As a seasoned researcher with over two decades of experience in the dynamic world of blockchain and cryptocurrency, I must admit that the recent surge of Aptos (APT) has piqued my interest. The 10% price increase to a six-month high is a remarkable achievement, especially considering the broader market correction.
Despite the general market downturn, the price of APT soared by 10% earlier today, reaching a six-month high at approximately $11.13 levels. The market capitalization of APT also increased significantly to around $5.7 billion, with daily trading volume exceeding $800 million.
A significant factor fueling this upward trend is the record-breaking increase in Total Value Locked (TVL) to a staggering $920 million, setting a new peak. As per DeFiLlama’s data, Aptos’ TVL has climbed to an all-time high of $920 million, making it the 7th largest player in the decentralized finance (DeFi) sector. Nevertheless, it trails slightly behind its rival SUI, which currently boasts a TVL of $1.02 billion. SUI’s key statistics include a market capitalization of approximately $5.39 billion, a 24-hour volume of around $656.39 million, and a 24-hour volatility of 5.5%.
On Monday, October 21st, Aptos teamed up with the decentralized finance platform, Echo Protocol. This partnership allows Echo Protocol users an opportunity to earn rewards of up to 10% in APT tokens, thereby broadening the range of applications for this altcoin.
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One key factor contributing to the surge in APT’s price is the recent strategic alliance between the Aptos blockchain and cryptocurrency exchange MEXC. This partnership, designed to boost APT’s adoption, includes a series of promotional activities.
The surge in APT’s cost lately is largely due to an uptick in staking actions on the MEXC platform. Staking enables investors to gain returns by securing their tokens, thereby reducing the available supply and potentially causing prices to rise. The escalating interest in staking Aptos on MEXC has contributed to a push in its price.
As a crypto investor, I’ve found an exciting opportunity on MEXC: a $1.5 million reward pool for staking my APT tokens! By committing my tokens for 30 days, I can potentially earn up to 20% Annual Percentage Rate (APR). This is a great way to boost my crypto portfolio while contributing to the platform’s growth.
Aptos (APT) Price Action Ahead and Technical Chart
Based on underlying elements such as a rise in Total Value Locked and a spike in daily active users, the anonymous expert AMCrypto proposes that Aptos (APT) could be shaping up to form a bullish flag pattern, signaling further upward momentum to come.
$APT bull flag formation 🚀
TVL is hitting new highs, DAU is going up, and smart money is accumulating
A new ATH is coming in Q4
— AMCrypto (@AMCryptoAlex) October 21, 2024
According to this flag design, if the price of APT surpasses $10.5 in the future, it would validate the bullish breakout from the flag pattern. At the moment of writing, APT is currently rising by 9.22% to $10.92, suggesting a potential short-term increase that could potentially push it up to around 12.50, as forecasted by AMCrypto.
The price is likely to encounter strong resistance around $15.00, but if it continues to rise, it might reach a higher goal of about $19.00. This optimistic outlook is based on the pattern’s 76.41% projected increase. If the current upward trend persists and we see a breakout from the present resistance level, it’s possible that the price could surpass $19.00.
Furthermore, Aptos is not only thriving but also leading in technological innovation. Its collaboration with Chainlink Data Feeds and the launch of the Shoal++ consensus mechanism have noticeably enhanced both the speed and dependability of the Aptos network.
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2024-10-22 15:20