The OKX reached an all-time high price of $18.50 for Aptos, a 44% increase in the Aptos market.
The Layer 1 blockchain was first launched in October 2013. Its native token has increased more than 400% over the past 30-days.
Analysts think that APT price may lose some of the gains suggested by negative funding rate.

The Aptos (APT) token has hit a new all-time high amid fresh buying pressure for the layer 1 blockchain platform’s native token.

Aptos shines amid crypto-market rally

Aptos, which launched its mainnet in October 2017, was developed by two former staff members of Meta Platforms. Although the blockchain-enabled smart contracts was initially controversial due to its token distribution, it has been steadily improving.

Its native token, however, has enjoyed one the most successful runs in recent weeks. This outperforms the top cryptocurrencies by market capital amid a wider rally across digital assets markets.

The price of Aptos rose by more than 44% on Wednesday to reach $18.00 on major exchanges. In fact, the token reached an all time high of $18.50 at OKX.

Chart showing Aptos price on OKX. APT rose to $18.50 on the Exchange. Source: TradingView

The APT token gained more than 136% during the week to reach the new peak. CoinGecko data shows that the token has risen more than 400% in the past 30 days. APT traded for $3.69 on 25/12/2022.

Aptos’ total market cap has jumped to over $2.7 billion and APT currently ranks as the 28th largest cryptocurrency project.

What happens next to Aptos token prices?

Can the APT price maintain its vertical movement? The optimism surrounding Bitcoin and other top altcoins could drive market speculation, so it is possible that the coin will still reach new heights. The on-chain data suggests that the price could fall as profit booking is taking place.

Negative funding rates are one reason why bulls might lose some of their gains. HornHairs, pseudonymous cryptocurrency trader, made this point earlier Wednesday.

$APT On the negative side, funding is a nightmare

Shorts pay an arm and a leg to wager against the top earner

Imagine you are at a horse racing and you can bet on any of them to lose. However, you will have to pick the fastest horse to bet against. pic.twitter.com/9LeZtZhFkK

— HornHairs 🌊 (@CryptoHornHairs) January 25, 2023

Altcoin Sherpa, another crypto trader thinks The APT might offer a short-term opportunity, so shorting the coin at current levels may not be the best option. He points out a scenario in which there is a lower high.