Aptos (APT) Network Growth Underscores APT Strength

Aptos turned out to be one of the most interesting blockchain networks this week. In case you missed it, the network hit multiple all-time highs

Aptos [APT] had a standout week as its blockchain network hit new all-time highs. According to DeFiLlama, the total value locked in Aptos peaked at $668.42 million on 9 October.

This marked an impressive rise, considering that the network’s TVL rose by over 4,700% in the last 12 months alone.

But, the TVL wasn’t the only metric to reach new heights. Aptos’s stablecoin marketcap also peaked at $247.97 million in the last 24 hours.

These achievements together highlighted the state of the Aptos network. Robust stablecoin and TVL growth usually had a direct correlation with utility and address growth.

Unsurprisingly, Aptos daily active addresses have recorded a significant uptick over the last few months.

Aptos averaged less than 100,000 daily active addresses towards the start of 2024. However, according to Dune Analytics, daily active data pushed higher than 500,000 on some days lately.

Aptos daily active addresses. Source: Dune AnalyticsAptos daily active addresses hit new highsThis hike in daily active addresses confirmed that the Aptos network was seeing more usage, especially from around June.

But, what about the potential impact on APT’s demand? Aptos recent growth underscored APT strengthAPT’s latest performance might be a reflection of the network’s robust on-chain activity.

APT pushed higher in the first week of October, building on its September gains. This was around the same time that most of the top cryptocurrencies struggled with sell pressure.

APT achieved a 30% upside in the first 8 days of October, peaking at $9.56. Now, while it has since pulled back to a $8.54 press time price, it has continued to demonstrate some bullish momentum.

Aptos price action on the 1-day chart. Source: TradingViewAThis performance suggests that the rapidly expanding Aptos network’s usage has been fueling demand for APT.

Worth noting, however, that despite this performance, APT is still trading at a 55% discount, when compared to its 2024 high.

The surge in network utility and other related network milestones may pave the way for more positive sentiment.

This, because investors will likely view robust Aptos network activity as a sign that more value will flow into the native coin