In the dynamic world of cryptocurrency, decentralized exchanges (DEXs) on the Aptos Layer 1 (L1) blockchain, known as altcoin APT, witnessed a staggering 678.1% increase in trading volumes last month. This impressive growth highlights the growing interest and activity in the Aptos ecosystem. So what will this mean for October?
Upbit incident and surprising reaction of altcoin APT
On September 26, South Korean exchange Upbit briefly labeled an APT token as fake. Accordingly, allowing its customers to trade with this token stunned the cryptocurrency community. There are expectations that this event will negatively impact APT’s value. However, the price of altcoin APT showed resistance. Within 24 hours of the event, APT recorded a 5% increase in value, defying initial predictions.
Notably, the increase in trading volumes has gone beyond the altcoin APT. Accordingly, it also included DEXs operating in the Aptos ecosystem. These platforms reached a staggering daily transaction volume of 5.5 million as of September 29. Accordingly, it pointed out the highest daily volume seen this year. This significant growth reflects increased adoption and participation on Aptos DEXs.
Rapid growth in user engagement
Altcoin Aptos has witnessed significant growth in other important metrics as well. The number of unique wallet addresses transacting on-chain on a daily basis has been increasing steadily since September 21. As of September 29, the number of daily active addresses reached 66,950. Accordingly, it increased by a significant 200% in just one week.
Despite these positive developments, the price of altcoin APT experienced a minor decline. Accordingly, it was traded at $ 5.35 at the time of writing, losing 2% in the last 24 hours. The Money Flow Index (MFI) indicated buying pressure outweighing dispersion among spot traders. However, caution is needed as the price of APT is showing signs of overbought and is trading above the upper Bollinger Bands indicator on the daily chart.
be on guard
Moreover, Chaikin Money Flow (CMF) showed a downward trend. Accordingly, it signaled a potential price decline. It is important for investors and traders to remain alert and adaptable in this dynamic market where price trends can change rapidly.
When we look at Kriptokoin.com, the altcoin Aptos and its decentralized exchanges are experiencing significant growth. But there are potential challenges ahead. The crypto community will be closely watching how this ecosystem develops in the coming days and weeks. He will also act with the same amount of expectation and caution.
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