APT has reached a new ATH of $16.02 as the rally continues

APT is trading above $16 today, with a gain of 24.8% in the past 24 hours and more than 340% in the past 30 days. Among the contracts based on APT U, Coinglass data shows that annual funding rates are relatively low: OKX -106%, Binance -215%, Bybit -250%.

APT maintained a high performance in January

APT traded just above $3.06 on January 6, breaking out of a descending resistance line. It rose steadily and crossed above the $9.80 resistance area on January 20th. Since then, the price has reached new highs.

APT was one of the leading tokens of 2023. Its growth has outpaced market giants such as Bitcoin and Ethereum. At the time of writing, it is trading at $16.02. The daily trading volume also reached $1,835,045,620, up 111.04% from yesterday.

Annual funding rates for contracts based on APT U are negative, according to Coinglass data.

When this happens, it shows that the cost of opening new short positions is high, and that the bulls have the support of the market makers. Hence, financing rates are usually in an excellent position to start reversing. In this case, the negative funding rate, OKX -106%, Binance -215%, and Bybit -250%, shows that the time has come when the market will technically reward the bulls.

Massive support drives APT higher

When Aptos (APT) launched in October 2022, it was one of the newer crypto projects on the market. A few days after the launch, on October 23, I received ATH of $10.25. However, when crises like the FTX epic hit the cryptocurrency market, it pulled back and started the year trading at $3.43.

Its growth is due to many factors, including support from many crypto projects. Pancakeswap, the largest DEX on the BNB chain, said on January 6 that it has deployed it on the Aptos blockchain after community approval. A week later, the APT Index rose by 97.6%, which is currently continuing to rally.

There has also been an ongoing buzz around the project as it arose from the not-so-defunct Meta Diem blockchain initiative. Moreover, Aptos has interesting features such as its own programming language, Move, which investors believe will be a huge Ethereum, and other platforms that support smart contracts.

2023 could be the ‘Year of Aptos’

Aptos’ roadmap shows that the main focus of the project this year will be on integrating demand-driven gas costs that will lower existing gas charges on the grid. When that works, it can send APT to a higher level. However, as with volatility in the cryptocurrency market, it remains speculation.