The layer-1 blockchain token Aptos, which has been booming year-to-date, hit an all-time high on Wednesday.
The token, APT, hit new all-time highs and is up 427% since Jan. 1, according to data from CoinDesk.
APT was changing hands more recently at $18.30a gain of more than 46% in the last 24 hours.
The token rally overstated recent moves of the two largest cryptocurrencies by market capitalization, bitcoin and ether. Bitcoin is up 30% in 2023 while Ether has gained 34%.
The token’s funding rates are still negative, however, suggesting that traders expect the rally to be short-lived.
“If traders are willing to open short positions with very negative funding rates, they must have the belief that the token will go down,” Christopher Newhouse, a crypto derivatives trader at crypto market maker GSR, said. “Despite the push, this suggests the shorts believe the rally may have gone too far.”
bitcoin (BTC): The largest cryptocurrency by market value rebounded from a late Tuesday slump to trade recently at around $22,950, roughly flat over the past 24 hours. BTC fell below $22,500 the previous day along with most other major cryptos as many investors likely took profits after a four-day rally. Bitcoin has grown over 35% in value this year.
Shares traded sideways with the Nasdaq Composite, the S&P 500, which has a strong tech component, and the Dow Jones Industrial Average (DJIA), all down a few snippets of a percentage point. Investors chewed through the latest cascade of fourth-quarter earnings, including those from Boeing and Microsoft.
Ether (ETH): ETH had yet to recover as much ground as bitcoin since the crypto’s fall on Tuesday. The second-largest crypto by market value recently changed hands at around $1,580, down around 2.1%.
Popular dogecoin (DOGE) and shiba inu (SHIB) meme coins fell about 2.6% and 3.3%, respectively.
Axie infinity (AXS): Play to win giant Axie Infinity’s The AXS cryptocurrency, which hit a four-month high of $13.94 earlier on Monday and was up 13% at one point on Tuesday, continued its surge. AXS recently rose by around 2%.
+7.6 ▲ 0.7%
+824.2 ▲ 3.6%
+30.8 ▲ 1.9%
S&P 500 daily close
−0.7 ▼ 0.0%
+14.1 ▲ 0.7%
10-year Treasury yield
BTC/ETH price per CoinDesk Indices; gold is the COMEX spot price. Prices from around 4 p.m. ET
By Glenn Williams Jr.
Derivatives markets are signaling positive sentiment for bitcoin.
Bitcoin’s current futures structure is in “contango,” a condition that exists when the price of bitcoin futures exceeds the price of bitcoin in spot markets.
Contango is represented by an ascending forward curve. The opposite condition is “backward”, where futures prices are lower than spot prices and represented by a descending price curve.
In traditional markets, where supply, demand and physical storage are important factors, contango is often a bearish sign because the difference between the futures price and the spot price is largely based on the cost of transport and storage of this asset.