Microsoft Aptos Integration Sends APT Soaring Despite Market Recess
Last Updated on 6 November 2023 by CryptoTips.eu
Microsoft has partnered layer-1 blockchain, Aptos, to work on AI and web3. This partnership has no doubt impacted the price of the crypto token, APT, which is the native token for the Aptos network.
The crypto market, after a brief relief rally on 9 August, has gone back to the bleeding state it was in a few days ago, causing top crypto assets like Bitcoin, Ethereum, and others to crash. Other smaller assets have followed suit, but APT has stood out.
The token has gained 8.27% in the last 24 hours, and 7.17% in the last seven days according to Coin Market Cap. APT experienced a sharp rise from $6.72 to $7.93 yesterday, indicating a quick response to the partnership.
Perhaps the most interesting part of the APT data is the trading volume, which has increased by 804% in the last 24 hours. With such a volume increase, the token has strong tendencies of maintaining the bullish momentum, if not pushing higher.
Terms of the partnership
As part of the partnership with Aptos, Microsoft’s AI models will be trained using Aptos’ verified blockchain information, Mo Shaikh, co-founder and CEO of Aptos Labs explained.
Aptos will also run validator nodes for its blockchain on Microsoft’s Azure cloud, which it anticipates will bring greater reliability and security to its service.
Microsoft anticipates greater growth for AI in the future, hence the partnership.
We predict that AI will be infused into web3 solutions at greater scale in the coming months and years.
Daniel An, global director of business development for AI and web3 at Microsoft, said in an email to Techcrunch.
Aptos has a high throughput of up to 160,000 transactions per second, and has a goal of reaching the ability to handle “hundreds of thousands by the end of the year,” Shaikh said.
This is what makes the blockchain most suitable for the partnership, as Microsoft is seeking credible information to train models in a way that’s verifiable, and:
In order to do that you need an incredibly performant blockchain with high throughput.
The general market sentiment
The crypto market had an impressive relief rally yesterday, causing Bitcoin to rise over $30,000 for the first time since 23 July. Other top crypto assets also saw significant price pumps, but the market has gone back to the former bearish trend.
Except for crypto projects with specific wins like Aptos, the sentiment is currently bearish, and will probably remain so for the short term.
