Matt Hougan spotlights Aptos’ 130% rebound in crypto markets

Matt Hougan, Chief Investment Officer of Bitwise, recently highlighted Aptos (CRYPTO:APT) for its strong performance in the cryptocurrency market. 

Hougan noted that Aptos has recovered by 130% from its lowest point in August 2024, though it remains 50% below its all-time high of $19.92. 

Aptos, a competitor of Solana (CRYPTO:SOL), has garnered attention due to its use of the Move programming language and the AptosBFT consensus mechanism. 

Hougan pointed out increases in key on-chain metrics, including transaction volume and active addresses, suggesting that the project has gained significant momentum. 

Over the past few months, these metrics have shown steady improvement, indicating Aptos’ potential for further growth through the remainder of the year. 

In addition to Aptos' performance, Hougan shared his outlook on the broader crypto market for the fourth quarter. 

He believes that positive developments could occur if three key conditions are met: the Federal Reserve lowers interest rates, the November elections produce favorable outcomes, and no major negative surprises emerge. 

“Every Friday, I review about 150 charts. Sometimes only one or two stand out. This week, two charts from Aptos caught my attention,” Hougan remarked, underscoring the project’s promising future. 

Hougan also mentioned the Ethereum-based Layer-2 network, Base, which has shown strong performance in recent metrics, positioning it as an important player in the crypto ecosystem. 

Both Aptos and Base demonstrate positive on-chain trends, providing an optimistic outlook for the crypto market. 

However, Hougan cautioned that unexpected events could still alter market dynamics. 

At the time of writing, the Aptos price was $10.36.