 26th, 2023. Venture capitalists favor the Layer-1 blockchain, as the Aptos Labs team comprises prominent ex-Meta staff members.

Aptos, a Proof-of-Stake blockchain (PoS), can process 160,000 transactions per second. This is three times more than rival Solana (SOL). However, despite holding above $1 billion global market cap in 2023, APT is still nowhere near Solana’s $12 billion.

At press time, Aptos is priced at $5.92 with a 0.7% downward market correction in the last 24 hours. In the weekly perspective, APT inked 21% in the green to break the northward resistance at $6, hitting the daily high of $6.35 in the early hours of Monday.

While APT broke through the bearish obstacles surrounding the $5 price range, the L1 native token failed to sustain the $6 resistance line. After market correction, APT slid below the $6 price range, but the strong cash inflow is evident in Chaikin Money Flow (CMF), affirming venture capital injections into the blockchain.

On the Flipside

  • Several pro crypto traders on X allege that the $APT price is manipulated and “makes no sense.”
  • Rival Layer-1 altcoin Solana outshined Aptos, skyrocketing by 24.5% during the same period.

Why This Matters

Cryptocurrencies favorable by retail investors and capital ventures heavily contribute towards crypto adoption.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.