The price of cryptocurrencies is now falling, and most digital assets have seen daily losses.
The most valuable cryptocurrency by market capitalization, Bitcoin, had a lacklustre weekend marked by stable pricing and limited trading activity. It is now approaching $26,000 after shedding 2.05% over the previous 24 hours.
One of the few tokens in the green, Aptos’ APT, often known as the “Solana killer,” has increased as much as 8% during the past 24 hours. In today’s trade, APT increased from $5.29 to $5.83, continuing the upward trend that started on September 22 when it established support at $5.04.
APT has reduced some of its gains as of the time of writing and was up 6.87% over the previous day to $5.65. The token also increased by 5.61% over the previous week.
According to CoinMarketCap data, the 24-hour trading volume of APT has increased by 226% as traders pounced into the market’s turbulence to make money; more than $419 million, or 74,071,687 APT, have been exchanged in the past 24 hours.
An examination of the official Aptos X website finds no significant announcement or upgrade that would have precipitated the jump, therefore the precise cause of the increase is still unknown.
However, Upbit, South Korea’s largest cryptocurrency exchange in terms of trading volume and user base, made a significant statement over the weekend, which focused attention to Aptos.
After discovering an unusual deposit attempt, Upbit announced on September 24 that it has temporarily halted deposits and withdrawals for the APT coin.
Later, the exchange restarted deposits and withdrawals, but warned that “the price may change drastically when (APT) deposits and withdrawals resume.”
This is crucial because cryptocurrency traders from South Korea have a history of initiating large token rallies. The so-called “Kimchi Premium,” which drives Bitcoin prices up to 30% higher on local marketplaces than they do on international exchanges, originates in this area.
