Bybit: BTC Faces Seller Exhaustion, Aptos Debuts Highly-Anticipated Mainnet

Chart of the Day 

Stocks soared on Monday, with the S&P 500 closing above a make-or-break technical level as sentiments improved following the release of solid earnings from banking giants. The rebound rippled across Asian markets with key indices advancing and major currencies rallying against the dollar as the pressure on global markets subsided. Bybit blog reports.

The crypto market rose as investors cautiously returned to riskier assets. Major cryptocurrencies experienced gains for the second day in a row. As of the time of writing, BTC is changing hands above the $19.5k level and the 100-hour moving average after rising by 1.62% in the last 24 hours. The largest cryptocurrency by market cap will likely test the $20k level once it turns the $19.5k zone into concrete support. Meanwhile, on-chain metrics show that the short-term holder (STH) SOPR multiple, an indicator that tracks STH’s market profitability, is striving for a shift in momentum in the current bear market. The depth of each drawdown is gradually decreasing, suggesting that many short-term traders may have already exited the market amid ongoing seller exhaustion.

In a similar vein, ETH manages to establish a stronger foothold above the $1,300 handle after posting a 1.78% gain in the same period. The 7-day ATM skew of ETH options jumped significantly on the back of upward trends and short-term rebounds in financial markets at the start of the week. Mid-to-large cap altcoins are largely in the green, with HT leading the pack on double-digit percentage gains.

Talk of the Town 

Four years of technical development and millions of VC dollars culminated in the launch of Aptos’s mainnet on Monday, a project spearheaded by former Meta employees that seek to create the safest and most scalable L1 blockchain in the crypto space. Labeled by many as the “Solana Killer”, Aptos is the latest attempt to build the perfect blockchain that leverages technical innovations to bring the masses to web3. However, on-chain data from Aptos’ block explorer shows that the protocol is currently processing single-digit transactions per second, which is a fraction of the 160,000 tps claimed during the testing phase. The team addressed the launch in a tweet, saying that “the network has been performing as expected and will see increased activity as (the) ecosystem projects onboard and get going.”

Bybit will be listing Aptos (APT) on our Spot trading platform. Find out more here.

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