Aptos (APT) soared over 10% in the last 24 hours following Aptos Labs’ acquisition of HashPallete. The token is leading the market after becoming the largest gainer among the top 100 cryptocurrencies by market capitalization.
Aptos To Expand Its Presence In Asia
On Thursday, Aptos Labs, the developer of the Aptos network, announced it had agreed to acquire the Japanese Blockchain developer HashPallete, the company behind Japan’s Palette Chain and a subsidiary of HashPort Inc.
The agreement aims to become a “game changer for Japan and the Aptos ecosystem” as the integration with the Japanese blockchain is set to strengthen its presence in the Asian market:
Japan has long been a hub of technological innovation, and it’s no different when it comes to blockchain. The country’s unique blend of advanced tech and widespread blockchain adoption makes it a model for Web3 initiatives globally. Today, we’re making one of our boldest strategic moves into this market with our agreement to acquire HashPalette Inc.
As part of the acquisition, HashPort Inc. will migrate the Pallete Chain and its subsidiary’s applications to the Aptos Network. The Japanese chain will also have access to the Aptos ecosystem’s security, scalability, and developer tools.
The migration is expected to be completed by early 2025, in time for the EXPO2025 DIGITAL WALLET. Moreover, Aptos Labs partnered with HashPort to support local developers, NFT creators, and enterprises by “continuing to build blockchain solutions (…) using Aptos Network’s infrastructure.”
APT Leads The Crypto Market
Following the announcement, APT’s price saw a daily 11% surge, jumping to the $8.66 resistance level before retracing to the $8.51 mark. This performance crowned the token as the leading crypto amid the market retrace.
APT is among the few cryptocurrencies recording green numbers in most timeframes among the top 100 tokens by market cap. The altcoin registers a 7.5% and a 41% increase in the weekly and monthly timeframes.
Additionally, its daily market volume soared 41.7%, reaching a $769.6 million trading volume in the last 24 hours. The token’s performance was highlighted by several crypto analysts, who considered that APT has the “most interesting chart” at the moment.
According to Yuriy from BikoTrading, the cryptocurrency looks strong as the rising trading volume and the price performance “signs for continued growth.” The trader noted that APT’s price held above the key resistance zone amid the market retrace, which sent the token above Q3’s range highs.
Similarly, crypto trader Osbrah stated that APT has been “secretly climbing its way to the most interesting alts charts.” He pointed out that, after October 1’s market sweep, the token had a “clean bullish retest” above the $8 mark.
To the trader, the next big resistance is at the $9 mark, which could send APT’s price to the $7.95 support zone if it fails to reclaim it. Meanwhile, another market watcher suggested that the altcoin’s performance could be close to a breakout.
Per the post, SUI and APT moved in a “catch-up trade” path for the past year, moving closely together until SUI decoupled in early 2024. This led to a 44-day lagging period for APT before it followed SUI’s movements. After that, APT rose 98% to its yearly high of $18.8 in mid-March.
Now, APT has seen a 32-day lagging period after SUI decoupled again in September, showing “incredible amounts of strength.” Based on this, the analyst suggests that the cryptocurrency could follow SUI’s trajectory and kickstart a massive rally in the next two weeks if history repeats.
Featured Image from Unsplash.com, Chart from TradingView.com