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Aptos Posts Triple-Digit Gains In Key Metrics, Yet APT Price Struggles At $8.40

source-logo  newsbtc.com 13 May 2024 23:47, UTC

According to a report by Messari, Layer 1 (L1) blockchain Aptos experienced substantial gains in key metrics during the first quarter (Q1) of the year. The growth was driven by the surge in Bitcoin prices to new record highs and increased capital inflow in the market.

However, Aptos’ native token, APT, has struggled with price performance, recording modest gains compared to other top cryptocurrencies.

Aptos Network Activity Surges

The report highlighted that Aptos’ circulating market cap increased 127% quarter-on-quarter (QoQ) to $6.6 billion.

This growth outpaced other projects with similar market caps, improving market cap rank from 33 to 22. Despite this growth, APT’s price experienced a more modest increase of 76% QoQ.

Aptos revenue, which encompasses all fees collected by the protocol, grew by 37% to $475,000. However, when denominated in APT, the revenue decreased by 10%. All revenue generated by Aptos is burned, but these burned tokens have not significantly reduced inflation.

As seen in the chart above, Aptos also experienced growth in its decentralized finance (DeFi) total value locked (TVL), which increased by 376% QoQ to $573 million.

According to Messari, this increase was not solely due to APT price appreciation; TVL also grew by 170% QoQ in APT terms. Additionally, Aptos’s stablecoin market cap nearly doubled QoQ, reaching $97 million.

APT Struggles To Break $8.80 Resistance

Despite these positive developments, APT’s price performance has faced challenges. The native token has declined over 16% in the past month, resulting in a modest 2.7% surge year-to-date. This contrasts with the double or triple-digit gains seen by other top cryptocurrencies.

Currently trading at $8.46, APT has struggled to surpass its nearest resistance wall at $8.80, leading to a consolidation phase between $8.20 and $8.70 over the past month.

newsbtc.com