- Aptos crypto demonstrates bullish activity with a recent price increase.
- This uptick is linked to a significant partnership announcement.
- Experts reveal mixed sentiment around Aptos amidst rising discussions.
Discover how a recent partnership rejuvenates Aptos crypto, amidst contrasting market sentiments and fluctuating metrics.
Strategic Partnership Sparks Interest in Aptos Crypto
Days after announcing collaboration with the decentralized AI platform IONET, Aptos [APT] has shown signs of renewed momentum. At the moment, the price of Aptos has seen a rise of 2.10% over the past 24 hours, valuing the token at $8.41. This increase in price is paralleled by a spike in trading volume, signifying growing interest in the cryptocurrency.
The surge can be traced back to IONET’s announcement on June 6, confirming its partnership with Aptos. This strategic collaboration leverages Aptos as the ideal layer-1 blockchain to host IONET’s generative AI product due to its transparency and high-speed capabilities.
Mixed Market Sentiment Amid Partnership News
Despite the promising partnership, sentiment around Aptos remains mixed. IONET’s founder, Ahmad Shadid, emphasized Aptos’ high speed and scalability as key reasons for choosing this blockchain, which can handle 25,000 transactions per second. Nevertheless, data from Santiment indicates a bearish weighted sentiment of -0.493, reflecting predominantly negative comments about APT.
This negative sentiment could hinder demand for the token, potentially offsetting recent price increases. However, an uptick in social dominance suggests that Aptos is gaining more discussion share compared to other top 100 assets, likely linked to its association with IONET.
Total Value Locked: An Indicator of Increased Trust?
Aptos has also witnessed a rise in its Total Value Locked (TVL), growing from $326.99 million on May 14 to $379.91 million at press time, according to DeFiLlama. This increase in TVL is attributed to the higher number of assets locked or staked within the blockchain’s protocols.
If this positive trend in TVL continues, Aptos’ locked assets could potentially reach $450 million, similar to the figures observed in April. Yet, any decline in perceived trust could lead to a fall in TVL.
Moreover, development activity on Aptos has been on an upward trajectory, with an on-chain reading of 50.90. This metric reflects the rate at which new features are developed, fostering ecosystem growth and user engagement.
Price Projections for Aptos: Will APT Hit $9?
While the recent metrics indicate potential bullish signs for Aptos, they do not guarantee a sustained price increase. Although the rising development activity is promising, current data shows no strong correlation with the token’s price.
Interestingly, Aptos’ Funding Rate is positive at 0.01% but has decreased from previous levels. This metric, which measures the cost of holding open contracts, suggests the perpetual price is trading at a slight premium to the spot value. If the rate dips into negative territory, it indicates a discount compared to the spot price, suggesting perp traders are skeptical about further price hikes.
At present, the aggressive stance of spot traders could push Aptos’ price towards the $9 mark in the short term, provided that selling pressure remains manageable.
Conclusion
In summary, Aptos’ recent developments, including its partnership with IONET and rising TVL, position it well for potential growth. However, mixed market sentiment and fluctuating metrics mean its future performance remains uncertain. As such, investors should closely monitor these indicators to assess future price movements.
