Aptos’ latest milestone could leave investors craving for more because…
- APT’s price declined by more than 20% in the last seven days
- Though open interest declined, most of the indicators remained bearish
Aptos [APT] registered a significant increase in its network activity, which directly reflects its increased adoption. Though a few on-chain metrics looked encouraging for the blockchain’s future, its token price remained heavily bearish.
Nonetheless, the derivatives market condition gave hope for a trend reversal in the days to follow.
Read Aptos’ [APT] Price Prediction 2023-24
Aptos’ network activity has this to say
Aptscan’s latest tweet revealed that the number of active modules on Aptos experienced a significant surge. It surged by a remarkable 1.5 times since January 2023. As per the tweet, this growth showcased creativity and innovation flourishing within the Aptos platform.
1, The number of active modules on Aptos has experienced a significant surge, increasing by a remarkable 1.5x since January 2023 ? This remarkable growth showcases the boundless creativity and innovation flourishing within our platform.
— Aptscan.ai (@aptscan_ai) June 14, 2023
Not only did the blockchain’s number of active modules increase, but a similar trend was also noted in terms of daily user transactions. Additionally, Aptos’ daily active accounts also followed and registered an increase since the beginning of May. This could be considered as promising.
However, the surge in network activity could not help increase the blockchain’s value. As per Artemis’ data, APT’s total value locked (TVL) declined sharply over the last 30 days. A decline in this metric usually means that the blockchain was not performing well in the DeFi space.
However, APT’s state in the staking space looked pretty decent. As per Staking Rewards, at press time, APT had a staking ratio of over 82% with a staking market capitalization of $5,180,416,670.
APT investors are sweating
Like the blockchain’s TVL, its native token’s price also plummeted sharply over the last week. According to CoinMarketCap, APT was down by more than 20% in the past seven days.
At press time, it was trading at $6.00 with a market capitalization of over $1.2 billion, making it the 35th largest crypto. Nonetheless, a look at APT’s derivatives market gave hope for a trend reversal.
Coinglass’ data pointed out that Aptos’ open interest was declining. A decline in the metric generally suggests that the current market trend is coming to an end.
However, APT’s weighted sentiment declined considerably, suggesting negative sentiments were dominant in the market. In addition to that, though the 1-week price volatility declined slightly, it was still relatively high, which could be troublesome.
Realistic or not, here’s APT market cap in BTC‘s terms
Is this the way forward?
APT’s price might remain under the bears’ control, as suggested by a few market indicators. The Exponential Moving Average (EMA) Ribbon displayed a clear bearish upper hand in the market.
APT’s Chaikin Money Flow (CMF) registered a downtick, which was also a development in the sellers’ favor. Nonetheless, its Relative Strength Index (RSI) gave hope for better days as it was in the oversold zone.