Highlights

• Aptos sees a 20% price surge within 24 hours, reaching $10.24 on Sunday.
• Market cap surpasses $5 billion, with daily trading volume exceeding $530 million.
• Open interest for Aptos hits a six-month high, increasing from $128 million to $170 million.
• Aptos continues to capture short-term traders’ attention, with further bullish momentum expected.

Aptos, the Layer 1 blockchain platform, experienced a significant surge over the weekend, with its native token, APT, climbing by 20% within just 24 hours.

As of Sunday, October 11, Aptos was trading at $10.24, pushing its market capitalization past $5 billion. The daily trading volume for Aptos soared to $530 million, reflecting a growing interest from both institutional and retail investors.

The recent rally in Aptos has been attributed to the formation of a double-bottom pattern on its price chart, which traditionally signals a strong bullish momentum for assets. This price action has not only attracted short-term traders but has also sparked a noticeable increase in the blockchain’s open interest.

According to data from Santiment, Aptos’ open interest rose from $128 million to $170 million in just one day, marking the highest level in six months.

The surge in open interest is seen as an indication that more traders are taking positions on Aptos, betting on continued upward movement in its price.

“The rise in open interest suggests that short-term traders are becoming more active in the market, capitalizing on Aptos’ recent bullish momentum,” said a market analyst on Sunday.

Aptos Continue to Experience Increased Trading Activity and Market Analysis

While Aptos continues to benefit from its price surge, market analysts have noted some key factors that could influence its short-term performance.

According to the latest data, Aptos' funding rate has shifted from a negative zone to 0.009%. This shift suggests that a majority of traders are betting on the token's further bullish momentum, as the funding rate typically indicates the market’s sentiment towards an asset.

However, analysts have also cautioned about the possibility of long liquidations, which could trigger a price correction for Aptos.

“While the funding rate and open interest show bullish signs, traders should be aware that long liquidations could introduce volatility, potentially leading to a price pullback,” said a blockchain market analyst on Monday.

Despite the 20% price increase, the social sentiment around Aptos remains in the negative zone. This discrepancy highlights that while traders are focused on price movements, the broader market might still have reservations about Aptos' long-term potential.

Aptos Recently Acquired HashPalette

Aptos’ recent acquisition of HashPalette, a Japanese blockchain development company, further fueled its price surge.

Announced on October 3, the deal enabled Aptos to enter the Japanese market, a move that boosted APT’s price by 7% at the time. This acquisition strengthens Aptos' position in the global blockchain ecosystem, with the network claiming the capability of processing over 150,000 transactions per second.

Founded by former engineers from Meta Platforms' Diem blockchain project (formerly known as Libra), Aptos leverages the Move programming language, which was originally developed for Diem.

The blockchain incorporates advanced features such as parallel transaction processing and a Byzantine Fault Tolerant (BFT) consensus mechanism.

These innovations allow Aptos to deliver a fast, secure, and scalable blockchain infrastructure, appealing to developers and enterprises looking for efficient solutions in the blockchain space.

Looking Ahead

As Aptos continues to grow and evolve, its ability to attract institutional interest and partnerships like HashPalette could solidify its place as a leading Layer 1 blockchain.

Despite its current focus on short-term price gains, the blockchain’s technological advancements and expanding global footprint provide a foundation for sustained long-term growth.