Aptos: Engagement, Active Accounts Growth Fuel 36% APT Rally

Aptos rides the bullish wave that swept over the market. The token, according to the latest market updates, registered an almost 36% surge in price, which follows the movement of major cryptocurrencies such as Bitcoin and Ethereum, pushing forward the overall sentiment on the token.

Investors are currently interested in a series of statistics showing Aptos has grown significantly since the start of the year. If the trend continues, we might see APT pushing boundaries in the coming days or weeks. 

Recently, X user @apt_everstake released an article on X regarding the platform’s metrics last month which shows great promise in the long-term prospect of the protocol. According to the article, Aptos’s active users rose to 3 million monthly active users–the numbers had surged by 11% from July.

The highest point reached an active user on the platform was 450k, while average daily accounts exceeded 190k, and that increased the figures by 12% as compared to last July.

https://t.co/dqi277ncfo

— Aptos Nerd | Everstake (@apt_everstake) September 21, 2024

Aptos also boasted a high throughput, with a peak of 360 million transactions in one day and a transaction-per-second of 12,000. 

On-chain activity with the likes of Aptos attracts partners and retail investors alike. These are clear signs that the platform has a somewhat clear trajectory in the future which makes it worth investing capital on. 

In a tri-partnership between Aptos, Ankaa Labs, and OKX Ventures, Ankaa announced their first cohort of projects that will receive support from the Ankaa Accelerator program. According to the blog post, five projects were chosen by the partnered organizations as they saw their “significant potential to contribute to the Web3 ecosystem.”

The program will fund these using their accrued $10 million investment from Aptos and OKX. 

Although the token has moved quickly following the flip in investor sentiment, APT’s attempt to break through the $8.24 resistance level has failed leading to the token attempting to stabilize above $7.76. 

The previous price movement of APT led to the exhaustion of the bulls, leading to quite a bearish undertone on the otherwise great gains made in the past couple of days. The relative strength index (RSI) hints at a possible reversal in the momentum of the token, leading to a return to the $7.27 in the short to medium term. 

However, the token’s high correlation with Bitcoin and, by extension, the entire market will prove to be beneficial for the bulls in the coming days. With Bitcoin breaking the $60k barrier, we might see Aptos follow the same price movement if the market environment strengthens investor confidence. 

Featured image from Medium, chart from TradingView