Aptos Embraces USDT, Potentially Driving TVL Towards $1 Billion Milestone
The total value locked (TVL) in Aptos [APT] surged briefly above $900 million on October 22nd, marking its closest approach yet to the elusive $1 billion TVL milestone. However, this milestone may soon be within reach following the latest announcement from the network.
Aptos has revealed that the USDT stablecoin is set to make its debut on the network’s mainnet. The official statement highlighted that this move is part of Aptos’ strategy to enhance its involvement in global payments.
The introduction of USDT into the Aptos ecosystem is expected to yield several advantages, including fostering DeFi expansion and attracting a larger user base. These positives could further stimulate the growth of Aptos TVL, which has been steadily increasing and inching closer to the $1 billion benchmark.
The TVL in the Aptos ecosystem currently stands at $855.43 million, with a recent peak above $900 million recorded just a week ago. The incorporation of USDT could serve as a catalyst to push the TVL beyond $1 billion.
Prior to the integration of USDT, the Aptos stablecoin market cap demonstrated robust performance. Starting off at less than $50 million in early 2024, it recently reached a new all-time high of $273.36 million. Analysts are optimistic about the potential for further highs in the Aptos stablecoin market cap.
Recap of APT Price Movements
APT experienced a 25% retracement from its weekly peak last week, reaching a high of $11.24 before dropping to $8 on October 25th. Subsequently, the price showed signs of accumulation.
As of the current writing, APT is trading at $9.66, reflecting a 13% recovery from its recent low on Friday. This rebound indicates a resurgence in demand at key support levels.
According to Fibonacci retracement analysis, a bearish pullback was anticipated in the range of $7.81 to $8.47, based on the uptrend observed between September and October. The price action pivoted after briefly touching the upper limit, followed by a renewed bullish momentum.
Bullish activity in APT resurfaced when the price briefly fell below the 50% RSI level, confirming the sustainability of the positive momentum witnessed over the past four weeks.
Notably, long-term price trends are indicating the formation of a cup and handle pattern, potentially signaling an upcoming significant uptrend in the following weeks, particularly under highly bullish market conditions.