Aptos (APT) is bucking the general downward momentum of the market. CoinGeckoThe token is up by more than 25% since last week, a good sign despite the wider market There has been a decline of 3% in the last 24 hours.
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The network is breaking new ground today. The Aptos main x account recently announced that their platform achieved a new high in transactions per second (TPS), a metric based on how quickly the network can process transactions without any downtime. This win shows that Aptos can punch above its weight, competing with big players like Solana and Ethereum in the highly staked crypto market.
Milestone achieved: High TPS brings new popularity to Aptos
according to AptosThe network has surpassed the limit of 4,000 real-time transactions per second, with its maximum being around 12,500 TPS yesterday. The network is showing its strength as it has contributed greatly to APT’s current price range.
@aptos Facilitated ~50x more daily txs than @ethereum (L1) and ~10x more @Base (L2). pic.twitter.com/JayZAPlluD
— Token Terminal (@tokenterminal) August 14, 2024
The achievement has been lauded by users on the platform, with replies on the post ranging from “amazing” to “let’s break all the (obscene) records.” The hype generated by the achievement was further fueled when blockchain analytics platform Token Terminal said that Aptos more transactions processed That’s more than both Ethereum and Base combined.
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,@aptos Facilitated ~50x more daily txs than @ethereum (L1) and ~10x more @Base (L2)” Token Terminal said, which shows that Aptos has the infrastructure and network capacity to go up against the bigger players in the crypto community.
Aptos is also frequently compared to Solana, which is a direct competitor to Aptos. revolution.apt He added that Aptos will flip Solana in the future.
This bullishness on the platform can be seen on-chain in the form of almost all metrics have received Since then, it has grown significantly.
Rejection at this stage could threaten APT’s profits
At the time of writing, APT has been rejected at the crucial price ceiling of $6.8, continuing the downward trend that began yesterday. Taking this into account, the token is likely to see more pain in the near term, possibly returning to more sustainable levels of momentum.
However, APT is a major threat to other layer-1s in the market. Boasting high throughput without any downtime is a game changer for the overall user experience on the platform.
But the token’s current position is still under threat from the overall market momentum, which is currently bearish as the market continues to slip under pressure from bears.
In the short term, investors and traders should remain cautious given the general market movement as any sign of a continuation of the decline in the next few days will hurt profits. However, playing the long term will benefit them as the token opens up to $7.6 when conditions become tolerable.
Featured image via NullTX, chart via TradingView
