APT hits new ATH at $16.02 as rally continues

APT is trading above $16 today, with a 24.8% gain over the last 24 hours and over 340% in the past 30 days. Among APT U-based contracts, Coinglass data shows annualized funding rates are relatively low: OKX -106%, Binance -215%, and Bybit -250%.

APT has maintained high performance in January

APT was trading just above $3.06 on Jan. 6, whereby it broke out from a descending line of resistance. It rose steadily and crossed above the resistance zone at $9.80 on Jan. 20. Since then, the price has been hitting new highs.

APT has been one of the trailblazing tokens of 2023. Its growth has outshone the market giants such as bitcoin and ethereum. At the time of writing, it is trading at $16.02. Its daily trading volume is also at $1,835,045,620, a 111.04% growth from yesterday.

Annualized funding rates for APT U-based contracts are in the negative, according to Coinglass data.

When this happens, it shows that the cost of opening new short positions is high, and bulls have market makers’ support. Hence, funding rates are usually in an excellent position to start a reversal. In this case, the negative funding rate, OKX -106%, Binance -215%, and Bybit -250%, show that it’s the time when the market is technically rewarding bulls.

Massive support is driving APT high

When Aptos (APT) was launched in October 2022, it was one of the newest crypto projects in the market. A few days after the launch, on Oct. 23, it attained its ATH of $10.25. However, when crises such as the FTX saga hit the crypto market, it fell and started the year trading at $3.43.

Its growth has been due to many factors, including support from various crypto projects. Pancakeswap, the biggest DEX on the BNB Chain, said on Jan. 6 that it deployed on the Aptos blockchain after community approval. A week later, APT rose by 97.6%, and that set off the rally that is currently ongoing.

There was also a constant buzz about the project since it originated from the non-defunct Meta Diem blockchain initiative. Furthermore, Aptos has interesting features such as its programming language, Move, which investors believe will be a huge ethereum, and other platforms that support smart contracts.

2023 could be the “Aptos year”

Aptos’ roadmap shows that the main focus for the project this year will be the incorporation of demand-driven gas costs which will lower the current gas fees on the network. When that’s successful, it could send APT soaring even higher. However, as with the volatility in the crypto market, it remains mere speculation.