In their latest tweet, Aptos listed several new features that came along with their Move v1.3 update. APT price declined nearly 3% last week and market indicators were bearish.
Aptos [APT] posted a Twitter thread on May 23, highlighting new network features and improvements in their latest Mover v1.3 update. The new features looked promising, and they could fuel further Blockchain adoption and growth in the coming months.
The latest Aptos Move v1.3 came with multiple new features that added a lot of value to the network. For example, with the update, developers can now access and manage heterogeneous assets using account-independent global storage.
Another update was related to the Multisig v2 account. Compared to the first multisig account design, the new account offers stronger functionalities.
The tweet thread also mentioned that Aptos’ inline functions accept lambda expressions as parameters. This allows developers to define popular higher-order functions in Move, improving readability and reducing overhead.
Network Activity Increases
Aptos also mentioned that it was seeing a drop in gas fees on its network. About 90% of transactions in Aptos are seeing a 10-fold reduction in gas rates, and run-gas usage is down as much as 100-fold.
Furthermore, Aptos “introduced gas-efficient data structures through smart vectors and smart tables, plus improvements to the storage footprint through how we handle Move resources.”
Thanks to the reduction in gas tariffs, network activity on the Blockchain was picking up again. According to the Artemis chart, after a sharp drop, the number of daily transactions on APT was increasing. The same trend was also followed by the number of daily active addresses, which seemed optimistic.
Investors Are Not Happy with Aptos
The Blockchain’s health looked good, but the same cannot be said for its native token. During the last 30 days, the APT price witnessed a significant reduction, thanks to the bearish market condition.
According to CoinMarketCap, the APT price has fallen by more than 2.5% in the past seven days. At press time, it was trading at $8.30 with a market capitalization of more than $1.6 billion.
Santiment’s chart revealed that APT’s trading volume also plummeted. This meant that investors were less interested in trading the token.
APT’s popularity also took a hit, as evidenced by the decline in its social dominance. However, APT development activity remained high, which is generally a positive sign for a Blockchain.
A Few Slower Days Ahead
APT investors might have to wait longer for a bullish rally as Bollinger Bands revealed that APT’s price was entering a zone of low volatility.
The money flow index (MFI) also registered a fall, which diminished the chances of an uptrend in the short term. However, the MACD showed a bullish edge in the market, which may turn things around.
According to CryptoPredictions, Aptos started in May 2023 at $10,462 and is expected to end the month at $9,243. During May, the expected APT price maximum is $10,113 and the minimum is $6,877.
CryptoPredictions forecasts that the APT price for today (24.05.2023) will be in the price range of $7,127 – $10,481. The Aptos price is expected to end today at $8,385.
By Audy Castaneda