- The price of Aptos is up 44% and hit an all-time high of $18.50 on OKX.
- The Layer 1 blockchain was launched last October and its native token is up more than 400% in the last 30 days.
- Analysts suggest that the APT price could cut some of the earnings, as suggested by negative funding rates.
The Aptos (APT) token has hit a new all-time high amid new buying pressure for the layer 1 blockchain platform’s native token.
Aptos shines during the crypto market rally
Aptos, whose mainnet was launched last October, is a cryptocurrency platform developed by two ex-employees of Meta Platforms. The smart contract blockchain got off to a somewhat rocky start, with controversy surrounding token distribution.
However, the native token has enjoyed one of its best runs in recent weeks, outperforming leading cryptocurrencies by market capitalization amid a broader rally in the digital asset market.
On Wednesday, the price of Aptos rose more than 44% to take the token above $18.00 on major exchanges. Indeed, the token reached an all-time high of $18.50 on OKX.
Upon reaching the new peak, the APT token had risen by more than 136% in the past week. According to data from CoinGecko, the token was up more than 400% in the past 30 days, with APT changing hands for about $3.69 on December 25, 2022.
The total market cap of Aptos has risen to over $2.7 billion and APT is currently the 28th largest cryptocurrency project.
What next for the Aptos token price?
Can APT price continue its vertical movement? It is likely that the coin can still test new highs as the optimism surrounding Bitcoin and some of the top altcoins fuels speculation in the market. On-chain data, however, suggests that there is a chance that the price will start to fall sharply while posting profits.
One suggestion that bulls may give up some of the gains is the negative funding rates. Pseudonymous crypto trader HornHairs pointed this out earlier Wednesday.
$APT financing through the roof on the negative side
shorts pay an arm and a limb to bet against the top winner
imagine you are at a horse race and you could bet on one of the horses you want to lose and you choose the fastest one to bet against and you have to pay extra fees to do that pic.twitter.com/9LeZtZhFkK
— HornHairs 🌊 (@CryptoHornHairs) January 25, 2023
Another crypto trader Altcoin Sherpa thinks APT may present a great short opportunity later on, suggesting that shorting the coin at current levels may not be the safer bet. Instead, he points to a scenario where a lower high is involved.