The ‘Solana killer,’ Aptos, has seen significant gains in the past 24 hours. At the time of writing this article, the APT token had increased by 8.79% in 24 hours and 8.74% over the week. While Bitcoin remains stagnant, several altcoins are taking advantage of the situation and recording gains.
The role of Korean traders
A key factor that may have contributed to Aptos’ sudden rise is its popularity among Korean traders, who are known to often drive cryptocurrency rallies. Aptos is currently ranked among the top 10 traded assets on South Korea’s largest cryptocurrency exchange, Upbit.
Short position liquidation
Korean traders targeted heavily shorted tokens such as Bitcoin Cash and Aptos, executing a ‘short squeeze’ that resulted in a ‘bear liquidation.’ According to Coinglass data, the majority of liquidated cryptocurrency positions were shorts. In the past 24 hours, nearly $1 million worth of short positions were liquidated.
The impact of token unlocking
After months of steady decline, APT began trading below its 50-day moving average at $7.67. A price increase that started on June 29 allowed APT to surpass this key level for the first time in weeks. Traders are monitoring the impact of token unlocking on APT’s price in July. Later this month, 4.54 million APT, representing 2.17% of the circulating supply, will be unlocked on July 12.
In summary, Aptos’ rally is the result of a combination of factors, including the activity of Korean traders and the liquidation of short positions. To closely monitor the price movements of Aptos and other cryptocurrencies, feel free to use the cryptoview.io application.
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