The Aptos token (APT) has reached an all-time high price of $17.2.
The token has skyrocketed more than 370% since the beginning of the year.
A series of high-profile partnerships over the past month have contributed to this unprecedented rally.
On-chain metrics suggest that traders expect the momentum to run out soon.
Aptos became arguably the most talked about layer 1 blockchain today after its native token APT reached an all-time high price of $11.2. The token has been in a rather impressive uptrend since the beginning of this year, going from $3.4 on 1 January all the way to $17.2.
Aptos skyrockets 400%
The unprecedented rally of more than 370% this early into 2023 has made Aptos rather popular among crypto circles on social media, given the overall bearish sentiment in the market. Earlier today, APT became the center of a feud among high-profile crypto influencers who alleged manipulation of the token’s price.
The rally can be attributed to the partnerships that Aptos secured over the past month. The deployment of PancakeSwap earlier this month marked the beginning of the rally. The popular decentralized exchange (DEX) announced that it had agreed to a multichain deployment to the layer 1 blockchain, leading to a price appreciation of 48% in the following days.
This was followed by integration into Atomic Wallet and growing interest in NFT marketplaces on Aptos. Despite being launched just three months ago, the blockchain has managed to grow significantly. With a market capitalization of $2.7 billion, APT has become the 26th largest crypto. The growing popularity has attracted opportunistic traders, leading to a 142% surge in the token’s trading volume over the past 24 hours.
Interestingly, the latest trading volume came in at $2.1 billion, rather close to the token’s market cap. The high trading volume isn’t necessarily a positive metric. Data from on-chain analytics firm Coinglass shows that the total open interest on APT futures has increased by more than 81% since yesterday. Liquidation data on Coinglass revealed that the token had $14.5 million worth of shorts against longs totaling $2.2 million. One might argue that the heavy betting on shorts indicates that traders expect the momentum to run out soon.