Aptos (APT) has shown an impressive market performance in the last week gaining by 18.25% to emerge as one of the biggest weekly gainers on CoinMarketCap. This positive price movement is quite significant for many APT investors, as the APT market has been under bearish control for most of 2023.
Aptos’ Unimpressive 2023
Aptos began the year with a bang, surging by over 500% to hit its all-time high price of $18.58 on January 26. However, the prominent altcoin had since experienced a steady decline since then, with little insignificant price rises.
Due to such disappointing price movement, much concern has been over what was touted as “one of the most promising tokens of 2023”. The Aptos project, which was launched back in October 2022, received a lot of hype coming into the crypto space.
Much of this interest was driven by the blockchain being an indirect product of the now-defunct Diem blockchain initiative. Aptos boasts various impressive features, including a unique programming language – Move – a parallel execution engine, low transaction costs, and high-level security features.
On June 10, APT was trading as low as $5.74, indicating a 69.11% decline from its ATH value in January. However, following its recent impressive performance, many investors wonder if the altcoin could actually be readying for market reversal.
Based on data from CoinMarketCap, APT is trading at $7.05, with a 5.38% gain on the last day. The token’s daily trading volume has also moved by 125.76%, attaining a value of $274 million. Meanwhile, APT’s market cap is currently at $1 billion.
Is The Market Reversal On?
As earlier stated, APT’s current bullish run led to much speculation among investors, with many hoping the token could soon return to the glorious heights seen at the beginning of the year.
This discourse is further fueled by various on-chain activities, an example of which is the gradual increase in daily user transactions on the Aptos network over the last few months.
According to data from aptscan.ai, an analytics tool native to the Aptos chain, the number of daily active daily transactions on the network moved from 75,806 on March 1 to 162,071 on June 16, yesterday.
This continuous increase in adoption shows that many users have maintained their faith in the novel blockchain project despite the poor performance of its native asset.
According to popular price prediction site, Coincodex, the current investor sentiment around APT is neutral, with a Fear & Greed index of 49, indicating the token may be a favorable investment at this point in time.
The team predicts APT to decline only by 0.86% in the next 5 days. They remain largely optimistic, backing an APT reversal as they project the token to hit a price of $15.32 in the next month.
However, note these predictions are not to be relied on as financial advice. All investors are admonished to do their due diligence before engaging the market.