Altcoin
Aptos: Assessing what caused APT prices to soar by double digits
On 12th December, Layer 1 blockchain network Aptos conducted the release of 25 million APT coins worth over $200 million.
- Aptos conducted the release of 25 million coins on 12th December.
- APT’s price grew by almost 20% following the unlocking event.
In a significant intraday surge, the price of Aptos [APT] coins soared by nearly 20% following the project’s successful unlocking of 25 million coins on the 12th of December.
The unlock, valued at over $200 million, fueled a wave of buying that propelled APT to its highest since June. AMBCrypto found that the coin rallied above the $9 price mark to peak at $9.13.
According to Token Unlock, the unlocking event saw the release of 1.33 million APT to the Aptos Foundation, 12 million APT to the project’s developers, 8.42 million APT to investors, and 3.21 million APT coins to community members.
Although the coin proceeded to shed some of the gains after the initial rally, the coin still posted a 9% price hike in the last 24 hours, data from CoinMarketCap revealed.
Bullish sentiment persists
The last week has been marked by a general decline in the crypto market, with the values of leading coins Bitcoin [BTC] and Ethereum [ETH] dropping by 6% and 4%, respectively.
According to data from CoinGecko, the global cryptocurrency market capitalization has dropped by 2% in the last seven days.
Despite the bearish activity in the general market, APT accumulation continues unhindered. Readings from the coin’s daily chart showed its key momentum indicators trending upwards.
For example, its Money Flow Index (MFI), at 72.32, was positioned close to the overbought zone. Likewise, the coin’s Relative Strength Index (RSI) was 58.64.
The values of these indicators showed that APT accumulation exceeded selling among daily traders.
The coin’s Chaikin Money Flow (CMF), at its highest level since 11 November, confirmed the steady inflow of liquidity into the APT market. As of this writing, the coin’s CMF was 0.24.
At this CMF value, there was strong buying pressure in the market as more money flowed into the coin than out.
In the futures market, APT’s open interest has risen to its in the last month, according to data from Coinglass.
How much are 1,10,100 APTs worth today?
AMBCrypto found that most of the surge occurred within the last 24 hours as investors scampered to open more trading positions following the unlocking event.
APT’s open interest was $125 million as of this writing, having risen by 42% since the coin unlock event.
