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Aptos, a layer 1 blockchain platform, has experienced a significant rally in its native token, Aptos (APT), drawing considerable attention from short-term traders. In the past 24 hours, the token surged by 20%, bringing its trading price to $10.24.
With this rally, Aptos’ market capitalization has surpassed $5 billion, supported by a robust daily trading volume of $530 million. This momentum indicates a growing interest in the platform and its potential within the blockchain ecosystem, especially as traders look to capitalize on the price movement.
The Aptos token has shown strong bullish potential following a double-bottom formation on its price chart, a pattern typically indicative of a reversal and subsequent upward momentum. Between October 2023 and 2024, this price action has caught the attention of traders, contributing to a significant 20% rally in recent days.
According to data from Santiment, the total open interest in APT has surged from $128 million to $170 million, reaching a six-month high. This increase suggests a heightened level of activity among short-term traders. Furthermore, the funding rate for APT has shifted positively, currently sitting at 0.009%, indicating that most traders are anticipating further price gains.
However, it’s essential to remain cautious, as high levels of long liquidations could lead to potential price corrections and increased volatility. Despite the recent price hike, social sentiment around Aptos remains in the negative zone, indicating mixed perceptions within the community.
On October 3, Aptos expanded its reach by acquiring HashPalette, a Japanese blockchain development company, which contributed to a 7% price increase at that time. This move positions Aptos to tap into the Japanese market, enhancing its footprint in Asia.
Founded by former engineers from Meta’s Diem project, Aptos aims to leverage its expertise in the Move programming language, designed for secure and efficient blockchain operations. The platform supports features like parallel transaction processing and a Byzantine Fault Tolerant (BFT) consensus mechanism, aiming to deliver a high-performance blockchain experience.
