Aptos rallies 400% to hit all-time high: What next for APT?

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  • Aptos price surged 44% to an all-time high of $18.50 on OKX.
  • The Layer 1 blockchain was launched in October last year, and its native token is up more than 400% in the past 30 days.
  • Analysts suggest that the APT values ​​suggested by the negative funding rates may dilute some of the gains.

Aptos (APT) token has touched a new all-time high amid fresh buying pressure for the layer 1 native token of the blockchain platform.

Aptos shines amid crypto market rally

aptos, whose mainnet launch took place in October last year, is a crypto platform developed by two ex-Meta Platforms employees. The smart contract-enabled blockchain had a somewhat rough start, with controversy surrounding its token distribution.

However, its native token has enjoyed one of the best runs in recent weeks, outperforming the leading cryptocurrencies by market cap amid a broader rally in the digital asset market.

on wednesday Aptos Price It surged by over 44% to push the coin above $18.00 on major exchanges. Indeed, the coin hit an all-time high of $18.50. okx,

Chart showing Aptos price on OKX. APT reached a high of $18.50 on the exchange. Source: TradingView

APT token was up over 136% in the past week, reaching a new peak. According to data from CoinGecko, the token was up more than 400% in the past 30 days, with APT changing hands around $3.69 on December 25, 2022.

Aptos’ total market cap has grown to over $2.7 billion and APT currently ranks as the 28th largest cryptocurrency project.

What’s next for the Aptos token price?

Can APT price continue its upward movement? It is likely that the coin may still test new highs as optimism around bitcoin and some of the top altcoins drives market speculation. However, on-chain data shows that the price is likely to decline sharply amid profit-booking.

One suggestion that bulls may be giving up some gains is negative funding rates. Hornhair, a pseudonymous cryptocurrency trader, said this on Wednesday.

Another crypto trader Altcoin Sherpa thinking APT could provide a bigger short opportunity later, suggesting that shorting the coin at current levels may not be a safe bet. Instead, he points to a scenario where there is less height at play.

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