APT, the token that powers new up-and-coming layer-1 blockchain Aptos, is consolidating just to the north of the $13 level on Monday. Profit-taking in wake of a stunning 281% rally since the start of the month, with over 70% of these gains coming in the last seven days, preventing the cryptocurrency from holding at record-high levels just to the north of the $14 mark.
APT’s rally has been in part powered by a broader move higher in crypto since the start of the month which has, for the most part, been fuelled by macro-optimism (for easier monetary policy this year and next). Some analysts have also cited growth in trading volumes on Aptos-based NFT marketplace Topaz as boosting interest in the recently launched layer-1 blockchain.
Crypto Users Skeptical of the Rally
Crypto twitter community members were skeptical as to the sustainability of the rally. According to @Z_Humphries, Aptos is a “new shiny L1 and a lot of the VC money that left Solana could be going here… just a guess”. VC stands for Venture Capital – these are essentially hedge funds that invest in speculative projects in order to make quick money.