This crypto is rising again today, now up 50% in the last 2 days

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What happened

One of the best performing cryptocurrencies once again today, Aptos (APT 11.01%), continued its feverish search for higher short-term highs. As of 1:30 p.m. ET, this layer-1 blockchain project has seen its APT token surge 7.3% in the past 24 hours. This brings the token’s two-day gains to over 50%, far exceeding those of most of the top 100 tokens during this time frame.

Much of this decision appears to be tied to the excitement around this relatively new blockchain network’s ability to process transactions at the fastest pace in the crypto industry. For crypto to go mainstream, it will be important for long-term investors to see accomplishments like this.

Interestingly, development appears to be accelerating on Aptos, with automated market maker PancakeSwap tapping Aptos for a key rollout. Notably, a proposal that looks very likely to pass (99% of token holders voting yes) seeks to build on this rollout on Aptos.

So what

Aptos is intriguing. Founded by the original team behind Project Diem, Aptos is a purpose-built new blockchain that seeks to become one of the fastest and most secure blockchains in the world. The fact that automated market maker PancakeSwap has shown such interest in Aptos has caused many in the crypto community to take a closer look at it.

Personally, I want to dive deeper into it given its strong price action lately.

Now what

As most investors know, a few days of upward price action does not constitute a rally. Aptos is still down about 45% from its peak at the end of last year after its launch. Therefore, although this project is new and exciting, it is also likely that there has not been enough price discovery regarding its token.

Thus, I think this token is definitely worth putting on the watchlist. The team behind Aptos is outstanding, and some top crypto backers have taken this project from idea to reality. Unfortunately, Sam Bankman-Fried was also involved in the initial financing of this project, which could throw a little shadow on this one.

Right now I think the best course of action with Aptos is to see if this rally is sustainable. So far, it looks like most of the volume remains bullish on this short-term token. However, we have seen many short-term rallies explode over the past year. At these levels, it looks like Aptos can really go both ways. It’s a tough call.

Chris MacDonald has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.

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