Connect with us
Active Currencies 14044
Market Cap $2,589,497,606,534.37
Bitcoin Share 50.82%
24h Market Cap Change $0.83

Aptos [APT]: Up by 75% and….? Here’s why holders should be wary

2min Read

Aptos’ daily active users surged from a mere 64k to 271k in the last 30 days, and APT’s price also rose.

APT surges 75% in 30 days, but is a reversal coming?

Share this article

  • APT’s price surged by 75% in the last 30 days. 
  • A few metrics suggested a trend reversal. 

Aptos [APT] has witnessed a massive boost in usage over the last 30 days, reflecting its high adoption. This was corroborated by a rise in its network activity.

Therefore, AMBCrypto planned to take a look at APT’s state to understand if Q1 2024 will end on a similar note. 

Aptos’ network activity is up

Token Terminal recently posted a tweet highlighting the fact that Aptos’s network usage skyrocketed.

The blockchain’s daily active users jumped from 64k to 271k over the past 30 days, placing the chain in ninth place across all protocols.

The rise in network activity also had a positive impact on the token’s price. As per CoinMarketCap, APT’s value surged by nearly 75% in the last 30 days. 

How is APT currently doing?

AMBCrypto’s analysis of Artemis’ data revealed that the blockchain’s network status remained high at press time.

Notably, its Daily Active Addresses rose. But despite this, APT’s Daily Transactions dropped after a massive spike on 1st of March. 

Aptos' daily active addresses increased

Source: Artemis

Things in terms of captured value also looked optimistic. This was the case, as both Aptos’ fees and revenue went up in the last month.

The blockchain was also doing well in the DeFi space, which was evident from the rise in its TVL.

AMBCrypto then took a look at APT’s metrics to find whether its price action is still responding well to its network activity. As per CoinMarketCap, APT’s price rose by more than 4% in the last 24 hours alone.

At press time, it was trading at $16.27 with a market capitalization of over $6.4 billion.

However, a few of the metrics looked bearish. While the token’s price rose, its Open Interest remained low.

Aptos’ Funding Rate also dropped, meaning that derivatives investors were not buying the token at its press time price. 

Aptos' funding rate dropped

Source: Santiment


Read Aptos’ [APT] Price Prediction 2024-25


Moreover, the token’s price had touched the upper limit of the Bollinger Bands at press time. This might increase selling pressure and put an end to APT’s bull rally.

Nonetheless, the MACD indicated a clear bullish advantage in the market, and seemed to support the buyers. 

Source: TradingView

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.