Aptos (APT) Surged 20% in the Past 24 Hours, Here's What's Driving the Rally

Aptos (APT) surged 20% in the past 24 hours and is trading at $10.24 at last check Sunday. Its market cap surpassed $5 billion with a daily trading volume of $530 million.

Aptos (APT) token price surged 20% in the past 24 hours and is trading at $10.24 at last check Sunday.

Its market cap surpassed $5 billion with a daily trading volume of $530 million.

Aptos token’s price chart showcases a double-bottom formation between October 2023 and 2024. A double-bottom correction usually brings strong bullish momentum for an asset’s price.

Data from Santiment shows that the APT total open interest rose from $128 million to $170 million over the past day, marking a six-month high. A sudden surge in an asset’s open interest shows an increase in its short-term traders.

Aptos’ funding rate shifted from the negative zone. The total funding rate aggregated by Aptos is currently at 0.009%, per data from Santiment. The indicator shows that the majority of the traders are betting on APT’s further bullish momentum.

Aptos acquired HashPalette, a Japanese blockchain development company, on Oct. 3, according to a crypto.news report.

The deal triggered a 7% price hike for APT as the layer-1 network, claiming to process over 150,000 transactions per second, entered the Japanese market.

Aptos was founded by former engineers from Meta Platform’s Diem blockchain project (previously known as Libra). They aim 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.