Bitwise’s chief investment officer, Matt Hougan, is highlighting the impressive metrics of a competitor of Solana (SOL). Hougan took to the social media platform X to share his findings, pointing out that the on-chain metrics of Aptos (APT) are particularly striking.
He shared charts displaying the increase in daily transactions and active addresses on Aptos, which have seen significant growth over the last few months. Hougan expressed his surprise at the standout performance of Aptos, showcasing the charts to make his point.
In one chart, Hougan revealed that the number of active addresses on Aptos has reached new all-time high (ATH) levels. Aptos, which utilizes the AptosBFT consensus mechanism with the Move programming language, was launched on October 18th, 2022. Despite being down about 50% from its all-time high of $19.92, APT has experienced a 130% increase from its low of $4.303 in August 2024.
Currently, APT is trading for $10.11, marking an almost 20% surge in the past day. Hougan also gave a nod to Base, the Ethereum (ETH) layer-2 launched by Coinbase, for its impressive blockchain metrics. He noted that Base continues to set new ATHs, emphasizing its noteworthy performance.
Hougan also recently outlined his three conditions for Q4 crypto fireworks, which included more Fed rate cuts, a favorable outcome in the November election, and the absence of any major negative surprises that could catch the markets off guard. He highlighted the importance of avoiding unexpected shocks, such as big hacks, lawsuits, or locked coins unexpectedly coming to market, which have historically impacted the crypto market.
Hougan expressed optimism that if the market can avoid such surprises, new all-time highs and beyond could be expected by the end of the year. As he continues to monitor the market and share his insights, investors are advised to conduct their own due diligence and exercise caution when making high-risk investments in Bitcoin, cryptocurrency, or digital assets.
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