Aptos, a layer 1 blockchain platform, saw its native token record an impressive rally, gaining strong attention from short-term traders.
Aptos (APT) is up 20% in the last 24 hours and is trading at $10.24 at last check on Sunday. Its market capitalization exceeded $5 billion with a daily trading volume of $530 million.
<img decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/10/Aptos-APT-11.42.42-13-Oct-2024.png” alt=”Aptos rises 20% in 24 hours, open interest hits 6-month high – 1″/>
Notably, the Aptos token witnessed a double bottom formation on its price chart between October 2023 and 2024. The occurrence of a double bottom correction usually generates strong bullish momentum for the price of an asset.
According to data provided by Santiment, the APT's total open interest increased from $128 million to $170 million over the past day, which is a six-month high. A sudden increase in an asset's open interest shows an increase in its short-term traders.
The data shows a sudden change in the APT funding rate from the negative zone. The total financing rate added by Aptos currently stands at 0.009%, according to data from Santiment. The indicator shows that most traders are betting on further bullish momentum from APT.
It is important to note that long liquidations could trigger a price correction and high price volatility for Aptos.
Meanwhile, social sentiment around Aptos remains in the negative zone despite the significant price increase.
On October 3, Aptos acquired HashPalette, a Japanese blockchain development company, according to a report by crypto.news.
The deal sparked a 7% price increase for APT as the layer 1 network, which claimed to process more than 150,000 transactions per second, entered the Japanese market.
Aptos was founded by former engineers of Meta Platform's Diem blockchain project (previously known as Libra). Their goal is to leverage their experience with Move, a programming language originally developed for Diem.
Aptos uses the Move language and incorporates features such as parallel transaction processing, a Byzantine Fault Tolerant (BFT) consensus mechanism, and smart contracts to create a secure and fast blockchain infrastructure.
