Aptos (APT) goes against the market’s general downward momentum. In keeping with CoinGecko, the token is up greater than 25% since last week, a superb sign despite the broader market dipping by 3% up to now 24 hours.
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The network is breaking latest ground today. The Aptos primary X account recently announced that their platform achieved a latest high in transactions per second (TPS), a metric that is predicated on how briskly the network can process transactions with none downtime. This win shows that Aptos can punch above its weight, competing with big players like Solana and Ethereum within the highly-stacked crypto market.
Achievement Unlocked: High TPS Creates Recent Hype For Aptos
In keeping with Aptos, the network broke the 4,000 real-time transactions per second threshold, having a peak of nearly 12,500 TPS yesterday. The network is flexing its muscle as this contributed greatly to APT’s current price range.
📈@Aptos facilitated ~50x more day by day txs than @ethereum (L1) and ~10x greater than @base (L2). pic.twitter.com/JayZAPlluD
— Token Terminal (@tokenterminal) August 14, 2024
The achievement has been applauded by users on the platform with replies to the post starting from “amazing” to “Let’s break all of the (expletive) records.” The hype generated by this achievement was further boosted as Token Terminal, a blockchain analytics platform, stated that Aptos processed more transactions than each Ethereum and Base combined.
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“@Aptos facilitated ~50x more day by day txs than @ethereum (L1) and ~10x greater than @base (L2)” said Token Terminal, showing that Aptos has the infrastructure and the network capability to go against the massive players of the crypto community.
Source: Aptos Analytics
Aptos can be repeatedly in comparison with Solana, a direct competitor to Aptos, with reevolution.apt stating that Aptos will flip Solana in the longer term.
This bullishness on the platform could be seen on-chain as just about all metrics have gained significant upticks since then.
Rejection On This Level Might Threaten APT Gains
As of writing, APT has been rejected on an important price ceiling of $6.8, continuing the downward trend it began yesterday. With this in mind, the token might see more pain within the short term, possibly moving back to more sustainable levels of momentum.
APT is currently trading at $6.5. Chart: TradingView
Nevertheless, APT poses an enormous threat to other layer-1s out there. Boasting high throughput with no downtime is a game changer to the general user experience on the platform.
However the token’s current position remains to be threatened by the general market momentum which, because it currently stands, is bearish because the market continues to slide under the pressure of the bears.
Within the short term, investors and traders should remain cautious while watching the overall market movement as any indication that the dip will proceed in the following couple of days will hurt profits. Nevertheless, playing the long game will profit them because the token’s current position opens up $7.6 once conditions develop into bearable.
Featured image from NullTX, chart from TradingView