As the year 2023 began and the crypto market started to show signs of a recovery, all eyes were on the major cryptocurrencies.
The crypto communities wanted to know how well the major cryptocurrencies were going to perform in a bullish trend after a long winter.
Aptos has come out of nowhere
Just when most of the communities were busy witnessing the performances of major currencies, Aptos (APT) caught on fire.
Initially, many thought that the APT token did not have much to offer. However, the token’s unending rally has caught the attention of the entire cryptocurrency market.
The communities that were once focused on Bitcoin and other major altcoins are now eager to know where the APT token is headed.
The token has caught the attention of investors and users who were once attracted to the major cryptocurrencies.
They want to become part of the APT token community so they can also benefit from the recent developments in the asset.
Following the price push that the asset has witnessed in the recent trading sessions, analysts have started to look at the asset’s driving factors.
Let us have a look at these factors and see what is causing the price of the APT token to move higher and carry on with its strong momentum.
APT Token’s 253% Surge
Binance, the largest crypto exchange has taken a deep look into the trading price of the APT token. It has tried to come up with the factors that have been driving the trading price of the asset to higher levels.
Almost every crypto market analyst is interested to know the major factors that have resulted in an epic rally for the APT token.
The data collected from CoinMarketCap for the APT token shows that the asset’s trading price has surged more than 253% in more than a couple of weeks.
The surge experienced by the APT token has surpassed the performance of the entire cryptocurrency industry.
Aptos blockchain was launched by a former employee from Facebook. It has been developed to operate as a layer-1 blockchain.
It was just October 2022 when the blockchain had been launched. The former Facebook employee who developed the blockchain claimed that it would soon become an Ethereum killer.
Like other blockchain networks that have made the same claims against Ethereum, Aptos has not been able to come close to achieving its goal.
It is among the blockchain networks that want to challenge the Ethereum blockchain but it needs a lot of time to mature.
The network has to do so much before it can come close to competing or rivaling the Ethereum blockchain. Although the blockchain is not scoring many achievements, its utility (APT) token is.
Factors Boosting APT Token Prices
According to Binance, the teams at Aptos know how to engage with communities and keep them engaged. This way, they are on the right track to building a very strong and firm community.
Such a community proves to be very loyal and grows sentiments towards the protocol. If Aptos teams managed to achieve that, they will be able to bring more investors to their side.
The Aptos team is increasing its engagement with the communities by holding multiple events around the world. They have announced that they will be going on a world tour for Aptos.
They will be holding developer meet-ups and various conferences so they are on top of everything.
Aptos has also entered the non-fungible token (NFT) sector and it is doing it through the Topaz NFT marketplace.
The collectors are finding it very favorable for them to adopt APT tokens as the token’s price is constantly surging.
Then there are the staking pools that have been launched for the APT token by the Binance exchange. These staking pools are for APT/USDT and APT/BTC pairs.
Since the announcement of the staking pools, the value of the token has surged by 56%.