Posted on

Aptos Labs Teams Up With Microsoft, SK Telecom For New Institutional Platform, APT Soars 3%

In a notable collaboration, Aptos Labs, the developer of the Aptos (APT) Layer-1 (L1) blockchain, announced a partnership with tech giants Microsoft, Brevan Howard, and South Korean telecommunications company SK Telecom for a new decentralized finance (DeFi) platform.

Aptos Labs Unveils Aptos Ascend

The announcement, made on Thursday, revealed that Aptos Labs is launching Aptos Ascend, which will leverage the technologies of cloud computing platform Microsoft Azure, Azure OpenAI service, and SK Telecom while benefiting from the expertise of Brevan Howard and Boston Consulting Group (BCG) to provide digital currency and asset management services to its user base. 

This partnership effort aims to set new benchmarks for secure and scalable financial solutions built on the Aptos blockchain, specifically through the launch of Aptos Ascend.

Aptos Ascend introduces advanced Digital Asset Controls designed to provide precision and adaptability in asset management.

Key features include customizable tokens tailored to specific financial requirements, access control limited to approved transactions and participants, and increased confidentiality through Zero-Knowledge Proofs (ZKP) that ensure compliant transaction details remain secure.

Furthermore, Aptos Ascend’s Network Controls empower financial institutions to upgrade their infrastructure and address future financial challenges.

This is achieved through customizable solutions that allow adaptation of network settings to meet regulatory requirements, implementation of multi-signature protocols for improved security, and maintenance of transparency through comprehensive audit trails.

Convergence Of AI And Blockchain

Mo Shaikh, Co-founder and CEO of Aptos Labs, believes the project will “unlock the on-chain potential that financial institutions have been eagerly awaiting.” 

Shaikh emphasized that this collaboration signifies the beginning of a ‘financial revolution” and expressed excitement about the future pioneers who will leverage the capabilities of the Aptos Ascend suite.

In August 2023, Aptos Labs had already announced their utilization of Microsoft’s infrastructure to deploy new offerings that combine artificial intelligence (AI) and blockchain technology.

Among these offerings was Aptos Assistant, a chatbot that provides increased user experiences. Shaikh highlighted the convergence of AI and blockchain as “transformative forces” that shape the internet and society and emphasized the shared vision of Aptos Labs and Microsoft to make this technology accessible to a wider audience.

APT Breaks Month-Long Downtrend

Following the collaboration and the introduction of the new platform, APT has experienced a significant breakthrough in its month-long downtrend, which amounted to a decline of over 40%. The unlock event of a substantial portion of APT tokens primarily drove this decline.

Before the unlock event on April 12, APT had already witnessed a price drop of nearly 16%. In this event, $141 million worth of tokens were distributed, with $100 million allocated to investors, $38 million among community members, and $16 million earmarked for the ecosystem development foundation. The released APT tokens account for 6% of the current circulating supply.

Aptos

Currently, APT is trading at $9.54, recording a surge of 6% concurrent with the collaboration unveiling.  Moreover, according to data from CoinGecko, the token’s trading volume has experienced a remarkable increase, reaching $238 million, reflecting a 46% surge compared to the trading volume on Wednesday.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Aptos (APT) Surges 94% And Approaches All-Time Highs: Will It Break The $20 Barrier?

Layer 1 (L1) blockchain platform Aptos has experienced a significant surge in key metrics, accompanied by a 12% price rally of its native token APT within the past 24 hours. On Tuesday, the token’s price approached its all-time high (ATH) level of $19,92, reaching above $19.

APT Eyes $20 Milestone

Despite the recent price correction across the broader cryptocurrency market, Aptos’ APT token has been on an impressive uptrend since early March. Over the past 30 days, the token has surged by more than 94%, showcasing its strong performance.

Aptos has also gained recognition in crypto, climbing to the 23rd position among the largest cryptocurrencies by market capitalization. Currently valued at $7.3 billion, the token has experienced a substantial increase from the $4 billion recorded at the beginning of the month. 

The trading volume of Aptos (APT) has seen a significant surge, reaching $542,531,437 in the last 24 hours, a notable 90.70% increase from the previous day, according to CoinGecko data.

Aptos

Analyzing the daily APT/USD chart, no significant resistance levels are observed, indicating that reaching the $20 milestone may be within reach, which would mark a new all-time high for the token. 

The sustainability of the bullish momentum and the ability of investors to hold on to their gains will play a key role in determining the coin’s future performance. Nevertheless, a possible retest of the next support level at $17.36 cannot be ruled out in the event of profit-taking and selling pressure.

If the $17.36 support level fails to hold, the next significant support level for APT is at $16.31. However, it is important to note that APT’s bullish structure remains intact as long as the $12.14 support level remains unbroken, suggesting that the bulls currently have the upper hand as long as a sharp 30% decline does not occur.

Aptos Attracts 11 Million Tokenholders In 30 Days

Coupled with the increase in the price of its native token, Aptos has seen significant growth in key metrics over the past 30 days. According to Token Terminal data, token holders have grown significantly, increasing by 3.4% to 11.79 million individuals over the past 30 days. 

Aptos

In terms of fees generated, Aptos has seen a notable uptick. Over the past 30 days, fees generated were $209.16 thousand, representing a growth rate of 87.8%. Annualized fees reached $2.54 million, a slight increase of 0.2%.

In a longer time frame, the Aptos token’s trading volume has experienced significant expansion, reaching $10.82 billion over the past 30 days, indicating a significant increase of 178.2%. 

Featured image from Shutterstock, chart from TradingView.com

Posted on

Aptos Market Cap Skyrockets, $574 Million Worth Of APT Tokens Set To Shake The Market In Q1 2024

Aptos (APT), a Layer-1 blockchain network, has shown significant growth in key metrics during the fourth quarter (Q4) of 2023, following the overall recovery of the crypto market. Furthermore, according to a recent report by Messari, Aptos experienced notable advancements in various aspects of its ecosystem.

Inflation And Genesis Supply Unlocking

The circulating market cap of APT witnessed a remarkable 126% quarter-on-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed that of similar market cap projects, leading to an improvement in APT’s market cap rank from 35 to 33 (currently 30).

Although the price of APT did not rise as much as its market cap, it still recorded a solid 75% QoQ increase.

Revenue generated by Aptos, represented by the fees collected through the protocol, also continued to grow in Q4 after recovering from lows in Q2. Denominated in APT, quarterly revenue grew by 10% QoQ, exceeding 46,000. 

With the appreciation of APT’s price, revenue in USD experienced an even greater surge of 30% QoQ, totaling $345,000. Notably, there was a spike in daily revenue towards the end of December due to an “inscription craze”.

Moreover, Aptos implemented an inflation model for APT, beginning at a 7% annualized rate and gradually decreasing by 1.5% each year until it reaches 3.5%. In mid-October, the inflation rate reduced to just under 6.9% as per the initial total supply of 1 billion APT. 

Additionally, APT faced inflationary pressure from the unlocking of the genesis supply, which includes the initially allocated 1 billion APT tokens.

By the end of Q4, over 23% of the genesis supply was distributed, marking a 30% QoQ increase.

In Q1 of 2024, another 7.5% of the genesis supply is set to unlock, with 48% allocated to core contributors and 34% to private investors. This unlocking is expected to release $574 million worth of APT tokens, representing 20% of Q4’s circulating supply. 

Aptos

Additionally, $91 million worth of APT will unlock towards the Ecosystem category, although the immediate distribution of these tokens may not occur. It is important to note that, before distribution, 80% of these tokens are held by the Foundation, while 20% are held by Aptos Labs. 

These tokens are intended for grants, incentives, and other initiatives. So far, slightly over 20 million APT from this allocation has been airdropped.

Aptos Dip In Network Activity

Network activity on the Aptos blockchain, as measured by transactions and active addresses, decreased slightly in the fourth quarter, but remained at elevated levels compared to the first half of 2023. Average daily transactions decreased 1% sequentially to 483,000, while average daily active addresses decreased 31% sequentially to 60,000.

According to the report, the surge in network activity during Q3 was primarily driven by the integration of the social media platforms Chingari and Oracle Pyth with Aptos. In Q4, two notable events contributed to increased network usage: the Graffio communal art creation event in mid-October and inscriptions towards the end of December.

However, the number of new addresses created per day decreased by 33% QoQ in Q4, following a significant increase of 419% in Q3. The weighted average one-month retention rate also fell by 41% QoQ to 5%, marking the lowest rates since December 2022 for the October and November 2023 cohorts.

Looking ahead, Aptos has outlined key priorities for Q1 2024, which include further enhancing the stability and scalability of the network, expanding partnerships and integrations, and implementing new features and improvements based on community feedback. 

Additionally, the upcoming unlocking of the genesis supply and the subsequent distribution of APT tokens will be a significant event to monitor, as it may impact the token’s price and overall market dynamics.

Aptos

APT is currently trading at $9.82, which corresponds to a price correction of 5.9% over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Aptos TVL Soars To A Record $74 Million, Reflecting Growing Investor Confidence

Since the second week of October, there was a noticeable surge in demand for Aptos’ native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.

Ultimately, this surge in demand for APT resulted in Aptos achieving its highest-ever TVL value of $74 million during the trading session on Thursday, October 26th.

This surge in TVL is a crucial metric for decentralized finance (DeFi) platforms, showcasing the total value of assets, tokens, or cryptocurrencies locked within the platform’s smart contracts.

Aptos TVL. Source: DefiLlama

Aptos Surges Amidst Rising Investor Confidence

The increase in demand for Aptos’ native cryptocurrency, APT, further demonstrates growing investor confidence and interest in the platform’s utility, potentially indicating an expanded user base or enhanced use case scenarios within the Aptos ecosystem.

At the time of writing, APT was trading at $6.69, up 4.5% in the last 24 hours, and etching a notable 31.5% increase in the last seven days, according to figures by crypto market tracker Coingecko.

This rally can be partially due to Aptos’ distinct position as a proof-of-stake blockchain that uses a cutting-edge smart contract programming language, to facilitate quicker and less expensive transactions on its network.

For this reason, a lot of cryptocurrency fans frequently associate Aptos with certain decentralized Web3 applications, with a focus on the domain of non-fungible tokens (NFTs).

AptosOne recently launched Graffio, an NFT-based art display platform. This tool simplifies NFT art creation, with standout features including waived gas fees for social media logins and the creation of an exclusive Graffio wallet.

APT Price On Bullish Run With 24% Gain 

The announcement led to a surge in Aptos (APT) price from $4.88 to $6.03 between October 20 and 23, a nearly 24% increase, prompting experts to predict a bullish trend continuing to $7.20 around end of next month.

Its current value of $6.69 reflects a notable climb of 36% since mid-October, demonstrating a robust upward trend. The increase in price underscores the promising prospects for the future of Aptos and its indigenous digital currency, APT.

As Aptos achieves its all-time high in Total Value Locked (TVL), the soaring trajectory of APT’s price and the platform’s advancements in NFT technology have sparked significant optimism.

The recent market surge and robust momentum hint at the potential for sustained growth and increased interest in APT. Despite concerns looming over a possible market retraction, the record-breaking TVL and the remarkable rise in APT’s value prompt a hopeful outlook, suggesting that Aptos and its native token may be well-positioned to weather potential market fluctuations and maintain their upward trajectory in the near future.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Posted on

Aptos (APT) Volume Remains Extremely High, More Gains Ahead?

On-chain data shows the Aptos (APT) trading volume has continued to be extremely high after the rally, a possible sign that more gains may be coming.

Aptos Social Dominance Calms Down, But Trading Volume Remains Elevated

Yesterday, news came out that tech giant Microsoft has partnered up with Aptos Labs to work on blockchain-based AI tools. This big announcement naturally caused a reaction in the market, as the company’s token, APT, observed a very sharp 17% jump.

The token had neared the $8 level at the peak of this surge, but since then, it has observed some decline and has retreated towards the $7.3 mark. The below chart displays how the asset’s price has changed recently.

Aptos (APT) Price Chart

Despite the pullback, though, Aptos is still carrying gains of around 9%. These profits make it by far the best performer among at least the top 100 assets by market cap.

As for why the retrace may have occurred, data from the on-chain analytics firm Santiment could provide some hints. As displayed in the below graph, the social dominance of APT had observed a very large spike as the rally had taken place.

Aptos (APT) Metrics

The “social dominance” basically tells us how much discussion related to the top 100 assets on social media is coming from talks related to Aptos alone. When the news had broken out, social media discussion around the coin had naturally blown up, as a large number of users had become interested in the asset.

While such excitement can help fuel a rally, too much of it can actually have the opposite effect. It would appear that the FOMO spiking in the market is what contributed to the rally topping out and the price decline.

Since then, though, the social dominance has calmed down a bit, implying that hype has returned to healthier levels. At the same time, the APT trading volume (that is, the measure of the total number of tokens being moved around on the blockchain) has only gone up and has hit its highest point since March.

This implies that investors have only continued to trade more of the cryptocurrency even after the rally’s pullback. Generally, a high amount of volume is needed to sustain any significant move in the price, as such moves require a large amount of fuel. Since the trading volume has only been growing, it can be one of the first hints that the Aptos rally isn’t over just yet.

In the chart, Santiment has also attached the data for another indicator, the development activity. This metric keeps track of the work that the developers have been doing on the project’s public GitHub repositories.

From the graph, it’s visible that this metric had been constantly rising in the buildup to the announcement as the developers may have been preparing for the partnership.

Posted on

Aptos Labs’ Collaboration With Microsoft Sends APT Soaring By 17%

Aptos Labs and Microsoft have announced a strategic partnership to showcase the convergence of artificial intelligence (A.I.) and blockchain technologies. 

Aptos Labs, a leading blockchain developer, and Microsoft, a key backer of A.I. advancements through OpenAI, are joining forces to create the innovative Aptos Assistant, a ChatGPT-powered chatbot designed to provide users and developers with comprehensive information and analysis of the Aptos ecosystem.

Aptos Labs And Microsoft Forge Alliances For Blockchain Development

According to a report by Yahoo Finance, unlike previous endeavors in the crypto-related A.I. space, which primarily revolved around licensing OpenAI’s ChatGPT, Aptos Labs’ collaboration with Microsoft ventures beyond boundaries. 

The partnership encompasses various facets, with Aptos Labs hosting validator nodes on Microsoft’s Azure cloud computing platform, integrating its programming language, Move, into Microsoft’s popular coding platform, GitHub Copilot, and exploring opportunities to connect with major financial institutions seeking to build blockchain-powered applications on Azure.

Rashmi Misra, General Manager of A.I. and Emerging Technologies at Microsoft, expressed excitement about the fusion of A.I. and blockchain, stating: 

The intersection of A.I. and blockchain is among the most interesting combinations of emerging technologies. By fusing Aptos Labs’ technology with the Microsoft Azure OpenAI Service capabilities, we aim to democratize the use of blockchain.

Aptos Labs has already secured substantial funding of $400 million from investors, according to Crunchbase, highlighting the confidence in their technological prowess. The collaboration with Microsoft further solidifies its position as a formidable player in the blockchain space.

While A.I. startups have dominated funding in 2023, raising nearly $25 billion, compared to around $3.6 billion for crypto ventures, Mo Shaikh, Co-founder and CEO of Aptos Labs, believes that A.I. and blockchain are not mutually exclusive. 

Shaikh emphasizes the importance of blockchain’s ability to provide verified and accurate information, minimizing the risk of A.I. models generating false statements or hallucinations.

The practical implications of this collaboration are still unfolding. Still, Shaikh underscores elements such as the A.I. assistant and integration into Github Copilot to represent a larger vision of deep integration and co-development between Aptos Labs and Microsoft. 

APT Rebounds As Collaboration With Microsoft Reignites Investor Interest

APT, the native token of the Aptos blockchain, experienced a significant surge of over 17% following the announcement of its partnership with Microsoft. 

This surge marked a crucial turning point after a prolonged downtrend that persisted since the beginning of February. Notably, APT had reached an all-time high of $20 before succumbing to the downward trend.

The decline in APT’s price can be attributed to an unlock event on February 12th, where Aptos released 4.5 million APT tokens. 

The unlock event, involving the release of a significant number of tokens, resulted in increased selling pressure, leading to a continuous decline in APT’s price. 

However, the recent partnership announcement with Microsoft has injected new life into the token’s value, reigniting investor interest and resulting in a remarkable price surge. 

Despite experiencing some retracement, APT still holds a 10% profit since the disclosure of the partnership with Microsoft. It is currently trading at $7.3340, representing a 63% decrease from its all-time high reached in January 2023.

Aptos

Overall, investors have responded positively to this news, recognizing the potential of the Aptos-Microsoft partnership to drive innovation and expand the reach of the Aptos blockchain. The substantial surge in APT’s price reflects growing confidence in the project’s prospects and underscores the significance of this collaboration.

Featured image from iStock, chart from TradingView.com 

Posted on

Aptos Hackathon, Partnerships Set APT Bulls Up For A Strong Run

At the time of writing, there are indications of a potential market recovery, at least the major coins like Bitcoin and Ethereum are posting decent gains. Aptos (APT) is one of the tokens that is expected to experience an increase in bullishness and price.

Although APT’s gains are minuscule at 1.7% in the last 24 hours, the project’s partnerships and on-chain developments point to a somewhat rosy picture. APT price rose to $8.30 at the time of writing, contributing highly to this bullish momentum.

Aptos Returns With Hack Holland 

Crypto ecosystems use contests to support new projects that need funding. Aptos Hack returns with Hack Holland, an event to find the new wave of Web3 projects that will contribute to the industry’s growth.

The Hack Holland hackathon, which takes place on June 5–7th, is set to engender the next wave of DeFi products and services on Aptos. The event will give away prizes in categories like NFTs, DeFi, public goods, and many more. 

More Projects In The Pipeline

Along with the recent buzz Hack Holland produced is the upcoming second playtest of Metapixel’s Gran Saga: Unlimited. Metapixel is the Web3 arm of South Korean gaming company NPIXEL which entered the world of Web3 in November last year. If the playtest is successful, we may see more games built on the Aptos blockchain, further providing positivity in the long term. 

Another exciting development is Quicknode’s announcement of its strategic partnership with Aptos in the realm of remote node infrastructure. This partnership is crucial for Aptos’ success as a robust blockchain infrastructure will ensure the dominance of the Aptos blockchain.

To onboard more developers on Aptos, Move launched a Developer Hub featuring tutorials and documents on how to get started building the Aptos blockchain using the Move developer language. This consolidation of resources should also have an effect on the amount of dApps the platform will have in the future. 

At $8.30, Investors Have Room For Gains

After reaching its all-time-high price back in January, APT has been in decline since then. However, this may change in the coming days or months. At the moment, the token is trading in a very tight range which contributes to the bullishness. 

Meanwhile, investors and traders should defend the $7.5 support level if the market flips from bullish to bearish. Holding this support level will allow the bulls to target the $12 range in the medium to long term. If the momentum permits it, we might even see a return to $16 in the long run. 

-Featured image from Asia Crypto Today

Posted on

Aptos (APT) Gains 55% In 24 Hours, Maintaining Its Bullish Form For The Year

The crypto market has been remarkably bullish since the turn of the new year. In the last three weeks, several assets have experienced price rallies, like Bitcoin, which gained over 37% to trade above $21,000 for the first time in two months.

While that is an impressive feat, altcoins have been the real stars of the market, with many pulling off a stunning market performance. Aptos (APT), one of the trailblazing tokens of 2023, has just recorded a 54.73% gain in the last 24 hours based on data from CoinMarketCap.

APT has been one of the best-performing coins in 2023, gaining by over 248% since the start of the year. Although it is a relatively new token, Its price growth in 2023 outshines that of many market giants, including Ethereum (ETH), Solana (SOL), Ripple (XRP) and, of course – Bitcoin (BTC).

At the time of writing, Aptos (APT) is trading at a market price of $12.60. According to CoinMarketCap, the token’s daily trading volume has also gone up by 373.99%, attaining a value of $1.82 billion. 

Aptos

APT trading $12.64 | Source: APTUSD Chart on Tradingview.com

What Is Behind APT’s Rise?

Aptos was launched on October 22, 2023, making it one of the newest projects in the crypto space. On October 23, the APT token attained its ATH value of $10.25. However, APT began the new year trading at $3.43 due to the FTX crisis that occurred in November. 

That said, the dramatic rise in APT’s price so far can be attributed to many factors. One of which is growing support from various crypto projects. On January 6, PancakeSwap, the biggest DEX on the BNB Chain, announced its deployment on the Aptos blockchain following approval by its user community. 

The following week after this announcement, the price of APT surged by 97.6%, marking the beginning of APT’s price rally in 2023. During this period, Atomic Wallet, one of the top cold crypto wallets with over 3 million users, also announced they would be providing support for APT with immediate effect.

Another contributing factor to APT’s impressive price rally is the constant buzz around the project due to its origins stemming from the now-defunct Meta Diem blockchain initiative. 

Moreover, Aptos is designed with many intriguing features, including its unique programming language – Move – that makes many investors consider it as a blockchain with massive potential to become a major competitor to Ethereum, Solana, and other established smart contract-compatible platforms.

What To Expect From Aptos In 2023

The Aptos blockchain is definitely one to look out for in 2023. According to the project’s roadmap, the major focus of the developer’s team will be the implementation of demand-driven gas costs in a bid to drastically reduce the current gas fees on the network.

If successful, it is expected that such an upgrade could exert a positive effect on an APT token that is already soaring high in the clouds. However, it goes without saying that this is merely speculation and should not be relied upon in making investment decisions. 

Posted on

Aptos (APT) Continues To Shine With Over 18% Gains In Last Week

Aptos, the newest blockchain in town, continues to make waves with a massive gain of over 18%. The price has been on a 7-day rally and is now trading at $8.79, representing a 0.74% decline from yesterday’s close.

The team behind Aptos has been working hard to get their project off the ground. Despite experiencing a rocky start with the price falling sharply, they’ve managed to stabilize things and are now seeing some positive momentum. 

Aptos is poised to be one of the most exciting projects this year, especially in the NFT sector. The blockchain touts itself as a Solana killer and is already attracting many digital artists and communities.

Aptos Joins Other Coins To Lead Gains As Market Tries To Revive

Aptos is barely a month old, but it’s already making big gains. Only four days back, the coin reached an all-time high of $10.22. After a slight correction, the coin trades at around $9 by fluctuating a minor decrease in value on the last day. This makes it one of the highest-performing cryptocurrencies in the past week.

But Aptos isn’t the only coin boasting substantial gains these past 7 days. Many other coins have also seen significant growth. For example, Dogecoin made an impressive 41% increase in the last seven days. But it wasn’t just Dogecoin that saw such gains. Ethereum and Cardano also experienced similar increases of over 20% each.

This shows that there is still a lot of interest from traders and investors in the cryptocurrency market. Plus, several crypto whales have been on the move lately, making large purchases of various altcoins. The total crypto market cap also crossed the $1 trillion mark for the first time in October, as per Coingecko charts.

APTUSD_

Aptos’s price is currently trading at $8.72. | Source: APTUSD price chart from TradingView.com

Aptos Price Movement Analysis

Since October 23rd, Aptos’s (APT) price has been moving in a descending parallel channel. Usually, corrective actions are seen in these descending parallel channels. If this is true for APT, it might be possible for it to break out of the channel.

There has been no confirmation of either the resistance or support lines. Furthermore, there is a possibility that APT’s price will fall below the channel’s middle line. In that case, the potential of a breakout would be halted. Currently, $8.65 is where most buyers and sellers of APT converge. Both the 0.5 Fibonacci retracement support and a horizontal support zone may be found here. The bearish trend could speed up if this level were to be broken.

The APT wave count indicates a positive trend for the cryptocurrency. There appears to have been a five-wave progression in APT from October 21. Following that, the motion inside the channel is perhaps best described as a W-X-Y corrective structure. This structure was long enough to suggest that the decrease might be final. If so, this may indicate that APT is about to break out of the channel, leading to an increase in price. The first possible high for this hike is $11.42.

Featured image from Pixabay and chart from TradingView.com

Posted on

Aptos (APT) Continues To Hold Gains During Market Uncertainty

Despite trading in the red zone on the day, Aptos continues to hold decent gains in the last few weeks. Launched this October, the potential Solana killer has recorded huge trade volumes in just the first few trading days. The price of one APT token rose by more than thirty percent throughout the last weekend. Specifically, it increased from $7 to an all-time high of $10.25 on Sunday, October 23.

Since then, there has been a retracement in the price of APT, which has settled at $8.89 at press time. There’s no telling where Aptos will go from here. But despite a 1.46% decline on the day, Aptos is still holding decent profits from when its launch price.

Aptos Positions Itself As A Top-50 Coin Despite Criticism

On October 17, the Aptos team announced they had successfully launched their mainnet. Afterwards, the APT token was made available for trade on several cryptocurrency platforms. The token didn’t take much time to position itself as a top-50 coin on CoinMarketCap. Aptos grabbed the 47th spot with a total supply of 130,000,000.00 and a $1,178,169,163 market cap.

However, Aptos experienced some volatility at launch amid several criticisms from traders and the entire crypto community. Twitter criticized the initiative, stating the chain’s 7 TPS is considerably below the 130k TPS promised before launch. Traders were also concerned about the project tokenomics. They noted that it slightly favoured the private investors and developers who obtained a massive 50% of the token supply and presently retain 80% of them.

Furthermore, the project has been met with many scam airdrops, resulting in the team muting the token’s Discord server. The project’s founder, Mo Shaikh, defended it on Twitter by saying, “building a decentralized protocol from the ground up is tough!” However, as we all know, you never get a second chance to make a good first impression.

APTUSD

APT’s price is currently trading below $9. | Source: APTUSD price chart from TradingView.com

Aptos Trading Red on The Day, More Negative Trends Ahead?

The current trend of Aptos is bearish. As of writing, Aptos is losing 3.88% against the US dollar, trading at $8.93. According to Wu Blockchain, the main reason is the negative Aptos token perpetual contract financing rates on Binance, OKX, Bybit, and FTX. With a negative rate, bearish sentiments prevail, and short-sellers are eager to compensate long-sellers. 

Active hedging may be the main cause of these negative financing rates. This comes after Aptos’ engineers revealed a lack of knowledge of some blockchain processes, such as the Sybil attack. APT had a large increase in selling pressure after an unexpected airdrop was released, leading to the creation of short positions.

As funding rates become blatantly negative, short liquidations often occur, leading to a “short squeeze” or unexpected bounce. There’s no telling where the Aptos price will face next. However, it has faced resistance at the $9.17 mark today and looks to retest the level before the trading day ends.

Featured image from Pixabay and chart from TradingView.com

Posted on

TOP 5 Cryptos To Watch This Week – BNB, BTC, ETH, MATIC, APT

The crypto market looks much better ahead of the new week than in previous weeks, with Bitcoin (BTC) closing the week on a high and aiming to reclaim a key region of $20,000. Despite the uncertainty, some altcoins have continued to look green in the face of the bear market, with many exciting projects coming up and others gaining more attention in the crypto space due to the community and partnership deals. Let us discuss on top 5 cryptos you should pay attention to this week.

Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and invest only what you can afford to lose.

Top 5 Cryptos- Bitcoin (BTC) Price Analysis On The Daily Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC was rejected from $21,500 after facing an earlier rejection from a region of $25,000 as the price has struggled to show such bullish strength as price rallied from a weekly low of $18,500.

BTC is currently trading at $19,400 at the point of writing this article. The price of BTC has shown great strength as bulls defended the price from losing the key support zone at $18,500; if BTC’s price loses this key support, we could see the price going down lower and panic setting into the market.

The price of BTC closed the week with a good candle above $19,500 after a long time which signifies a good sign, and possible relief would be on the horizon as we head into the monthly close for BTC price. 

BTC needs to reclaim $20,500 for more relief rallies; if the price of BTC fails to reclaim this region, we could see more of a dead cat bounce.

Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

Life after “Ethereum Merge” hasn’t been what everyone expected as the price of ETH has lost a huge percentage of the rally price made, from a weekly low of $900 to a high of $2,030.

ETH price was rejected from $1,650 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,260, which formed strong support to prevent the price from going lower. 

With the current market looking promising ahead of the monthly close, we could see ETH price retesting $1,450 as a key resistance region.

Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB was rejected from its resistance of $300 and is currently trading at $270.

BNB has tried to hold its key support zone as the price lost this zone to a region of $265, but the price quickly bounced to reclaim the region of $270. The price of BNB needs to rally away from its key support; if the price of BNB breaks and closes below this $270, we could see BNB struggling to trade above $250.

Price Analysis Of Polygon (MATIC) On The Daily (1D) Chart
Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.com

The price of MATIC has continued to show bullish trends holding well above the 50 EMA after breaking out of a descending triangle as the price aims to break and close above $0.91. 

If the price of MATIC breaks and closes above $0.91, we could see a price attempt to breach $1; if the price of MATIC fails, a retest of $0.77 support would be on the table as this has proven to be a key support for MATIC price.

Top 5 Cryptos –Price Analysis Of Aptos (APT) On The Hour (1H) Chart
Hourly APT Price Chart | Source: APTUSDT On Tradingview.com

APT has formed a bullish pattern with its release on major platforms, including Binance, as this coin has continued to ring in the ears of many traders. 

The price of APT rallied from a low of $7 on its launch to a high of $10.2 as the price faced resistance in the 1H timeframe. With the hype of APT being sustained, we could see the price increase.

Featured image from NBTC, Charts from TradingView.com

Posted on

TOP 5 Cryptos To Watch This Week – BNB, BTC, ETH, MATIC, APT

The crypto market looks much better ahead of the new week than in previous weeks, with Bitcoin (BTC) closing the week on a high and aiming to reclaim a key region of $20,000. Despite the uncertainty, some altcoins have continued to look green in the face of the bear market, with many exciting projects coming up and others gaining more attention in the crypto space due to the community and partnership deals. Let us discuss on top 5 cryptos you should pay attention to this week.

Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and invest only what you can afford to lose.

Top 5 Cryptos- Bitcoin (BTC) Price Analysis On The Daily Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC was rejected from $21,500 after facing an earlier rejection from a region of $25,000 as the price has struggled to show such bullish strength as price rallied from a weekly low of $18,500.

BTC is currently trading at $19,400 at the point of writing this article. The price of BTC has shown great strength as bulls defended the price from losing the key support zone at $18,500; if BTC’s price loses this key support, we could see the price going down lower and panic setting into the market.

The price of BTC closed the week with a good candle above $19,500 after a long time which signifies a good sign, and possible relief would be on the horizon as we head into the monthly close for BTC price. 

BTC needs to reclaim $20,500 for more relief rallies; if the price of BTC fails to reclaim this region, we could see more of a dead cat bounce.

Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

Life after “Ethereum Merge” hasn’t been what everyone expected as the price of ETH has lost a huge percentage of the rally price made, from a weekly low of $900 to a high of $2,030.

ETH price was rejected from $1,650 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,260, which formed strong support to prevent the price from going lower. 

With the current market looking promising ahead of the monthly close, we could see ETH price retesting $1,450 as a key resistance region.

Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB was rejected from its resistance of $300 and is currently trading at $270.

BNB has tried to hold its key support zone as the price lost this zone to a region of $265, but the price quickly bounced to reclaim the region of $270. The price of BNB needs to rally away from its key support; if the price of BNB breaks and closes below this $270, we could see BNB struggling to trade above $250.

Price Analysis Of Polygon (MATIC) On The Daily (1D) Chart
Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.com

The price of MATIC has continued to show bullish trends holding well above the 50 EMA after breaking out of a descending triangle as the price aims to break and close above $0.91. 

If the price of MATIC breaks and closes above $0.91, we could see a price attempt to breach $1; if the price of MATIC fails, a retest of $0.77 support would be on the table as this has proven to be a key support for MATIC price.

Top 5 Cryptos –Price Analysis Of Aptos (APT) On The Hour (1H) Chart
Hourly APT Price Chart | Source: APTUSDT On Tradingview.com

APT has formed a bullish pattern with its release on major platforms, including Binance, as this coin has continued to ring in the ears of many traders. 

The price of APT rallied from a low of $7 on its launch to a high of $10.2 as the price faced resistance in the 1H timeframe. With the hype of APT being sustained, we could see the price increase.

Featured image from NBTC, Charts from TradingView.com