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Aptos (APT) shares rose more than 10% in the past 24 hours following Aptos Labs’ acquisition of HashPallete. The token is leading the market after becoming the biggest gainer among the top 100 cryptocurrencies by market capitalization.
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Aptos to expand its presence in Asia
Aptos Labs, the developer of the Aptos Network, announced on Thursday… Announce It has agreed to acquire Japanese Blockchain developer HashPallete, the company behind the Japanese 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 for technological innovation, and it’s no different when it comes to blockchain technology. The country’s unique combination of advanced technology and widespread adoption of blockchain technology makes it a model for Web3 initiatives globally. Today, we are making one of our boldest strategic moves in this market with our agreement to acquire HashPalette Inc.
As part of the acquisition, HashPort Inc. Migrated Pallete Chain and its affiliate applications to the Aptos network. The Japanese chain will also have access to the security, scalability, and development tools of the Aptos ecosystem.
The migration is expected to be completed by early 2025, in time for the EXPO2025 digital wallet. Furthermore, Aptos Labs has partnered with HashPort to support local developers, NFT creators, and institutions by “continuing to build blockchain solutions (…) using Aptos Network infrastructure.”
APT leads the cryptocurrency market
Following the announcement, APT price saw a daily rise of 11%, jumping to the $8.66 resistance level before retreating to the $8.51 mark. This performance crowned the token as the leading cryptocurrency amid the market decline.
APT is among the few cryptocurrencies recording green numbers in most time frames among the top 100 tokens by market cap. The altcoin is recording an increase of 7.5% and 41% in both the weekly and monthly time frames.
In addition, daily market volume increased by 41.7%, reaching a trading volume of $769.6 million over the past 24 hours. The token’s performance was highlighted by several cryptocurrency analysts, who considered APT to have the “most interesting chart” at the moment.
According to Yuriy from BikoTrading, the cryptocurrency looks… strong High trading volume and price performance “indicate continued growth.” The trader noted that APT price remained above a key resistance area amid the market correction, sending the token above its Q3 highs.
Likewise, cryptocurrency trader Aspera male that APT was “secretly working its way into more interesting alternative charts.” He noted that after the market sweep on October 1, the token saw a “clean bullish retest” above the $8 mark.
For the trader, the next big resistance lies at the $9 mark, which could send APT price towards the $7.95 support area if it fails to reclaim it. Meanwhile, another market watcher noted that the altcoin’s performance could be close to a breakout.
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According to the post, SUI and APT have moved on a “catch-up” path over the past year, moving closely together until SUI separated in early 2024. This resulted in a 44-day lag period for APT before it followed SUI’s moves. Subsequently, APT rose 98% to a yearly high of $18.8 in mid-March.
Now, APT has seen a 32-day delay period after SUI broke up back in September, showing an “incredible amount of strength”. Based on this, the analyst suggests that the cryptocurrency could follow the path of SUI and start a massive rally in the next two weeks if history repeats.
Featured image from Unsplash.com, chart from TradingView.com
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