- Aptos’ latest move aims to boost network activity via Bitcoin
- APT’s bullish recovery brought it closer to ending August in the green
Aptos has been working to expand its DeFi ecosystem to take advantage of more organic growth. In fact, its latest announcement highlights its plans to tap into more opportunities through Bitcoin.
Aptos has announced that Bitcoin holders can transfer their BTC to the blockchain through its new collaboration with Echo Protocol. This collaboration allows Echo to deploy on Aptos. Through this development, Bitcoin holders can exchange their BTC for aBTC, which they can use for yield farming.
One potential impact of this development is that it could end up boosting network activity on the Aptos blockchain. Other networks such as Solana have taken advantage of DeFi’s high-yield offerings to boost network activity.
The Aptos network has seen a surge in activity since the beginning of the year. This is evidenced by the growth in its TVL over the past 12 months, which was less than $100 million and has since climbed to $407 million. This increase has also been accompanied by an increase in on-chain volume.
Source: DeFiLlama
Aptos’ daily on-chain volume has remained steady above $30 million so far this month. For comparison, the network averaged less than $1 million in daily on-chain volume in August 2023.
APT expected to close August in the green
Aptos’ native cryptocurrency, APT, has been in a bullish recovery trend since August 5. This recovery has increased the odds that APT will close the month higher than its opening price ($6.41). However, the cryptocurrency began a retracement earlier this week, threatening to cause a red month for August.
However, APT price has rebounded by 6.25% in the last 24 hours, reaching a price level of $7.25, likely in response to the news of the collaboration with Echo Protocol. This means that the cryptocurrency is once again trading at a price higher than its opening price in August.
Source: DeFiLlama
On the charts, APT’s RSI indicator has remained above its midpoint, confirming that the current bullish momentum remains strong. This may be the reason why it has managed to bounce back quickly. This also highlights the possibility that APT will continue its rally, in which case it will close August in the green if it maintains this momentum until the end of the month.
Taking a step back, APT is still trading at a discount of over 60% from its current year-to-date high. This means that the cryptocurrency is still heavily oversold on a broader scale – a view that could further strengthen its bullish outlook on the charts.
