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- Aptos Price Surges on New Partnerships and Growing Network Activity.
- Aptos price has surged by nearly 17% in the past 48 hours.
- The price is currently holding above the 200-day EMA, indicating a potential surge.
Aptos’ price, which was range-bound in Q3 2024, rose in early Q4. Over the past 48 hours, it has grown by nearly 17%, with an 11% increase in the last 24 hours alone.
The Aptos price was above the 200-day EMA band at press time, indicating a potential surge ahead.
What is driving this growth? Continue reading to discover the latest developments and whether this upward trend will continue.
FOBXX: A New Fund Added In Aptos
Aptos’ layer-1 blockchain will now host the Franklin OnChain US Government Money Fund (FOBXX). This expansion was announced following a partnership between the Aptos Foundation and Franklin Templeton.
FOBXX is a tokenized fund investing in U.S. government securities, cash, and repurchase agreements. This was the first U.S.-registered mutual fund to use blockchain technology.
Initially, it operated on the Stellar network, later expanding to Polygon, Avalanche, and Arbitrum. Aptos is now the fifth blockchain to support FOBXX.
Roger Bayston is the head of digital assets at Franklin Templeton. He mentioned that Aptos Network’s unique characteristics met their suitability standards for the Benji platform. It is a proprietary blockchain-integrated recordkeeping system.
Aptos Enters Japan In A Glamorous Way
Aptos Labs is the developer of the Aptos Network. It has agreed to acquire Japanese NFT service provider HashPalette to expand its Asian presence.
On Oct 3, HashPalette announced it would become a wholly-owned subsidiary of Aptos Labs. It happened due to an agreement with its previous owner, HashPort. The Palette Chain blockchain and HashPalette applications will migrate to the Aptos Network.
Following the announcement, the Aptos price surged 11% to $8.29, while PLT plunged nearly 15%.
Aptos Labs stated that the acquisition, pending customary approvals, is crucial for expanding into Asian markets. ****Aptos Labs, the innovation arm of the Aptos Foundation, focuses on retail innovation and development.
The company plans to leverage HashPalette’s connections with Japanese businesses as a gateway to influential companies in Japan.
“The agreement to acquire HashPalette and the migration of HashPort’s Palette Chain into Aptos are critical first steps toward empowering Japanese enterprises and developers with cutting-edge blockchain technology.”
It also aims to support local Web3 participants, including developers, NFT creators, and enterprises. HashPort will continue serving its enterprise clients using Aptos Network’s infrastructure.
This acquisition was followed by last month’s Aptos Foundation’s collaboration with OKX Ventures to launch a $10 Million fund. This fund, named Ankaa, was aimed at supporting projects on the Aptos blockchain.
What Aptos Explorer Highlights On-chain?
This bullish trend in APT crypto is driven by the increased activity and engagement on the network. As the number of contract deployers and deployed contracts has surged significantly.
In the past 24 hours, there were 28 new contract deployers, and the number of deployed contracts rose to 172. This indicated growing interest and confidence.
Meanwhile, the average gas unit price for user transactions in APT crypto has increased to $0.00000124. Daily active accounts have also seen a significant boost, reaching 356,188. On the other hand, monthly active accounts have grown to 4.01 million.
The rise in active accounts suggested a robust and expanding ecosystem. It is likely to attract more participants and drive further growth.
What Next Aptos Price Can Display Over Technical Chart?
After a marvelous performance in Q1 2024, with prices nearing $20, Aptos price faced a downturn in Q2. It has consistently hit lower lows.
However, in Q3, the $5 support zone helped stabilize the price, leading to a two-month consolidation period. In September, Aptos broke out of its Q3 range, showing signs of recovery.
Currently, the Aptos price is supported by the 20-day, 50-day, and 200-day EMA bands, indicating potential for a significant rise.
Per APT price analysis, for cautious traders and investors, the bullish trend can be safely capitalized. This could happen if Aptos surpasses the $9.50 mark, signaling a long-term upward trend. Target prices are set at $10.87 and $14.03.
However, if the change of character (ChoCh) fails, a sideways to bearish outlook may continue.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
