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Aptos (APT) hits new all-time high above $18 after 400% rally

Aptos price rose 44% to hit an all-time high of $18.50 on OKX. The Layer 1 blockchain launched in October last year, and its native token has soared more than 400% in the past 30-days. Analysts suggest APT price could pare some of the gains as suggested by negative funding rates. The Aptos (APT) token […]

The post Aptos (APT) hits new all-time high above $18 after 400% rally appeared first on CoinJournal.

  • Aptos price rose 44% to hit an all-time high of $18.50 on OKX.
  • The Layer 1 blockchain launched in October last year, and its native token has soared more than 400% in the past 30-days.
  • Analysts suggest APT price could pare some of the gains as suggested by negative funding rates.

The Aptos (APT) token has hit a new all-time high amid fresh buying pressure for the layer 1 blockchain platform’s native token.

Aptos shines amid crypto market rally

Aptos, whose mainnet launch was in October last year, is a cryptocurrency platform developed by two ex-Meta Platforms staff. The smart contracts-enabled blockchain had somewhat a rough start, with controversy surrounding its token distribution. 

However, its native token has enjoyed one of the best runs in recent weeks, outperforming the leading cryptocurrencies by market cap amid a broader rally across the digital assets market.

On Wednesday, the price of Aptos rose more than 44% to push the token to above $18.00 across major exchanges. Indeed, the token hit an all-time high of $18.50 on OKX. 

Chart showing Aptos price on OKX. APT surged to highs of $18.50 on the exchange. Source: TradingView

In reaching the new peak, the APT token had rallied more than 136% in the past week. According to data from CoinGecko, the token had surged more than 400% over the past 30 days, with APT having changed hands around $3.69 on 25 December 2022.

Aptos’ total market cap has jumped to over $2.7 billion and APT currently ranks as the 28th largest cryptocurrency project.

What next for Aptos token price?

Can APT price continue its vertical movement? It is likely the coin could still test new highs as the optimism around Bitcoin and some of the top altcoins drive market speculation. However, on-chain data suggests there is a chance the price begins to fall sharply amid profit booking.

One suggestion that bulls may give up some of the gains is the negative funding rates. Pseudonymous crypto trader HornHairs pointed this out earlier Wednesday.

Another crypto trader Altcoin Sherpa thinks APT may provide a great short opportunity later, suggesting that shorting the coin at current levels might not be the safer bet. Instead, he points to a scenario where there is a lower high in play.

The post Aptos (APT) hits new all-time high above $18 after 400% rally appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Pro: the recent rally in Bitcoin may not be ‘sustainable’

Katie Stockton expects a pullback in Bitcoin price ahead. She explained her “neutral” view on CNBC’s “Squawk Box”. Bitcoin has climbed roughly 40% since the start of 2023. Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily. […]

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

  • Katie Stockton expects a pullback in Bitcoin price ahead.
  • She explained her “neutral” view on CNBC’s “Squawk Box”.
  • Bitcoin has climbed roughly 40% since the start of 2023.

Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.

Stockton defends her stance on CNBC

Year-to-date, the first ever decentralised cryptocurrency has gained about 40% – a strength she says is an opportunity for investors to pull out.

Reiterating her “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:

When you see such strong, steep rallies, they’re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we’re sceptical to its sustainability and see it as countertrend.

The upcoming week is a crucial one for Bitcoin because of the Fed’s announcement. The CME FedWatch Tool currently signals a more than 98% probability of a 25 basis points hike this time.

Bitcoin has broken above its 200-day MA

Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.

Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:

This has happened before and it proved to be a false breakout. So, we’re not convinced we have a breakout here. But it’s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.

She’s not particularly constructive either on the benchmark S&P index that’s up more than 6.0% for the year at writing.

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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