The Rise and Fall of Aptos: Will APT Price Recover?

The-Rise-and-Fall-of-Aptos-Will-APT-Price-Recover
  • On October 17, 2022, Aptos was processing four transactions per second.
  • The company earlier estimated a whooping 130,000 transactions per second.
  • An upward trend in the price of Aptos has been seen despite the earlier decline.

The heat was undoubtedly on for Aptos to fulfill its promise of offering extremely quick transaction speeds as the negative buzz surrounding the firm grows by the day.

In a comment on their own article, Twitter user ParadigmEngineer420 said that the network was only processing four transactions per second on October 17, 2022, the day of the Aptos Mainnet launch.

A far cry from the company’s previous estimates of 130,000 transactions per second, four transactions per second didn’t exactly leave a positive first impression with users. After all, this was Aptos’ main attraction, the source of much anticipation.

Additionally, according to Aptos, following the Mainnet launch, the APT tokens of its key contributors and private investors would be locked up for a period of four years. These tokenomics have caused others to comment, with many saying that this could very well turn away potential customers.

Early on October 19, 2022, Aptos initially appeared on the open market, valued at around $8.85. It quickly dropped dramatically, reaching a low of just under $6.69 a few hours later, before recovering over the rest of the day to reach about $7.90 in the early afternoon. 

Aptos 24-hr price chart, Source: Coinmarketcap

At the time of writing, an upward trend in the price of Aptos has tested with a steady momentum according to CoinMarketCap. The key support is currently at $6.83 with the current price placed at $7.66. Technical indicators are pointing in the green zone with a price percentage increase of 5.3%.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer