A massive $195m Aptos token unlock has triggered a tumble in APT price, as markets hesitate entering into the increased circulating supply, leaving some dejected holders asking ‘is APT going to zero?’.
The unlock happened on December 12, in a planned move that saw 24.8m released onto the market.
This comes amid further warning signs on-chain, as a drop in developer activity threatens to worsen the struggling APT price performance.
APT Price Analysis: As APT Unlock and Declining Development Dents Price Action – Is APT Going to Zero?
While APT price continues to push down, Aptos is currently trading at a market price of $8.24 (representing a 24-hour change of -3.9%).
This comes as price rejects -13% from an area of localized resistance around the $9 mark.
However, with steadfast under footing from the 20DMA, it seems likely that APT will soon reach a support zone around $7.70.
Meanwhile, the 200DMA remains low in the trading channel, still gradually descendant around $6.70.
As for the RSI indicator, severe bearish divergence last week has now cooled down to a more moderate 55 – suggesting that APT is now positioned for further gains in the trading channel.
This is a view matched by the MACD which is reading at 0.0771 in a display of minor bullish divergence.
Overall, Aptos looks poised here, despite the localized retracement, continual footing above a post-golden cross 20DMA could trigger a bounce to the upside.
Indeed, upside targeting leaves APT price aiming to push high to $10.20 (a possible +23.94%).
While downside risk could see APT price fall down to lower support at $7.68 (a potential -6.57%).
Aptos currently carries a consequent risk: reward of 3.64 – a strong entry characterised by significant potential for value accrual, and certainly not going to zero anytime soon.
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Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
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