Aptos Surges 18% as Development Activity Peaks

APTOS aptos APT

Aptos (APT) has seen remarkable growth recently, with its price surging by 18% in the last 24 hours. Currently trading at $12.21, Aptos has also witnessed a significant increase in its market cap, reaching $4.79 billion, positioning it as the 25th-largest cryptocurrency.

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Moreover, data indicates a substantial spike in APT’s daily trading volume, which surged by 711% to $1.34 billion. Additionally, Santiment data reveals that the development activity on Aptos’ Layer-1 blockchain has hit a two-month high.



Aptos (APT) Development Activity and Market Trends Overview

APT price, RSI, development activity, open interest and funding rate – Feb. 29 | Source: Santiment

According to data from Santiment, Aptos’ development activity has surged by 268% over the past two months. Currently, the platform boasts 39 active development contributors, as reported by the market intelligence platform.

Two weeks ago, Aptos made headlines with the launch of its $99 smartphone, named JamboPhone, which has already reached markets in over 40 countries. However, there’s a lack of updated data on the sales figures for the smartphone.

Additionally, Santiment data reveals a significant increase in Aptos’ total open interest (OI), which has risen from $128.83 million to $173.29 million within the last 24 hours.

Market Sentiment and Technical Indicators

The total funding rate for Aptos is currently around 0.09%, suggesting a slight dominance of long-position trades. However, the specific quantities of long and short-position holders remain uncertain pending further price movements.

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Furthermore, the Aptos Relative Strength Index (RSI) has seen an uptick, rising from 60 on Feb. 27 to 72.8 at the time of writing. This indicates that Aptos may be experiencing overheating, often associated with heightened price volatility. To maintain a bullish outlook, Aptos’ RSI would ideally need to cool down below the 60 mark.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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