Since the second week of October, there has been a noticeable surge in demand for Aptos’ native cryptocurrency APT. This increased interest has led to a robust phase of Total Value Locked (TVL) growth.
The surge in demand for APT has resulted in Aptos achieving its highest-ever TVL value of $74 million during the trading session on Thursday, October 26th.
This surge in TVL is a crucial metric for decentralized finance (DeFi) platforms as it showcases the total value of assets, tokens, or cryptocurrencies locked within the platform’s smart contracts.
Aptos TVL. Source: DefiLlama
Aptos Surges Amidst Rising Investor Confidence
The increase in demand for Aptos’ native cryptocurrency, APT, further demonstrates growing investor confidence and interest in the platform’s utility. This surge in demand may indicate an expanded user base or enhanced use case scenarios within the Aptos ecosystem.
At the time of writing, APT is trading at $6.69, up 4.5% in the last 24 hours and experiencing a notable 31.5% increase in the last seven days, according to figures by crypto market tracker Coingecko.
Source: Coingecko
This rally can be partially attributed to Aptos’ distinct position as a proof-of-stake blockchain that uses a cutting-edge smart contract programming language to facilitate quicker and less expensive transactions on its network.
For this reason, many cryptocurrency enthusiasts associate Aptos with certain decentralized Web3 applications, particularly in the domain of non-fungible tokens (NFTs).
1/ 🎉 Aptos Community, we’re celebrating #AptosOne in style! Introducing Graffio: a unique canvas where YOUR art shapes a special commemorative NFT.
Dive in and be a part of Aptos history! 🎨🌐 pic.twitter.com/pKAaQtwhi3
— Aptos (@Aptos_Network) October 18, 2023
AptosOne recently launched Graffio, an NFT-based art display platform. This tool simplifies NFT art creation, with standout features including waived gas fees for social media logins and the creation of an exclusive Graffio wallet.
APTUSDT currently trading at $6.80 billion on the daily chart: TradingView.com
APT Price On Bullish Run With 24% Gain
The announcement led to a surge in Aptos (APT) price from $4.88 to $6.03 between October 20 and 23, a nearly 24% increase. Experts predict a bullish trend continuing to $7.20 around the end of next month.
Its current value of $6.69 reflects a notable climb of 36% since mid-October, demonstrating a robust upward trend. The increase in price underscores the promising prospects for the future of Aptos and its indigenous digital currency, APT.
APT seven-day price action. Source: Coingecko
As Aptos achieves its all-time high in Total Value Locked (TVL), the soaring trajectory of APT’s price, and the platform’s advancements in NFT technology have sparked significant optimism.
The recent market surge and robust momentum hint at the potential for sustained growth and increased interest in APT. Despite concerns looming over a possible market retraction, the record-breaking TVL and the remarkable rise in APT’s value prompt a hopeful outlook, suggesting that Aptos and its native token may be well-positioned to weather potential market fluctuations and maintain their upward trajectory in the near future.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
