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Aptos (APT), which gained strong momentum during the week after partnering with Aptos Labs to work on Microsoft’s blockchain-based AI tools, has recently experienced a downward trend. APT, which is among the cryptocurrencies with high market value, has lost a significant percentage and dropped to $7.07.
Rise After Microsoft Partnership
Tech giant Microsoft announced its partnership with Aptos Labs to work on blockchain-based AI tools. APT experienced a significant surge within hours of the announcement, reaching $8 in price. However, with the decline in the cryptocurrency market, APT started to lose value again.
The decline in Bitcoin, the leading cryptocurrency, below the $30,000 level triggered a market-wide decline and caused most cryptocurrencies to lose value. APT also suffered significant losses during this period, and its trend reversed.
The total market value of the cryptocurrency ecosystem, according to CoinMarketCap (CMC) data, dropped to $1.17 trillion. Additionally, the market started the day with low volatility. According to Coinglass data, approximately $20 million worth of short and long positions were liquidated in the last 24 hours.
Increasing Value Losses
Despite reaching $8 during the week, Aptos (APT) suffered value losses again due to the decline in the cryptocurrency market. APT started trading at $7 and recorded a loss of over 2.5% in the last 24 hours. After its recent decline, APT ranked high among the top 100 cryptocurrencies in terms of percentage value loss, according to CMC data.
In addition to the price decline, there was a significant decrease in trading volumes for APT. The 24-hour total trading volume of APT experienced a decline of over 50%.
