Apollo Currency (APL) is one of the latest altcoins to rise through the rankings and splash onto CoinMarketCap’s front page in recent weeks. The coin’s rapid 418% growth over the past seven days was compounded on Sunday, as APL chalked up further 40% gains overnight.
Rather than opt for niche specialization, Apollo Currency aims to build a one-stop shop which covers the entire spectrum of blockchain and crypto services.
The project’s director of business development, Stephen McCullah, recently stated his aim to knock the top twenty alts off their perch:
“I get asked all the time, “do you really think Apollo can compete with the top 20 cryptocurrencies?”. Let me be very clear, we did not develop Apollo to compete with the top 20, we developed Apollo to replace them.”
Jack of All Trades?
Apollo Currency dismisses the idea of specialization in favour of generalization – in fact, when I cast my eye over their list of stated aims, I can’t see a single area of blockchain development that’s been left out.
According to the informational video which greets users upon landing on the project website:
“Although there are a variety of currencies to choose from in the current market, users are left using one currency for one application, and another currency for another.”
What follows is a recital of all of the technical goals of Apollo Currency, which appears to represent a clean sweep of the hot-button features being developed in the blockchain space today:
“Apollo will be the first currency that will have a 100% private transaction option, with IP masking, as well as smart contracts, an asset system, a currency and token system, encrypted messaging, file sharing, a decentralized marketplace, multi-signature accounts, voting system, alias system, decentralized data storage, decentralized exchange, coin shuffling, and much more…”
All of this, the video continues, will be built on a next generation blockchain. The Apollo project lists John McAfee as its chairman, and this may explain the coin’s recent addition to the McAfee-backed Bitfi hardware wallet.
Apollo Currency’s Rapid Rise
Apollo commenced trading in July of 2018 and fluctuated wildly since then. Market cap data wasn’t secured until September when the coin’s full circulation became known, and it immediately valued APL at a market cap of $30 million.
Fast forward a few months, and after sinking to a market cap of $6 million in December, that figure now stands at $50 million – helped in part by a 418% surge in the past week. That carried APL from a coin price of $0.000714 all the way up to $0.003703.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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