Youtube’s well-known Coin Bureau analyst Guy updates his predictions about an altcoin project that has been trending in recent days.
According to Coin Bureau analyst, this altcoin is overvalued
Coin Bureau analyst considers Aptos (APT), which ranks 50th by market cap, to be expensive. Guy noted in a new video that Aptos (APT), who featured as the Solana killer, was “overrated”. But the analyst adds that the project has interesting underpinnings:
As APT is a brand new cryptocurrency, I don’t have much to say about price action at the moment. Even so, Aptos looks wildly overvalued at first glance, with a market cap of more than $1 billion and a fully diluted market cap of more than $9 billion. However, upon closer inspection, some fundamentals appear to be starting to take shape.
The analyst then compares Aptos with metrics from different networks:
Aptos Explorer reports over 1.7 million wallet addresses. AdaStat explorer estimates there are around 2.3 million wallet addresses for Cardano. This indicates that within two weeks of launch, Aptos will have more users than Cardano. The mainnet for Cardano was launched more than five years ago. This is serious adoption.
Aptos is currently trading at $8.18, down just over 40% from its ATH level of $13.73 on Oct.
price targets
Guy adds that Aptos has the technical ability to deliver on its ambitious roadmap in the weeks and months to come:
Aptos still has a lot of goals to achieve… In short, Aptos, like all other new cryptocurrencies, wants to scale to support billions of users and every conceivable use case. The difference is that Aptos actually has the necessary technology.
Aptos is currently the newest cryptocurrency on the crypto scene. In late July, it raised $200 million in funding from a number of companies. It also bears the signatures of former Meta employees. Its blockchain uses the proprietary programming language Move.
1/ Today, we announced our $150M Series A funding round. This is a testament to our team's technical expertise, the strength & activity of our ecosystem and the vision & ethos we all share. https://t.co/GGnn4TY9Lw
— Aptos (@Aptos_Network) July 25, 2022
The main feature of Aptos is parallel execution. Most Blockchains use a transaction order method in which a single transaction chronology is constantly updated. Each time you make a transaction, it is added to a single ledger containing every transaction that has ever been executed. It is also updated on the network and through thousands of nodes.
Parallel execution, on the other hand, runs multiple chains in parallel at the same time. Theoretically, it allows more to be processed at the same time. Aptos claims it reached 130,000 transactions per second during the testing phase. Compare that to Ethereum’s 30 per second slower. You can find more details about Aptos in this article of Kriptokoin.com.
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