Aptos [APT] rebounded by over 13% in 24 hours as the wider market recovered. Altcoins took the lead on this recovery as the total market cap of all cryptos surpassed $2.77 trillion, up by more than 2.21%.
At the time of writing, APT’s daily trading volume was $100 million, primarily driven by the hype around the upgrade of the ecosystem. What are the final details of the update though?
Aptos Labs announces upgrade as network reacts
Aptos Labs announced the upgrade of Block-STM, which has been running in parallel on Aptos since the mainnet. This upgrade was completed on 15th October and was named Block-STM v2, with other chains building on it.
This upgrade has since increased transaction throughput and scalability.
As a result, the throughput and network activity responded instantly. For instance, the chain’s TPS hit a peak value of 1,308 while the real-time throughput was 174. This revealed that there was a difference between the theoretical and real values.
Additionally, Daily Active Accounts rose from 46,670 to 49,385, a 5.82% uptick.
As a result, the monthly total of active accounts hit a peak of 710,712, with still 16 days to go before the end of October. New Accounts Created also grew from 4,098 to 4,395.
User transactions also followed suit with a rise of more than 1.335 million in a single day. That is, 9.575 million transactions compared to 10.91 million the following day.
Why are bulls struggling to break resistance level?
However, on the 4-hour chart, APT’s price was rising but facing a huge blockade at $0.8777. Every time the price hit this level, it got rejected and even had a fake breakout five days ago.
At press time, APT was trading above $0.8777, with the same faintly flipping the SuperTrend indicator to bullish. Still, it wasn’t confirmation if the altcoin’s bulls can keep it out of this consolidation.
This may be why the RSI Divergence has been bearish. However, it broke above the neutral level with a reading of 62.41.
Therefore, the sustained APT uptrend could face rejection at $0.9653, a level that triggered a sharp drop to $0.7620. If buyers keep charging, the altcoin may reclaim $1 now that a network upgrade is in place and is boosting activity.
Final Summary
- APT rallied by over 13% after Aptos Labs announced a network upgrade to Block-STM v2.
- APT broke above the $0.8777 resistance level, with bulls now targeting $1.
