Aptos price rose 44% to hit an all-time high of $18.50 on OKX.
The Layer 1 blockchain launched in October last year, and its native token has soared more than 400% in the past 30-days.
Analysts suggest APT price could pare some of the gains as suggested by negative funding rates.
The Aptos (APT) token has hit a new all-time high amid fresh buying pressure for the layer 1 blockchain platform’s native token.
Aptos shines amid crypto market rally
Aptos, whose mainnet launch was in October last year, is a cryptocurrency platform developed by two ex-Meta Platforms staff. The smart contracts-enabled blockchain had somewhat a rough start, with controversy surrounding its token distribution.
However, its native token has enjoyed one of the best runs in recent weeks, outperforming the leading cryptocurrencies by market cap amid a broader rally across the digital assets market.
On Wednesday, the price of Aptos rose more than 44% to push the token to above $18.00 across major exchanges. Indeed, the token hit an all-time high of $18.50 on OKX.
Chart showing Aptos price on OKX. APT surged to highs of $18.50 on the exchange. Source: TradingView
In reaching the new peak, the APT token had rallied more than 136% in the past week. According to data from CoinGecko, the token had surged more than 400% over the past 30 days, with APT having changed hands around $3.69 on 25 December 2022.
Aptos’ total market cap has jumped to over $2.7 billion and APT currently ranks as the 28th largest cryptocurrency project.
What next for Aptos token price?
Can APT price continue its vertical movement? It is likely the coin could still test new highs as the optimism around Bitcoin and some of the top altcoins drive market speculation. However, on-chain data suggests there is a chance the price begins to fall sharply amid profit booking.
One suggestion that bulls may give up some of the gains is the negative funding rates. Pseudonymous crypto trader HornHairs pointed this out earlier Wednesday.
$APT funding through the roof on the negative side
shorts paying an arm & a limb to bet against the top gainer
imagine being at a horse race and you could bet on any of the horses to lose and you choose the fastest one to bet against and you have to pay extra fees to do so pic.twitter.com/9LeZtZhFkK
— HornHairs 🌊 (@CryptoHornHairs) January 25, 2023
Another crypto trader Altcoin Sherpa thinks APT may provide a great short opportunity later, suggesting that shorting the coin at current levels might not be the safer bet. Instead, he points to a scenario where there is a lower high in play.
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