Aptos (APT) price increased by over 10% in the last 24 hours to trade at $8.49 at press time. Accompanying the bullish rally, APT’s market capitalization and 24-hour trading volume skyrocketed by 10% and 26%, respectively, to $4,333,435,956 and $439,700,090.
This is in tandem with the increasing investor interest. That could be a result of the recent strategic move by Aptos Labs to expand its footprint into the Japanese market. The firm recently acquired HashPalette, a key player in the Japanese blockchain space.
APT/USD 24-hour price chart (source: CoinMarketCap)
Should the buying pressure continue, this move could mean APT is on the rise. The price is testing the first resistance level at $8.48.
The next level is at $9.00 if the upward trend persists. Some key support levels are at $7.85 and $7.50. They can act as a cushion in case of a price drop.
Strategic Acquisition of HashPalette by Aptos Labs
Aptos Labs’ acquisition deal deal with HashPalette is contingent on receiving all necessary regulatory approvals and the satisfaction of other customary closing conditions.
It reflects the next phase in Aptos Labs’ growth strategy in the Asia-Pacific region. The HashPalette company, a branch of HashPort, focuses on non-fungible tokens (NFT) and blockchain-related services in Japan.
Aptos (APT) is to incorporate HashPalette’s blockchain and solutions into the Aptos Network. This will allow Japanese developers to work with state-of-the-art Aptos tools and assets to foster blockchain development in Japan’s digital market.
With this acquisition, the firm plans to enter the Japanese market. HashPalette’s industry connections are likely to be of use. Besides HashPalette, Aptos Labs has established a strategic collaboration with HashPort, the parent company of HashPalette.
This partnership aims to drive the adoption of blockchain in Japan by leveraging the Aptos network to develop new blockchain solutions. HashPort will also remain operational with its clients through Aptos’ blockchain technology, which may increase its clientele and improve services.
The company also plans to onboard Japan-based developers, NFT artists, and organizations. To this end, the company plans to help these entities leverage its blockchain ecosystem to promote innovation in Japan’s Web3 ecosystem. This partnership will also assist Aptos Labs in enhancing its market dominance in the Asian region as a blockchain technology company.
Aptos to Power Expo 2025 in Osaka
Notably, the acquisition has seen Aptos Labs (APT) position itself as the exclusive blockchain partner for Expo 2025 in Osaka, Japan. This event, predicted to draw millions of visitors, offers Aptos a great platform to demonstrate its blockchain technology to the world.
The integration of HashPalette’s Palette Chain into the Aptos Network is expected to be finalized by January 2025, before the Expo.
At the event, blockchain technology will help people use NFTs, DeFi, and digital wallets. This collaboration enhances Aptos Labs’s chance of extending its footprint in the Japanese market and obtaining recognition at the global level.
Increased Interest in Aptos’ Blockchain Technology
After the announcement of HashPalette’s acquisition, Aptos’s trading volume for derivatives increased by 54.87% to $1.02 billion. The open interest for Aptos (APT) derivatives also increased by 40.70% to $176.04 million.
Source: Coinglass
This increase in trading volume indicates that people are increasingly optimistic about APT’s prospects and are looking to buy and sell the token in anticipation of price appreciation.
Several financial giants regard Aptos as an innovative and promising solution as well. Franklin Templeton has recently chosen Aptos to host its OnChain U.S. Government Money Market Fund worth $435 million, thereby strengthening its position in the blockchain and financial industries.
