đ„đ„đ„ #Aptos Posts Triple-Digit Gains In Key Metrics, Yet APT Price Struggles At $8.40
A report from Messari indicates that Aptos, a #Layer1 (L1) blockchain, witnessed significant growth in key metrics during the first quarter (Q1) of the year. This surge was attributed to the rise in Bitcoin prices to new record highs and increased capital inflow into the market.
Despite this growth, Aptos' native token, APT, faced challenges in terms of price performance, recording only modest gains compared to other leading #cryptocurrencies .
Aptos saw a notable surge in network activity, with its circulating market cap increasing by 127% quarter-on-quarter (QoQ) to $6.6 billion. This growth propelled its market cap rank from 33 to 22. However, APT's price experienced a more modest increase of 76% QoQ.
The report also highlighted a 37% growth in Aptos revenue, amounting to $475,000. However, when denominated in APT, the revenue saw a decrease of 10%. Despite revenue being burned, the tokens burned have not significantly reduced inflation.
Furthermore, Aptos witnessed significant growth in its decentralized finance (DeFi) total value locked (TVL), which surged by 376% QoQ to $573 million. This increase was not solely due to APT price appreciation, as TVL also grew by 170% QoQ in APT terms. Additionally, Aptos' #stablecoin market cap nearly doubled QoQ, reaching $97 million.
However, APT's price performance has faced challenges, with the token declining over 16% in the past month and experiencing only a modest 2.7% surge year-to-date. 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.
Source - newsbtc.com
