- Aptos’s latest move aims to boost network activity via Bitcoin
- APT has a bullish rebound that is bringing it closer to finishing August in the black
Aptos The DeFi ecosystem has grown to support organic growth. The company’s most recent announcement highlights the plan to increase opportunities via Bitcoin.
Aptos has announced The new Echo Protocol collaboration allows Bitcoin owners to connect their BTC with the Blockchain. Echo can now be launched on Aptos thanks to the collaboration. This development allows Bitcoin owners to exchange their BTC into aBTC which can be used for yield farming.
A possible impact is the potential to boost network activity in Aptos. Some networks, such as Solana DeFi has been able to enhance network activity by taking advantage of the high yielding offerings.
Aptos’ network is experiencing a boom in business so far this season. The TVL has grown from less than $100 to more than $400 million in the past 12 months. The surge in volume was also accompanied by an increase in the on-chain.
Source: DeFiLlama
Aptos has maintained its daily volume on chain above $30 millions so far in August. Comparatively, in August 2023 the daily average on-chain volume for the network was less than $1,000,000.
APT to end August with a green finish
Since 5 August, Aptos native cryptocurrency APT is on a recovery bullish trend. APT’s native cryptocurrency APT has been on a bullish recovery trend since 5 August. However, earlier in the week APT began to reverse its course and threatened a red-colored August.
APT’s price action bounced back by 6.25% in the last 24 hours though, to a price level of $7.25 – Likely as a reaction to news about the collaboration with Echo protocol. The cryptocurrency has now traded at a higher price than it did in August.
Source: DeFiLlama
APT’s RSI remained at or above mid-level in the charts. This confirms that current bullish momentum is strong. Perhaps this is why APT was able to rebound so quickly. This also highlights the possibility of APT continuing to rally, which would mean that it could close August with a positive result if this momentum is maintained until the end.
Zooming in and out APT It is trading at more than a 60% discount to its current high YTD. What this means is that the cryptocurrency is still heavily oversold on a wider scale – A view that may further strengthen its bullish outlook on the charts.
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Source: ambcrypto.com
