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Aptos Cryptocurrency Gains Momentum and Reaches $8.41: What’s Fueling the Surge?
- On-chain data showed that sentiment around the cryptocurrency was bearish.
- Development activity has improved and other indicators have predicted an increase in the price of Aptos.
Days after confirming a collaboration with a certain project, Aptos [APT] shows signs of life again. At the time of writing, the price of Aptos cryptocurrency had increased by 2.10% over the past 24 hours.
This move ensures that the token value was $8.41. Like the price, trading volume has also increased, indicating growing interest in Aptos.
However, the increase was not without cause and could be traced back to the June 6 disclosure. On the aforementioned date, IONET, an AI decentralized computing platform revealed who had collaborated with Aptos.
Not everyone is thrilled
According to the project, the decision was made because it found in Aptos the perfect layer 1 blockchain to provide a transparent ledger of AI assets. As a result, IONET implemented its generative AI product on the Aptos crypto blockchain.
Additionally, IONET founder and CEO Ahmad Shadid said that Aptos’ high speed and scalability was one of the reasons he chose blockchain.
Currently, Aptos can process 25,000 transactions per second, making it one of the few blockchains with such capacity.
Despite the development, thoughtful sentiment around Aptos has waned. At the time of writing, Santiment analysis conducted by AMBCrypto showed the metric to be -0.493, indicating that the majority of comments on APT were negative.
If this were the case, demand for the token could decrease. Furthermore, the recent price increase could be neutralized. However, the social dominance around the Aptos cryptocurrency has increased.
This indicated the discussion about it compared to other resources in the top 100 had improved. But the improvement is not evidence of a potential rally and our results showed that it could be linked to IONET again.
Source: Santimento
The TVL rises but that’s not all
Aside from the partnership with Aptos, IONET’s cryptocurrency will launch on June 11th. As the listing on Binance approached, it seemed that market participants were including the Aptos cryptocurrency in growing conversations due to their connection.
Another metric examined by AMBCrypto was Total Value Locked (TVL). On May 14, Aptos TVL fell to $326.99 million, according to data from DeFiLlama.
However, data at press time showed the metric had recovered and stood at $379.91 million. The increase could be attributed to the high level of resources locked or bound in the protocols below the chain.
If sustained, the value of assets held in Aptos could rise to as much as $450 million as in April. But if perceived trust were to decline, the parameter could slip again.
Source: DeFiLlama
Meanwhile, development activity on the Aptos blockchain is increasing. At the time of this writing, on-chain data showed the reading to be 50.90.
This metric is critical to any project. This is because it indicates the speed at which new features are delivered, while helping to drive growth and user adoption.
Will the price of APT reach $9?
For the Aptos cryptocurrency, this could be a bullish sign. But the data revealed that the metric did not have a solid correlation with the price of APT. Therefore, it does not exist validation of a further increase in prices.
Meanwhile, Aptos’ financing rate was 0.01%. Although it was positive, the rate was lower than a few days ago.
The financing rate is the cost of maintaining a contract open on the market. If the reading is positive, it means that the price of the perp is trading at prize compared to the spot value.
Source: Santimento
On the other hand, the negative reading means that the price perp is at discount compared to the spot price. However, since the perp price has fallen while the APT price has risen, it means that perp traders are not convinced of a price increase.
Realistic or not, that’s it Market capitalization of APT in SOL terms
The reasonable inference is that spot traders are getting aggressive. Therefore, this could be bullish for the Aptos cryptocurrency price.
Apparently, the price of APT could reach $9 in the near term. However, this would only be possible if no selling pressure came into play.