Aptos (APT) Registers Over 7% Gains In The Last 24 Hours. What’s Next?
March 01 2023 - 01:30PM
After days of price decline, Aptos (APT) is gaining today. To APT’s
traders, the few days of price decline might seem like an unending
bearish trend where the token recorded losses in three consecutive
days, but that is not the case. APT has leveraged the 1.8%
increase in the global cryptocurrency market capitalization. It is
among the highest-gaining coins today, and at press time, its
trading volume has risen over 105% increase in 24 hours. Related
Reading: Is Ethereum Following A Deadly Nasdaq Dot Com Fractal?
Aptos Labs launched a new Web3 Software development kit (SDK) that
enables interoperability and transparency in gaming. This
development has rubbed off on APT price by increasing its trading
volume as more game developers find utility in the new tool. Aptos
Records Massive Surge In Trading Volume Amid Price Rally, Why? APT
is the token powering the Aptos blockchain, with a total
circulating supply of 130 million tokens at the time of writing.
APT is currently up in the last hour and the past seven days. With
its 0.38% past week price increase, the token outperforms the
global crypto market, which has declined 1.10% over the past week.
In addition, APT is also outpacing similar smart contract platform
coins, which have collectively reduced by 1.80%. Aptos is currently
witnessing a surge in trading volume because of its new software
development kit. According to CoinMarketCap, APT’s trading volume
has more than doubled its February 28 value. It went from $276.01
million on February 28 to $623.86 million on March 1. The new Web3
gaming tool kit may be behind this increase in on-chain activity.
The SDK comprises gaming tools that facilitate the development of
decentralized games. Decentralization in the context means the tool
enables game mechanics that allow players to create, earn, and
obtain in-game resources, which they can sell or trade for money.
Conventional video games only allow users to play and earn
irredeemable rewards. However, Aptos’ SDK enables games that allow
players to earn redeemable rewards. Offering this feature is a
milestone in Web3 gaming that would attract more users, as every
player would love to make money as they play. The SDK launch is the
most probable reason behind APT’s trading volume surge and price
rally surge. Will APT Sustain Its Price Rally And Climb above $15?
Aptos has been very volatile lately, like most cryptocurrencies in
the market. As of February 23, Aptos traded at $13.92, a 3.7%
increase from its previous day’s price. But it could not sustain
the gains as it retraced by 3.3% the next day, losing $0.453852.
The price decline continued, and by February 27, APT had lost more
than 12%, trading at $12.24 before rallying briefly by 3.3%.
On February 28, the price fell from$12.65 to $12.40, a 2% decline.
And today, it gained more than 9%, rallying to $13.13 before
retracing a bit to $13.08. The market sentiment is neutral, with
the fear and greed index reading 50. But APT has recorded 11 green
days over the past 30 days with 11.02 price volatility. Coincodex
predicts a 5.54% decline to $12.35 by March 6, 2023. So now is
probably a good time for the bulls to acquire more APT tokens since
the technical indicators are flagging strong buy signals. Related
Reading: Dogecoin Moves Close To Support level, Will The Bulls
Defend This Mark? It is uncertain whether APT will continue in this
pattern, but chances are high that it will hold a short-term rally
after it breaks the next resistance level. Note that
cryptocurrencies often deviate from past price behaviors,
especially for small-cap altcoins. Featured image from Pixabay and
chart from TradingView.com