Tier 1 blockchain token Aptos, which has been on the rise since the beginning of the year, hit an all-time high on Wednesday.
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- According to CoinDesk, the APT token has reached a new record high and is up 427% since January 1st.
- APT was recently trading at $18.30, up 46% in the last 24 hours .
- The token's growth outpaced the recent moves of the two largest cryptocurrencies by market cap, Bitcoin and Ether. Bitcoin is up 30% in 2023, and Ether is up 34%.
- However, funding rates for the token remain negative, indicating that traders expect the rally to be short-lived .
- "If traders are willing to open short positions with extremely negative funding rates, they should be confident that the token will go down, " said Christopher Newhouse, crypto derivatives trader at GSR Crypto Market. "Despite the victory, the brief shows that the climb has a long way to go."
Bitcoin ( BTC ): The largest cryptocurrency by market capitalization rebounded from Tuesday's lows and traded around $22,950, unchanged over the past 24 hours. Earlier, BTC fell below $22,500 along with most other major cryptocurrencies after a four-day rally that likely won over many investors. Bitcoin has gained more than 35% this year.
Stocks traded side by side with the tech-heavy Nasdaq Composite, the tech-heavy S&P 500 and the Dow Jones Industrial Average (DJIA) down several percentage points. Investors focused on the latest fourth-quarter earnings, including from Boeing and Microsoft.
Ether ( ETH ): ETH has yet to recover as much as bitcoin after the cryptocurrency fell on Tuesday. The second-largest cryptocurrency by market cap was recently trading around $1,580, up nearly 2.1%.
Popular coins Dogecoin (DOGE) and shiba inu (SHIB) fell by around 2.6% and 3.3% respectively.
Axie Infinity ( AXS ): Crypto giant Axie Infinity's AXS hit a four-month high of $13.94 earlier on Monday, and continued its rally up 13% at one point on Tuesday. The AXS Index has recently gained about 2%.
Glenn Williams Jr.
Derivative markets are positive about Bitcoin.
Bitcoin's current time structure is in a "cantango" situation where the price of bitcoin futures contracts exceeds the price of bitcoin in the spot markets.
Contango is represented by an upward sloping futures curve. The opposite situation is a "lag" when futures prices are lower than spot prices and there is a downward sloping price curve.
In traditional markets where supply and demand and physical storage are important factors, collateral is often a bearish signal because the difference between the forward rate and the spot price depends on the costs of moving and holding that asset.
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This story originally appeared on Coindesk