APT is trading above $16 today, up 24.8% in the last 24 hours and over 340% in the last 30 days. Among APT U-based contracts, Coinglass data shows that annual funding rates are relatively low: OKX -106%, Binance -215%, and Bybit -250%.
APT has maintained its strong performance in January.
APT was trading just above $3.06 on January 6th, causing it to break out of the descending resistance line. It gradually rose and reached above the resistance zone at $9.80 on January 20. Since then, the price has been increasing. New heights.
APT has been one of the featured tokens of 2023. Its growth has led to market giants viz Bitcoin And Ethereum. At the time of writing, it is trading at $16.02. Its daily trading volume is also $1,835,045,620, a 111.04% increase from yesterday.
According to APT, the annual funding rate for U-based contracts is in the negative. Quinglass data.
When this happens, it indicates that the cost of opening new short positions is high, and the bulls are supported by market makers. Therefore, funding rates are generally in the best position to initiate a reversal. In this case, the negative funding rates, OKX -106%, Binance -215%, and Bybit -250%, show that this is a time when the market is technically benefiting the bulls.
Mass collaboration is elevating APT.
When Aptos (APT) was launched in October 2022, it was one of the newer crypto projects on the market. A few days after launch, on October 23, it achieved its ATH of $10.25. However, when crises like the FTX saga hit the crypto market, it collapsed and started the year trading at $3.43.
Its growth is due to many factors, including the support of various crypto projects. Pancakeswap, the BNB chain’s largest DEX, said on January 6 that it has deployed on the Aptos blockchain following community approval. A week later, APT was up 97.6%, and it started the rally that is currently underway.
Since then there was constant buzz about the project as well. born From a non-defect meta-diem blockchain initiative. Additionally, Aptos has interesting features such as its programming language, Move, which investors believe will be a huge hit to Ethereum, and other platforms that support smart contracts.
2023 could be the “Year of Aptos”.
Aptos’ roadmap shows that the main focus for the project this year will be to add the cost of on-demand gas, which will reduce existing gas fees on the network. When it succeeds, it can send APT even higher. However, as with the volatility in the crypto market, this is just speculation.
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