Aptos Crypto After 18% Upside Last Week

Aptos Crypto (APT) has been experiencing a steady recovery since mid-April. Its price action during the weekend indicated that the bulls were slowing down.

It even signaled that short-term traders were taking some profits off the table. Aptos crypto (APT) rallied by as much as 20.10% from its $4.76 weekly low to its highest price for the week at $5.68 weekly high on Saturday.

However, it experienced a spike on Sunday, during which it pulled back by 4.48%. Its latest upside pushed its total recovery to about 45% from its lowest price point in April.

It is however worth noting that APT bulls still managed to maintain dominance in the last 24 hours, preventing more downside. Nevertheless, price has been showing signs of resistance near the $5.6 price level.

The limited sell pressure confirmed that most Aptos crypto holders were not yet ready to part with their coins. A sign that the market sentiment was shifting away from short term profit-taking. This was in line with declining spot flows.

The situation underscores a stablemate situation between the bulls and bears. In other words, market sentiment this week may decide whether the bulls will remain dominant or whether they will pave way for the bears.

Aptos Crypto DEX Volume Soars to Highest Weekly Level on a YTD basis

DEX volumes are often a decent yardstick for measuring the level of network utility. Aptos DEX volume surged as high as $90.11 million on Wednesday last week. This was the value that it has achieved in a single day.

The total Aptos DEX volume last week amounted to $504.84 million. This marked the highest weekly volume that the network has achieved in its entire history.

Although this marked a considerable recovery, it was still significantly lower than some of its top rivals. For example, Solana clocked over $8.8 billion while Ethereum weekly DEX volume was well over $12 billion.

The impressive DEX volume suggests that the network has been experiencing robust utility. This may have boosted demand for its native token which would explain the positive correlation with Aptos crypto’s bullish price action during the week.

Interestingly, this performance also coincided with a resurgence of address activity. Active addresses peaked at 1.56 million addresses at the start of February. However, that figure dipped to 569,650 active addresses as of 23 April.

Active addresses have since bounced back to 889,430 addresses as of Sunday. A clear sign of more address activity supporting the impressive DEX volumes.

Aptos Stablecoin Marketcap Soars to New Highs

The network’s recovery last week was not just observed in price action and address activity. It was also backed by healthy liquidity growth, which saw Aptos stablecoin marketcap soar as high s $1.11 billion on Saturday.

The total value locked was also on track to clock new highs. It surged to $1.12 billion in the last 24 hours, which marked the highest point in the last 3 months. However, it did move closer to its January peak ($1.14 billion) and a push above that point would make it the highest TVL on a YTD basis.

Aptos crypto’s highest historic TVL figure was $1.31 which it achieved on 17 December. However, it is worth noting that Aptos TVL did actually achieve a new high in token count at the end of the first week of April. The number of locked tokens surged as high as 231.35 million APT on 7 April.

Based on the above factors, it was clear that the Aptos blockchain activity has been in recovery mode for the last 3 weeks. This was in line with the recent market recovery, confirming that Aptos was one of the top networks to benefit from activity resurgence.

The post Aptos Crypto After 18% Upside Last Week appeared first on The Coin Republic.