Aptos [APT] Total Value Locked experienced a significant surge, surpassing $900 million on October 22nd, marking a notable milestone as it nears the elusive $1 billion TVL threshold. The network’s latest revelation could potentially push it over the edge.
Aptos has divulged that the USDT stablecoin will now be integrated into its mainnet. This strategic move is part of Aptos’s broader initiative to deepen its involvement in global payment solutions, as outlined in the official announcement.
The introduction of USDT to the Aptos ecosystem is expected to yield several advantages, including fostering the growth of decentralized finance (DeFi) and attracting a larger user base. These advantages could catalyze further expansion in Aptos’s Total Value Locked, which has been steadily climbing towards the $1 billion mark.
At the time of this report, the total value locked in the Aptos ecosystem stood at $855.43 million, having recently peaked above $900 million. With USDT now part of the equation, there is a strong possibility of surpassing the $1 billion TVL milestone.
Prior to the integration of USDT, Aptos’s stablecoin market cap had shown impressive performance. Starting the year at below $50 million, it skyrocketed to a new all-time high of $273.36 million, with analysts predicting further highs in the Aptos stablecoin market cap.
Recap of APT Price Movement
APT experienced a 25% retracement from its peak last week when it reached $11.24, subsequently dropping to $8 on October 25th, Friday. However, there has been a phase of accumulation since then.
As of the current writing, APT is exchanging hands at $9.66, reflecting a 13% recovery from its recent low on Friday, signaling a resurgence in demand at key price levels.
Analysis using Fibonacci retracement suggested that a bearish pullback was likely within the $7.81 to $8.47 range, considering the uptrend between September and October up to the recent peak. The price action pivoted after briefly touching the upper limit, reinforcing the bullish momentum.
APT bulls reentered the picture after a momentary dip below the 50% RSI level, underlining the continuation of the observed momentum over the last four weeks. Moreover, a longer-term analysis indicates a potential cup and handle pattern formation, hinting at a forthcoming significant uptrend in the following weeks, especially under highly bullish market conditions.