Circle Launches USDC on Aptos Crypto: APT Finally Rebounds

Aptos crypto has been experiencing exponential stablecoin growth over the last few months and it may not be about to stop soon. The layer 1 blockchain just ushered in native USDC, courtesy of Circle’s recent efforts to expand native access to its stablecoin.

USDC was previously only available on Aptos as a bridged version called lzUSDC. Circle announced the stablecoin launch natively on Aptos, describing it as an important milestone for the network.

Aptos crypto stablecoin and TVL soar to new all-time highs

The native USDC launch on Aptos is expected to boost its liquidity. The blockchain has been experiencing robust stablecoin growth over the last few months. For context, its stablecoin marketcap was just $117.96 million at the start of 2024. It recently soared to a new all-time high of $779 million.

Aptos crypto TVL has been taking a bit of a beating since mid-December. It dipped from $1.277 billion on 16 December to roughly $999.95 million as of 30 January. However, this decline was only due to the value loss by the network’s native cryptocurrency APT.

In reality, the amount of APT locked in the Aptos ecosystem has been steadily rising and recently surged to a new ATH of 135.89 million APT.

The surging TVL confirms that that APT holders have been increasingly shifting in favor of HODLing. A heathy departure from short term profit-taking. This should technically have a positive impact on the cryptocurrency’s value in the mid to long term.

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APT shows signs of potential pivot after almost entering oversold territory

APT has had a bearish performance in January, after extending the same bearish trend that commenced after its December top. For context, the cryptocurrency peaked at $0.23 on 1 December after an impressive rally in November.

The cryptocurrency recently dipped as low as $0.083 on 29 January. A drop by over 55% from its December top.

Note that this price point has historically demonstrated support and it was no surprise that APT bounced back by as much as 16% in the last 2 days. It was also almost oversold at its recent lows.

The RSI’s sharp bounce back indicates that there was a significant demand resurgence. Also, APT’s price tag at the time of writing may offer an appealing entry point. It would have to rally by 97% to retest its December peak.

On-chain stats recorded a surge in spot inflows by over $5 million in the last 2 days. Meanwhile, open interest in the derivatives segment was up by roughly 12.94% in the last 24 hours at press time.

In conclusion, APT’s recent support retest, combined with almost oversold conditions and TVL growth underscore an interesting convergence.

In other words, these observations highlight the rising probability of a bullish outcome in the short term. Meanwhile, Aptos crypto is better equipped to leverage growth opportunities with rising network activity and surging liquidity.