Aptos – 13% from its ATH, will demand push APT’s price past it?

• Activity on the Aptos network grew materially in March, accompanying APT’s positive price movement.
• Code commits for the network also grew, showcasing a surge in development activity.

Aptos [APT] witnessed a massive surge in price over the last month inspiring hope amongst many traders. The recent surge in APT’s price can be attributed, in part to, the performance of the protocol.

Looking at the protocol’s performance

According to recent data, Aptos witnessed a dramatic surge in daily active users, experiencing a significant rise from 64,000 in February to 271,000 in March. This impressive growth in active users has propelled Aptos to a position between Base and zkSync Era in terms of daily activity levels.

Source: token terminal

Moreover, the revenue generated by Aptos also grew massively. In the last month, the revenue collected by the protocol grew by 106.8%. The combination of a growing user base and an increase in revenue suggests that Aptos is finding ways to monetize its user activity.

The revenue growth could be fueled by transaction fees, application usage fees, or other mechanisms within the Aptos ecosystem. As the user base expands, the potential for even greater revenue increases.

Moreover, the code commits that occurred on the Aptos network also grew during this period. A higher number of code commits suggests faster development cycles and the potential for new features and functionalities to be rolled out more frequently.

This can further enhance the user experience and attract even more users to the platform.

Source: token terminal

How is APT doing?

Coming to the APT token, it was seen that its price had witnessed a correction over the last few days. After testing the $19.386 level, the price of APT fell to $16.8561. At press time, APT was trading at $17.011.

Despite the recent decline in price, the overall trend for APT remained bullish as its price consistently observed multiple higher highs and higher lows. APT was hovering near its record peak at the time of writing, sitting just 13.81% shy of its all-time high value.

Read Aptos’ [APT] Price Prediction 2024-25

As many other altcoins have managed to reach their all time highs in the past, it is likely that APT might be able to do the same.

However, the declining CMF(Chaikin Money Flow) suggested that the money flow for APT had fallen during this period, which could affect APT’s price trajectory going forward.

Source: Trading View