Aptos rallies 400% to hit all-time high: What next for APT?

• Aptos price jumped 44% to reach a new all-time high of $18.50 on OKX.
• The Layer 1 blockchain launched last October and its native token has surged over 400% in the last 30 days.
• Analysts suggest that the price of APT could undermine some of the gains, as suggested by the negative funding rate.

The Aptos (APT) token hits new all-time highs amid renewed buying pressure on native tokens of layer-1 blockchain platforms.

Aptos Shines Amid Crypto Market Rise

Aptos, which launched its mainnet last October, is a cryptocurrency platform developed by two former Meta Platforms staffers. Smart contract-enabled blockchains got off to a somewhat rough start with controversy over token distribution.

But its native token has enjoyed one of the best runs in recent weeks, surpassing the major cryptocurrencies by market capitalization amid a broader rally across digital asset markets.

On Wednesday, Aptos’ price surged more than 44%, with the token surpassing $18.00 on major exchanges. In fact, this token hit his all-time high of $18.50 on OKX.

A chart showing the price of Aptos on OKX. APT has surged to a high of $18.50 on exchanges.Source: Trading View

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APT token has risen over 136% over the past week as it hits a new peak. According to CoinGecko data, the token has surged more than 400% over the past 30 days, with APT trading at around $3.69 on December 25, 2022.

Aptos has a market capitalization of over $2.7 billion and APT currently ranks as the 28th largest cryptocurrency project.

What’s Next for Aptos Token Price?

Can APT Price Continue Its Vertical Movement? As Optimism Surrounding Bitcoin And Several Top Altcoins Drive Market Speculation, The Coin Could Still Test New Highs There is.

One indication that the bulls may give up some of their gains is the negative funding rate. His HornHairs, a pseudonymous cryptocurrency trader, pointed this out earlier Wednesday.

$APT Financing from the Negative Side Roof

Shorts paying an arm and a limb to bet on top gainers

Imagine being in a horse race and being able to bet on a losing horse, choosing the fastest horse and having to pay extra to do so. pic.twitter.com/9LeZtZhFkK

HornHairs (@CryptoHornHairs) January 25, 2023

Another Crypto Trader Altcoin Sherpa I think The APT may offer a large short opportunity later on, suggesting that shorting the coin at current levels may not be a safer bet. Instead, he points to scenarios where lower highs play out.