- Aptos’ market price correlated with Bitcoin, which broke $30,000.
- The up-and-coming crypto still has 84.73% of total supply locked.
- Aptos blockchain recently applied a gas reduction plan for its mainnet.
On Monday, the emerging blockchain Aptos (APT) correlated with the leading digital asset Bitcoin (BTC) to form a bullish pennant on the daily charts. Ranked #32 by global market capitalization, Aptos gained 6.6% in the last 24 hours, climbing to an $11.79 daily high. Meanwhile, the leading crypto asset Bitcoin scored 6.4% in the last 24 hours.
The nearly perfect price correlation between Aptos and Bitcoin comes as BTC broke the $30,000 barrier for the first time since June 2022. Ultimately, the recent price movement pushes APT to double-digit gains in the monthly charts.
$53M to Be Unlocked: Selling Pressure on APT?
The Aptos blockchain launched with a couple of hiccups in October 2022. However, many technical issues have been resolved since then. Controversially known for a high volume of scams and phishing attacks in the NFT sphere, the emerging blockchain managed to reduce counterfeit behavior dramatically.
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More recently, the developer team behind Aptos launched a gas reduction plan, including crucial updates for Topaz, the leading NFT marketplace on Aptos.
Be that as it may, Aptos still has 84.73% of the native cryptocurrency tokens locked. Moreover, according to blockchain data, the nearest unlock of 4,543,478.03 $APT tokens will occur on Wednesday, 12th, 2023. That makes up 0.454% of the total supply, which could apply selling pressure on crypto traders because of increased circulation.
On The Flipside
- The total supply of $APT tokens is capped at 1,028,864,490.
- However, the max supply is infinite, according to CoinGecko.
Why You Should Care
Aptos (APT) is one of the most-watched altcoins this year due to its quick entrance into the TOP 30 crypto by global market cap.
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