Aptos (APT) Continues To Hold Gains During Market Uncertainty
26 Oktober 2022 - 05:07PM
NEWSBTC
Despite trading in the red zone on the day, Aptos continues to hold
decent gains in the last few weeks. Launched this October, the
potential Solana killer has recorded huge trade volumes in just the
first few trading days. The price of one APT token rose by more
than thirty percent throughout the last weekend. Specifically, it
increased from $7 to an all-time high of $10.25 on Sunday, October
23. Since then, there has been a retracement in the price of APT,
which has settled at $8.89 at press time. There’s no telling where
Aptos will go from here. But despite a 1.46% decline on the day,
Aptos is still holding decent profits from when its launch price.
Related Reading: This Bitcoin On-chain Retest Can Change Market’s
Course, Here’s How Aptos Positions Itself As A Top-50 Coin Despite
Criticism On October 17, the Aptos team announced they had
successfully launched their mainnet. Afterwards, the APT token was
made available for trade on several cryptocurrency platforms. The
token didn’t take much time to position itself as a top-50 coin on
CoinMarketCap. Aptos grabbed the 47th spot with a total supply of
130,000,000.00 and a $1,178,169,163 market cap. However, Aptos
experienced some volatility at launch amid several criticisms from
traders and the entire crypto community. Twitter criticized the
initiative, stating the chain’s 7 TPS is considerably below the
130k TPS promised before launch. Traders were also concerned about
the project tokenomics. They noted that it slightly favoured the
private investors and developers who obtained a massive 50% of the
token supply and presently retain 80% of them. Furthermore, the
project has been met with many scam airdrops, resulting in the team
muting the token’s Discord server. The project’s founder, Mo
Shaikh, defended it on Twitter by saying, “building a decentralized
protocol from the ground up is tough!” However, as we all know, you
never get a second chance to make a good first impression. Aptos
Trading Red on The Day, More Negative Trends Ahead? The current
trend of Aptos is bearish. As of writing, Aptos is losing 3.88%
against the US dollar, trading at $8.93. According to Wu
Blockchain, the main reason is the negative Aptos token perpetual
contract financing rates on Binance, OKX, Bybit, and FTX. With a
negative rate, bearish sentiments prevail, and short-sellers are
eager to compensate long-sellers. Active hedging may be the
main cause of these negative financing rates. This comes after
Aptos’ engineers revealed a lack of knowledge of some blockchain
processes, such as the Sybil attack. APT had a large increase in
selling pressure after an unexpected airdrop was released, leading
to the creation of short positions. Related Reading: Bitcoin’s
Break Above $20,000 Sees Market Liquidations Cross $1 Billion As
funding rates become blatantly negative, short liquidations often
occur, leading to a “short squeeze” or unexpected bounce. There’s
no telling where the Aptos price will face next. However, it has
faced resistance at the $9.17 mark today and looks to retest the
level before the trading day ends. Featured image from Pixabay and
chart from TradingView.com
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