APTOS Network Achieves New Record Highs, Yet APT Raises Concerns
The past week witnessed Aptos emerge as a standout contender among blockchain networks, as it surged to new all-time highs propelled by its strong utility.
DeFiLlama data reveals that Aptos’ total value locked (TVL) reached an unprecedented $668.42 million on 9th October, marking a significant milestone for the network. Notably, the TVL has skyrocketed by more than 4,700% over the past year.
While the TVL graph exhibits an exponential growth trend, particularly post-June, this isn’t the sole metric scaling new peaks. The stablecoin market cap of Aptos also hit $247.97 million in the previous 24 hours.
These accomplishments collectively underscore the vitality of the Aptos network. Typically, a robust increase in stablecoin and TVL figures correlates with enhanced utility and a surge in address growth. The surge in daily active addresses for Aptos in recent months further validates this trend.
Starting off with less than 100,000 active addresses at the beginning of 2024, Aptos has seen a significant rise, with daily active addresses often reaching more than 500,000 recently, as per Dune Analytics.
Strong Aptos Growth Reflects APT Resilience
The latest performance of APT indicates its resilience, buoyed by the robust on-chain activity of the Aptos network. Amidst selling pressure affecting most major cryptocurrencies in early October, APT gained momentum, extending its September rally.
APT surged by 30% in the first eight days of October, hitting a peak of $9.56. Though it has retraced to $8.54 at the time of writing, the coin retains a bullish momentum.
This performance suggests that the expanding utility of the Aptos network is driving demand for APT. Notably, even with this growth, APT is still trading at a 55% discount compared to its peak in 2024.
The spike in network utility and related milestones might usher in a positive sentiment, with investors likely perceiving the thriving activity on the Aptos network as a precursor to increased value inflow into the native coin.