- After a long bearish streak, Aptos (APT) experiences an 18% price surge in the last week.
- Increased on-chain activities and a rising number of daily transactions suggest a possible market reversal for APT.
In the past week, Aptos (APT), the much-touted altcoin of 2023, has gained significant traction in the market, appreciating by an impressive 18.25%. This growth trend has been noted as one of the highest weekly gains on CoinMarketCap. For many APT investors, this substantial price uptick comes as a relief, considering the bearish grip that has dominated the APT market throughout 2023.
The Aptos project started 2023 with a remarkable performance, skyrocketing by more than 500% to reach its record high of $18.58 on January 26th. However, this promising trajectory was not sustained, and the asset suffered a steady decline with only minor price escalations. Aptos’s disappointing market dynamics raised concerns for many, especially given its pre-launch hype in October 2022.
APT’s claim to fame is largely due to its association with the now-obsolete Diem blockchain initiative, and its innovative features including a unique programming language named ‘Move’, an efficient parallel execution engine, low-cost transactions, and robust security protocols.
On June 10th, APT’s value had plunged to a low of $5.74, reflecting a 69.11% drop from its all-time high in January. Nonetheless, given APT’s recent commendable performance, investors are left wondering if this is the beginning of a much-anticipated market reversal.
As per the latest data from CoinMarketCap, APT is now trading at $7.05, with a 5.38% gain in the past 24 hours. This is complemented by a surge in daily trading volume by 125.76% to $274 million. Moreover, the current market cap of APT stands at $1 billion.
Amidst the ongoing bullish trend, investors are speculating whether this might signal a market turnaround. Driving this speculation further are rising on-chain activities, notably, a gradual uptick in the daily user transactions on the Aptos network. According to data from aptscan.ai, an analytics tool for the Aptos chain, the number of active daily transactions on the network has risen from 75,806 on March 1st to 162,071 on June 16th.
This constant growth in user adoption suggests a maintained faith in the Aptos project, despite its asset’s subpar performance. As per Coincodex, a popular price prediction platform, the current investor sentiment around APT is neutral, with a Fear & Greed index of 49, which may imply APT being a viable investment at present.
Their forecasts suggest a minimal decline of only 0.86% in the next five days. However, a promising projection for the next month has APT hitting a price of $15.32, fostering an optimistic outlook for a possible market reversal. Investors, however, are advised to exercise caution and carry out thorough due diligence before venturing into the market.
