Bulletpoints:
• Layer 1 blockchain Aptos’ APT token surged 387% this January leading all cryptocurrencies for gains.
• Gaming- and metaverse-affiliated tokens including Gala Games’ GALA token and Decentraland’s MANA token gained 233% and 149%, respectively.
• The increases come during a broad-based swoop upward in digital assets that has seen bitcoin and ether rise about 40% and more than 175%, respectively.
The cryptocurrency market has seen a surge of activity in January after a lull in activity in 2022. With a market resurgence came the biggest gains in tokens that had seen the biggest losses in the prior year. Layer 1 blockchain Aptos’ native token APT was the biggest winner among 160 assets in the CoinDesk Market Index, with a surge of 387%, dwarfing the performance of bitcoin and ether.
Gala Games’ GALA token and Decentraland’s MANA token also saw notable gains, with a 233% and 149% increase, respectively. This broad-based increase in digital assets was led by bitcoin and ether, which rose about 40% and more than 175%, respectively.
According to Martin Leinweber, digital assets product specialist at MarketVector Indexes, this surge of activity is not too surprising. “Those smaller altcoins have a higher beta to bitcoin on the way up and on the way down,” he said.
As the cryptocurrency market continues to climb, investors are encouraged to be aware of the potential risks and rewards associated with these digital assets. Aptos’ APT token has seen a remarkable increase in the short term, however, continued volatility should be expected.