The Apex Blockchain platform’s native currency, Aptos (APT), has entered an exhilarating phase of growth, recently witnessing a remarkable 12% surge in value within a single day. This ascent brought the cryptocurrency close to its historical peak, with a price exceeding $19.
Aptos’ Market Ascension
During a period of broader market corrections, APT has charted a significant rise of over 94% since the onset of March. This surge has elevated Aptos to the 23rd rank in terms of market capitalization among cryptocurrencies, boasting a market value now standing at $7.3 billion. This sharp increase marks a considerable climb from a $4 billion valuation earlier in the month.
The last day recorded a substantial hike in APT’s trading volume, hitting over half a billion dollars, with a 90.70% rise from the day before.
Technical analysis of the APT/USD pair lacks clear resistance levels, suggesting that the token might soon breach the $20 threshold, potentially setting new records.
Challenges to Aptos’ Rally
The endurance of this upward trend and the investors’ resilience in securing their profits will be crucial in determining APT’s future trajectory. Should selling pressures begin to mount, it will be critical to monitor the $17.36 mark as the next major support level.
If APT fails to maintain this level, a further important support point stands at $16.31. Nevertheless, the bullish trend seems intact as long as the $12.14 support level remains unbroken, with the trend likely continuing barring any 30% downward corrections.
Aptos’ Growing Popularity
Data from Token Terminal reveals a 3.4% growth in Aptos’ user base, now counting 11.79 million owners, over the last month. This increased interest is also reflected in the platform’s fee generation, with the last 30 days producing over $209,160 in fees, an 87.8% increase.
Moreover, the token’s trading volume has expanded remarkably over the last month, with a total of $10.82 billion traded, surging by 178.2%, highlighting Aptos’ dynamic nature as both a cryptocurrency and an active exchange hub.