Aptos surges 20% in 24 hours, open interest at 6-month high

Layer 1 blockchain platform Aptos has seen its native token post an impressive rise and attract strong interest from short-term investors.

Aptos (APT) is up 20% in the last 24 hours and was trading at $10.24 at last check on Sunday. Its market value exceeded $5 billion with a daily trading volume of $530 million.

APT price, weighted sentiment, open interest and funding rate – October 13 | Source: Santiment

Notably, the Aptos token witnessed a double bottom formation on the price chart between October 2023 and 2024. The emergence of a double bottom correction usually brings strong bullish momentum for the asset’s price.

According to data provided by Santiment, APT’s total open positions increased from $128 million to $170 million in the past day; This marks the highest level in six months. A sudden increase in an asset’s open positions indicates that short-term investors are increasing.

The data shows a sudden shift in APT’s funding rate from negative territory. According to Santiment data, the total funding rate collected by Aptos currently stands at 0.009%. The indicator shows that the majority of investors are betting that APT’s bullish momentum will continue.

It is important to note that long liquidations could potentially trigger a price correction and high price volatility for Aptos.

Meanwhile, public perception towards Aptos is still in negative territory despite the huge price increase.

According to crypto.news, Aptos acquired Japanese blockchain development company HashPalette on October 3.

The deal triggered a 7% price increase for APT as the layer-1 network, which claims to process more than 150,000 transactions per second, enters the Japanese market.

Aptos was founded by former engineers from 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 includes features such as parallel transaction processing, Byzantine Fault Tolerant (BFT) consensus mechanism, and smart contracts to create a secure and fast blockchain infrastructure.