Last week, Aptos (APT) distinguished itself by showcasing a remarkable market performance, delivering a rise of 18.25%. It emerged as one of the top gainers of the week on CoinMarketCap. This positive price action could be of significant value to APT investors, considering the token has largely been under bearish control throughout 2023.
Starting the year with a bang, Aptos had surged over 500% to reach its all-time high of $18.58 on January 26. Since then, the leading altcoin has experienced a steady decline with minimal and insignificant price rises.
Due to such disappointing price movements, there are considerable concerns about what was touted as “one of the most promising tokens of 2023”. Launched in October 2022, the Aptos project drew a lot of attention in the crypto space.
Much of this interest was driven by the blockchain, an indirect product of the now-defunct Diem blockchain initiative. Aptos boasts various impressive features, including a unique programming language named Move, a parallel execution engine, low transaction costs, and high-level security features.
As of June 10, APT was trading at a low level of $5.74, indicating a 69.11% decrease from its ATH in January. However, with its recent impressive performance, many investors are wondering if the altcoin is truly ready for a market reversal.
According to CoinMarketCap data, APT is currently trading at $7.05, reflecting a 5.38% increase in the past 24 hours. The token’s daily trading volume has also surged by 125.76% to reach a value of $274 million. Meanwhile, APT’s market cap is currently $1 billion. As mentioned earlier, the current bullish run of APT has triggered much speculation among investors, with many hopeful that the token will soon return to the magnificent peaks seen earlier in the year.
This narrative is further fueled by various on-chain activities, such as the gradual increase in daily user transactions on the Aptos network in recent months. Data from aptscan.ai, a specific analysis tool for the Aptos chain, shows that the daily active transaction count on the network rose from 75,806 on March 1 to 162,071 yesterday, June 16.
This steady increase in adoption shows that many users maintain their faith in the new Blockchain project despite the underperformance of the native asset. According to popular price prediction site Coincodex, the current investor sentiment around APT is neutral, and the Fear & Greed Index is at 49, indicating that the token might be a suitable investment at this point.
The team continues to be largely optimistic in supporting the APT recovery, predicting that the token will only decrease by 0.86% in the next five days. While forecasting that APT will reach $15.32 in the next month, they remind that these predictions should not be taken as financial advice.
