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Aptos: New ecosystem update looks promising, but will it really help APT?

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Aptos: New ecosystem update looks promising, but will it really help APT?
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  • Aptos’ NFT ecosystem registered growth over the last few days.
  • A new update is to be launched soon, but the metrics were not affected positively. 

After closing a comfortable week, Aptos’ [APT] price took the opposite route, going down considerably. According to CoinMarketCap, APT’s price was down by more than 6% in the last 24 hours, and at the time of writing, it was trading at $16.86 with a market capitalization of $2.7 billion.

However, a few developments in the ecosystem have occurred that may assist APT in shifting gears.

Read Aptos’ [APT] Price Prediction 2023-24

The NFT ecosystem is growing

Though the price action was negative, APT’s NFT ecosystem witnessed growth over the last few days. For instance, METAPIXEL announced that it will launch its NFT collections on the Aptos network soon.

As per the official announcement, Catcha, METAPIXEL’s fine feline NFT collection, will launch on Aptos, and METAPIXEL also revealed its official music video. 

The growth was further established by Santiment’s chart. Over the last week, APT’s total NFT trade counts and trade volume in USD registered an uptick, which looked promising for the Aptos network. 

Source: Santiment

In addition to the NFT space, good news came in from APT’s developers. Aptos revealed that it plans to release its Aptos v1.2, which will come with several additional features.

Aptos v1.2 will offer added exponential back-off to reduce timeouts for full nodes in low-bandwidth environments. Moreover, the developers have also made several small performance optimizations to reduce latencies and better handle timeouts. 

How much are 1,10,100 APTs worth today?

Chances of a trend reversal are slim

Concerns for the investors still remain as APT’s on-chain metrics were not affected positively by the aforementioned developments.

The token’s volume took a southward route over the last week, which by and large was a negative signal. Surprisingly, though APT announced that it will soon launch its v1.2, the network’s development activity did not increase but rather declined in the last few days. 

Source: Santiment

Moreover, APT’s one-week price volatility plummeted sharply, which decreased the chances of a sudden price increment anytime soon.

Nonetheless, its social dominance went up, reflecting its popularity in the crypto community. APT’s popularity was yet again proven by CoinGecko’s data as it made it to the list of cryptos by trending searches on 2 February. 

But the possibility of a trend reversal was less as suggested by other market indicators. For instance, APT’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both registered downticks, which suggested a further decline in APT’s price can be expected in the coming days.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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