- Aptos (APT), acclaimed as a potential “Solana killer,” shines bright with an 8% surge as the broader market retreats.
- A notable incident concerning South Korea’s leading crypto exchange Upbit, entwined with APT, captures the crypto community’s attention over the weekend.
In a time when the cryptosphere is undergoing a rough patch with a majority of digital assets incurring daily losses, Aptos‘ APT, often referred to as the “Solana killer,” emerges as a beacon of resilience. With an impressive 8% upswing in the last 24 hours, it defies the market’s melancholy and exhibits an encouraging trajectory for its holders and enthusiasts.
Amid the Falling Titans, Aptos Stands Tall
The narrative of the cryptocurrency market over the weekend has been anything but uplifting. Bitcoin, the flagship cryptocurrency, trailed through a muted weekend, nudging closer to $26,000 post a 2.05% retraction within the prior 24 hours. Amidst this dispiriting panorama, Aptos’ APT presents a contrasting narrative. Advancing from $5.29 to $5.83 in the day’s trade, it continues the upward march initiated on September 22 when it garnered support around the $5.04 mark.
At the moment, although APT has slightly retraced to $5.65, the digital asset is still floating with a 6.87% positive change over the last 24 hours, and a cumulative 5.61% appreciation over the previous week. Moreover, the trading fervor surrounding APT is palpable, with a remarkable 226% spike in 24-hour trading volume as per CoinMarketCap data. This surge translates to over $419 million, or 74,071,687 APT, changing hands within this timeframe, showcasing heightened trader activity aimed at capitalizing on the market volatility.
Though the precise catalyst propelling this rise remains shrouded, a keen observation unveils an intriguing incident over the weekend. South Korea’s premier cryptocurrency exchange, Upbit, on September 24, temporarily halted APT deposits and withdrawals following an abnormal deposit attempt. Despite the resumption of these services, the event spotlighted the potential volatility in APT’s price once the operations were reinstated.
This occurrence holds significance against the backdrop of South Korea’s historic prowess in driving formidable token rallies, underscored by the infamous Kimchi Premium phenomenon. This premium often elevates Bitcoin prices on local exchanges up to 30% higher compared to global platforms, underscoring the influence of Korean traders in the cryptic realm. Hence, this interplay between Aptos and the Korean crypto milieu forms an intriguing facet of APT’s recent market performance, offering a glimpse into the complex interconnections that drive the market dynamics in the ever-evolving cryptocurrency domain.