An unprecedented surge in the demand for the Aptos native cryptocurrency was seen in the second week of October 2023. The surge in trading volume led to the surge in total value locked.
The notable surge helped Aptos to record its highest ever TVL on October 28 (when writing) of $94.08 Million.
The sudden growth of TVL is a significant metric for DeFi platforms, reflecting the overall value of cryptocurrencies, tokens or assets locked inside the smart contract of Aptos ecosystem.
Investors’ positivity towards Aptos native token exemplifies their confidence and interest in the ecosystem utility, potentially, indicating an expanded user base or enhanced use case scenarios within the Aptos ecosystem.
Recently, AptosOne introduced Graffio, a platform for art displays based on NFT. With notable features including the ability to create an own Graffio wallet and eliminate gas prices for social network logins, this application makes creating NFT art easier.
Aptos Token Price Analysis
At press time, Aptos token was trading at $6.72 with a weekly surge of 29.22% and intraday surge of 4.40%. APT token’s trading volume rose more than 2% in a week while market capitalization has risen 4.76%.
In the 52 weeks time frame, APT token’s highest traded price was $20.39 and its lowest traded price was $3.09. The MACD and signal line are above the zero line and the histogram is reflecting significant buyer accumulation in the region above zero line.
The RSI line entered the bulls’ region and is moving parallel to the boundary line and further surge in the APT trading price is expected. When writing, Aptos token was trading above 20, 50 and 100 days EMAs and at the same time it was below the 200 day EMA.
October 20 2023, has played a significant role in fueling the sudden rise of APT tokens trading price. The reason for this increase may be the uniqueness of Aptos’ a proof-of-stake blockchain that leverages a state-of-the-art smart contract programming language to enable faster and more affordable transactions on its network.
Aptos ecosystem has been working constantly for the betterment of features and services that are offered to the users. Other than APT tokens, some others also showed a bullish momentum in the weekly time frame including leaders of cryptocurrencies Bitcoin, Solana, Dogecoin, Ethereum, GALA and XRP among others.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/28/graffio-launch-might-be-fueling-aptos-surge-apt-rose-over-29/