🌎 Aptos Token Soars 20% Amid Growing Trader Interest

Aptos, a layer 1 blockchain platform, saw its native token record an impressive rally, gaining strong focus from short-term traders.

Aptos Token Surges in Value

Aptos (APT) surged 20% in the past 24 hours and is trading at $10.24 as of Sunday. Its market cap has surpassed $5 billion with a daily trading volume of $530 million.

Notably, the Aptos token witnessed a double-bottom formation on its price chart between October 2023 and 2024. The appearance of a double-bottom correction usually brings a strong bullish momentum for an asset’s price.

Market Indicators Show Growing Interest

According to data from Santiment, the APT total open interest rose from $128 million to $170 million over the past day, marking a six-month high. A sudden surge in an asset’s open interest shows an increase in its short-term traders.

Data also indicates a sudden shift in APT’s funding rate from the negative zone. The total funding rate aggregated by Aptos is currently sitting at 0.009%. This suggests that the majority of traders are betting on APT’s further bullish momentum.

Long liquidations could potentially trigger a price correction and high price volatility for Aptos. Meanwhile, the social sentiment around Aptos remains in the negative zone despite the major price hike.

Strategic Acquisition Boosts Market Position

On October 3, Aptos acquired HashPalette, a Japanese blockchain development company. This acquisition triggered a 7% price hike for APT as the layer-1 network, claiming to process over 150,000 transactions per second, entered the Japanese market.

Background and Technology

Aptos was founded by former engineers from Meta Platform’s Diem blockchain project (previously known as Libra). Their goal is to leverage their experience with Move, a programming language originally developed for Diem. Aptos uses the Move language and incorporates features such as parallel transaction processing, a Byzantine Fault Tolerant (BFT) consensus mechanism, and smart contracts to create a secure and fast blockchain infrastructure.