APT price
Aptos Market Cap Skyrockets, $574 Million Worth Of APT Tokens Set To Shake The Market In Q1 2024
Published
3 months agoon
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adminAptos (APT), a Layer-1 blockchain network, has shown significant growth in key metrics during the fourth quarter (Q4) of 2023, following the overall recovery of the crypto market. Furthermore, according to a recent report by Messari, Aptos experienced notable advancements in various aspects of its ecosystem.
Inflation And Genesis Supply Unlocking
The circulating market cap of APT witnessed a remarkable 126% quarter-on-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed that of similar market cap projects, leading to an improvement in APT’s market cap rank from 35 to 33 (currently 30).
Although the price of APT did not rise as much as its market cap, it still recorded a solid 75% QoQ increase.
Revenue generated by Aptos, represented by the fees collected through the protocol, also continued to grow in Q4 after recovering from lows in Q2. Denominated in APT, quarterly revenue grew by 10% QoQ, exceeding 46,000.
With the appreciation of APT’s price, revenue in USD experienced an even greater surge of 30% QoQ, totaling $345,000. Notably, there was a spike in daily revenue towards the end of December due to an “inscription craze”.
Moreover, Aptos implemented an inflation model for APT, beginning at a 7% annualized rate and gradually decreasing by 1.5% each year until it reaches 3.5%. In mid-October, the inflation rate reduced to just under 6.9% as per the initial total supply of 1 billion APT.
Additionally, APT faced inflationary pressure from the unlocking of the genesis supply, which includes the initially allocated 1 billion APT tokens.
By the end of Q4, over 23% of the genesis supply was distributed, marking a 30% QoQ increase.
In Q1 of 2024, another 7.5% of the genesis supply is set to unlock, with 48% allocated to core contributors and 34% to private investors. This unlocking is expected to release $574 million worth of APT tokens, representing 20% of Q4’s circulating supply.
Additionally, $91 million worth of APT will unlock towards the Ecosystem category, although the immediate distribution of these tokens may not occur. It is important to note that, before distribution, 80% of these tokens are held by the Foundation, while 20% are held by Aptos Labs.
These tokens are intended for grants, incentives, and other initiatives. So far, slightly over 20 million APT from this allocation has been airdropped.
Aptos Dip In Network Activity
Network activity on the Aptos blockchain, as measured by transactions and active addresses, decreased slightly in the fourth quarter, but remained at elevated levels compared to the first half of 2023. Average daily transactions decreased 1% sequentially to 483,000, while average daily active addresses decreased 31% sequentially to 60,000.
According to the report, the surge in network activity during Q3 was primarily driven by the integration of the social media platforms Chingari and Oracle Pyth with Aptos. In Q4, two notable events contributed to increased network usage: the Graffio communal art creation event in mid-October and inscriptions towards the end of December.
However, the number of new addresses created per day decreased by 33% QoQ in Q4, following a significant increase of 419% in Q3. The weighted average one-month retention rate also fell by 41% QoQ to 5%, marking the lowest rates since December 2022 for the October and November 2023 cohorts.
Looking ahead, Aptos has outlined key priorities for Q1 2024, which include further enhancing the stability and scalability of the network, expanding partnerships and integrations, and implementing new features and improvements based on community feedback.
Additionally, the upcoming unlocking of the genesis supply and the subsequent distribution of APT tokens will be a significant event to monitor, as it may impact the token’s price and overall market dynamics.
APT is currently trading at $9.82, which corresponds to a price correction of 5.9% over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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APT
Aptos (APT) Succumbs To Bearish Pressure, Loses 10% In A Single Week
Published
10 months agoon
July 12, 2023By
adminAPT, the native cryptocurrency of the Aptos blockchain, continues to exhibit an underwhelming market performance in 2023. Following a somewhat positive run at the beginning of July, it seems the bears are back in control, with APT’s value dipping by nearly 10% in the last seven days.
This has pretty much been the case for the APT token since the end of January as its price has declined steadily since reaching its all-time high of $18.58 on January 26.
APT Falls By 14% In One Week – Price Overview
The Aptos token made a bright start to July, gaining more than 13% in a few days. However, the prominent altcoin has shed all its recent gains, now trading below the month’s opening price of $7.29.
Related Reading: Dogecoin (DOGE) Price Downtrend Set To Persist – What To Expect
After reaching a high of $8.24 on July 4, the Aptos token experienced a significant decline, bringing its value to $7.15 two days later.
Since then, it appears that the coin’s price has been moving mostly sideways. But it is worth noting that APT fell below the $7 price level for the first time this month on July 8. The token dropped below this level again on July 10 before climbing back to $7.18 the following day.
As of this writing, APT is valued at $7.03, with a mere 0.3% gain in the past 24 hours. According to CoinGecko data, the coin has a market capitalization of over $1.48 billion, making it the 36th-biggest cryptocurrency. The Aptos token has a 24-hour trading volume of roughly $48.9 million, representing a 14.6% decline in the past day.
Is The Downward Trend Over?
A look at the daily chart shows that the APT token faces significant resistance at the $8 price zone. The token’s price has failed to break through this level twice in the past three weeks, falling back to $7 at each instance.
That said, the daily Relative Strength Index (RSI) indicates that the selling pressure is high at the moment, having crossed below the 50 mark. This means there may not be sufficient buying pressure to push the token’s price above the $8 resistance.
Related Reading: Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners’ Reduced Selling
Meanwhile, price action data reveals that APT has been stuck in a downtrend channel since the high of $16.22 made on February 16, 2023. Over the past five months, Aptos has failed to record a higher high, while writing three lower lows.
If Aptos continues in its descending trend channel, we might see its price fall below $4. On the flip side, if it manages to break out of the downtrend channel and through the $8 resistance, then cryptocurrency might reach a price of $10.
APT price in a descending trend channel since February | Source: APTUSD chart from TradingView
Featured image from iStock, chart from TradingView
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