Aptos’ key metrics witness a fall, but APT investors can rejoice because…
- APT’s daily active addresses and TVL went down sharply during last month
- APT’s price increased last week, and indicators looked bullish
Over the last 30 days, Aptos [APT] has witnessed a decline in multiple key metrics. This was bad news, as it indicated less usage and a decline in the blockchain’s value. Artemis’ chart pointed out that APT’s daily active addresses dipped sharply last month. Additionally, APT’s TVL also plummeted.
Read Aptos’ [APT] Price Prediction 2023-24
Will the coming months witness a change?
However, Aptos recently posted a Twitter thread highlighting its journey in April, which can reflect on its metrics in the coming months. The thread mentioned all the notable developments that happened in its ecosystem last month.
APTOS CHECKPOINT 🏆🏁
Lots of springtime wins for the Aptos ecosystem—from grassroots projects, to new partnerships across Web2 + Web3, to uniting developers around the globe at #AptosWorldTour.
Check out the recap & let’s celebrate! 🧵👇 pic.twitter.com/Mu1qvKi7UX
— Aptos (@Aptos_Network) May 17, 2023
One of the most significant updates of April was Aptos’ partnership with Google Cloud. It aimed at providing startups with the support and resources needed to develop infrastructure, bridge platforms, etc.
Yet another major development was the launch of Delegated Staking. It is a new feature on Aptos that makes staking more accessible and user-friendly. The feature would allow individuals to earn staking rewards without having to become validators.
Introducing Aptos ‘Delegated Staking’—a new feature on Aptos that makes staking more accessible and user-friendly.
Users can now delegate their staking power to a trusted network validator and earn rewards as an individual—providing options outside of the previous threshold. pic.twitter.com/wF07fXlDbU
— Aptos (@Aptos_Network) April 20, 2023
In addition to that, Aptos also struck a partnership deal with Mastercard last month. As a part of this new collaboration, both entities will launch Mastercard Crypto Credential. This is an on-chain identity and verification framework with a variety of applications in payments, remittances, ticketing, and NFTs.
1/ The future of identity is Web3—and Aptos Labs is partnering with @Mastercard to make that future a reality with Mastercard Crypto Credential, an on-chain identity and verification framework with a variety of applications in payments, remittances, ticketing, and NFTs! pic.twitter.com/4vUwylialQ
— Aptos Labs (@AptosLabs) April 28, 2023
These updates might show their effect on Aptos’ on-chain metrics soon, as they can attract new users and also help increase the blockchain’s value. Whether this reflects, in reality, will be interesting to watch.
Aptos’ price action was bullish
While key metrics declined, APT’s price registered an increase over the last week. As per CoinMarketCap, APT’s price went up by over 4% in the last seven days. At press time, it was trading at $8.69 with a market capitalization of $1.7 billion.
A look at Santiment’s chart revealed that during the uptrend, the trading volume also increased to some extent. APT’s weighted sentiment also improved last week, reflecting investors’ confidence in the token.
Another bullish signal was APT’s Altrank, which improved last week.
Realistic or not, here’s APT market cap in BTC‘s terms
This can be expected
Most of the market indicators were also bullish for APT, suggesting a further price increment over the coming days. For example, the MACD displayed a bullish crossover.
APT’s Money Flow Index (MFI) registered an uptick, which was a development in the buyers’ favor. However, the Exponential Moving Average (EMA) Ribbon indicated the bears were ahead in the market. APT’s Chaikin Money Flow (CMF) also went down, which looked concerning.