Top Reasons Why Aptos May Resume Rising Towards the North Soon!
Aptos price surged from the ranges around $3.5 to mark the yearly highs beyond $20, attracting immense bearish activity at the moment. The extended consolidation has however raised the speculation of a massive sell-off for the crypto is fast approaching. However, regardless of the current trade set-up, the APT price continues to flash extremely bullish signals that may set off a fresh upswing very soon.
The APT price marked a new ATH of $20.39 after surging by more than 400% since the beginning of 2023. The rally is speculated to shed all of its gains due to the weak fundamentals and an increase in negative market sentiments. However, below mentioned are some of the reasons that indicate the Aptos rally may resume any time from now.
Facebook’s Brain Child
Aptos is the end result of Facebook’s attempt with the Libra Blockchain which failed to receive a regulatory nod due to which it was forfeited mid-way. The team behind Libra further found Aptos which is a decentralized version of the abandoned project. Also, the platform raised a $300 million fund in 2022 which was followed by Binance investing to help boost the ecosystem.
The network was launched at the beginning of Q4 2022 and is still in the early stages of its development. Presently, there are only a few countable projects and smart contract activity on the chain. The APT transfers currently record more than 95% of the blockchain transactions at the moment. However, the development activity has been surging as the number of developers on Aptos has now surpassed Avalanche and Tezos but continues to be behind Solana, Polkadot, Cardano and Ethereum.
Mounted Bullish Momentum
With the sudden rise in the APT price, many continue to remain in disbelief that Aptos’s market cap surged beyond $2.8 billion and the token marked an entry into the top 30. However, now that the bullish sentiments have mounted, going against the trend may not be a good idea for traders. However, the APT shorts is also surging as the price is marking new highs. This may further create an opportunity for a short squeeze that may swell the price soon.
Selling Pressure May Not Mount
The Aptos tokenomics has been built in such a way that the selling pressure is limited for the first year from its launch in October 2022. The APT remains locked with the investor for a period of a year until October 2023 after which the circulating supply of APT could be raised significantly. Until the tokens are unlocked, traders receive their staking rewards which is the only way to inflate the prices as of now.
APT Kimchi Premium
The Kimchi premium is nothing but the gap between the crypto prices in South Korean exchanges and the other global exchanges. The buying interest for APT is flooding through the Korean exchanges with the won pair on the UpBit exchange. The exchanges are recording nearly 40% of Apto’s trading volume and the APT prices are also traded 1% to 3% at higher prices compared to the other exchanges.