Development activity in Aptos reaches 2-month high, resulting in an impressive 18% surge
Aptos (APT) has experienced significant gains in the past week, with data from Santiment indicating that the Layer-1 blockchain’s development activity has reached its highest point in two months.
As of now, APT is up 18% in the last 24 hours and is currently trading at $12.21. The cryptocurrency’s market cap has surged to $4.79 billion, making it the 25th largest digital currency. Furthermore, APT’s daily trading volume has increased by 711%, amounting to $1.34 billion.
According to Santiment, Aptos’ development activity has seen a 268% increase over the past two months. The platform currently has 39 active development contributors, as reported by the market intelligence platform.
In other news, two weeks ago, Aptos launched a $99 smartphone called JamboPhone, which is now available in over 40 countries. However, there is no updated data on the number of units sold thus far.
Additionally, APT’s total open interest has risen from $128.83 million to $173.29 million in the past 24 hours, according to Santiment.
Santiment’s data also reveals that Aptos’ total funding rate currently stands at around 0.09%, indicating a slight dominance in long-position trades. However, the exact number of long and short-position holders remains unclear until further price movements occur.
The APT Relative Strength Index (RSI) has increased from 60 on February 27 to 72.8 at the time of writing, as per the market intelligence platform. This suggests that Aptos may be overbought at the moment, and high price volatility is typically expected in such situations.
To maintain a bullish trend, APT’s RSI would need to cool down below the 60 mark.
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