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Why APT is maintaining a low profile despite Aptos’ latest partnerships

3min Read

Aptos has been gaining momentum on the business front considering the number of partnerships for the network. However, that hasn’t led to any bullish momentum for APT.

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  • Aptos aligns itself with the climate agenda and secures a new partnership with Coinbase.
  • APT struggles to sustain bullish momentum despite recent attempts.

Climate change is currently one of the biggest topics today. Aptos just became the latest blockchain network to align itself with that agenda and its latest announcement highlights plans to explore opportunities in this segment.


Is your portfolio green? Check out the Aptos Profit Calculator


The Aptos blockchain just announced a collaboration with Flowcarbon. The partnership will usher in a new program that will issue blockchain-based carbon credits that will be supported by the Aptos blockchain. The network noted that the development will push APT towards sustainable practices.


Flowcarbon already has a healthy reputation as a WEB3-based platform that verifies on-chain carbon emission tracking. Aptos announced another collaboration, this time with Coinbase aimed at boosting the WEB3 experience. The collaboration will facilitate the integration of Coinbase Pay with Aptos Labs’ Petra Wallet.

The development represented an important milestone for Aptos because it has the potential to pave the way for more utility and address growth. This is because the development will create an on-ramp for the flow of value across the Aptos ecosystem while potentially onboarding more people onto WEB3.

Is the development enough to facilitate to change of APT’s short-term fate?

Aptos’ APT cryptocurrency was still struggling to sustain bullish momentum courtesy of the bearish streak that has prevailed for the last eight months. APT’s latest bullish attempt earlier this month was short-lived as the bears regained control. The cryptocurrency exchanged hands at $5.13 at the time of writing.

APT price action

Source: TradingView

Despite the bearish outcome, it was worth noting that APT’s latest pullback threatens to push it back to price levels below $5. Its historic performance indicated that there was a strong support level just below that price range.


How many are 1,10,100 APTs worth today


APT’s current performance could be considered as a classic tale of weak demand that failed to sustain a proper recovery. This was evidenced by the low investor sentiment in the market. The weighted sentiment metric, at press time, was at its lowest level in the last four weeks.

Aptos social dominance and weighted sentiment

Sourcce: Santiment

APT’s social dominance also tanked back to a monthly low. However, it was worth noting that Aptos had multiple developments under its belt. This was in line with the healthy development activity that it maintained in the last four weeks.

Aptos development activity

Source: Santiment

While APT’s current situation reflected the lack of bullish momentum, Aptos’ developments may still support a favorable outcome. Its current price range also represented a healthy discount hence demand might soon align with its network growth.

 

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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