Aptos has just arrived but one analyst states it isn’t as great as some think.
Aptos (APT) is a crypto asset that was launched a little over a week ago, and it is already the 54th-largest by market cap. However, some believe that the company is grossly overvalued.
Coin Bureau YouTube channel host Guy tells his 2.16 million subscribers in a new video that Aptos appears to be “grossly overvalued.”
However, the fundamentals of the crypto asset are appealing, according to the Coin Bureau host.
While noting that wallet addresses are not necessarily a reflection of user numbers, Guy says that Aptos is enjoying “serious adoption.”Closer inspection of the blockchain reveals that Aptos has around 1.7 million wallet addresses, which is more than Cardano (ADA) – a project that has been around for over five years.
“Aptos is on track to surpass Cardano by a number of users within two weeks of launch,” Guy said, adding that this is “some serious adoption.” The YouTube host also likes the fact that Aptos is trying to solve a problem in the e-commerce space with its decentralized marketplace. However, he is not convinced that the company is worth its current market valuation of over $13 billion. It is currently the 54th-largest cryptocurrency by market capitalization.
At the time of writing, Aptos was trading at $8.10, down by a little over 40% from its all-time high of $13.73 reached on October 19th.
Aptos Has Potential
The Aptos blockchain has seen a lot of interest lately due to the launch of the APT token. Aptos is a layer-1 blockchain protocol that focuses on bringing blockchain technology to the e-commerce space. The Aptos token is used to fuel transactions on the network and is currently trading at $8.10.
Aptos also has a successful NFT marketplace called Topaz, which has seen over $1.5 million in sales since launch.
The Aptos protocol has a lot of potential and the team is made up of experienced industry veterans. However, the current price of the APT token is not sustainable and is based on speculation rather than fundamentals.
At its current price, Aptos has a market capitalization of $2.8 billion, which is higher than the market cap of some well-established companies such as Shopify ($2.6 billion) and Etsy ($2.1 billion).
The high price of the Aptos token is not justified by its current usage or adoption. The Aptos protocol is still in its early stages and has a long way to go before it becomes widely used.
Investors should be aware of the risks involved in investing in Aptos at its current price. The token could lose a significant amount of value if the project fails to meet expectations.
None of this should be taken as financial advice. Always do your own research before investing in any cryptocurrency.”