The tier 1 blockchain token Aptos, which has been rising since the beginning of the year, hit an all-time high on Wednesday.
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APT Token Hits New Record High and is up 427% since Jan 1, according to CoinDesk data.
Most recently, APT changed hands at $18.30.which is 46% more than in the last 24 hours.
drawing of tokens has big recent moves of the two largest cryptocurrencies by market cap, bitcoin and ether. Bitcoin is up 30% in 2023 and Ethereum is up 34%.
However, funding rates for the token are still negative. suggesting that traders expect the rally to be short-lived.
“If traders are willing to go short with extremely negative funding rates, they need to be confident that the token will go down.” This was stated by Christopher Newhouse, a cryptocurrency derivatives trader on the GSR cryptocurrency market. “Despite the surge, it suggests that the shorts believe the rally has gone too far.”
Bitcoin (BTC): The largest cryptocurrency by market value bounced back from a swoon on Tuesday and was recently trading at around $22,950, which was virtually unchanged in the last 24 hours. BTC fell below $22,500 the day before, along with most other major cryptocurrencies, as many investors likely took profits after a four-day rally. Bitcoin has risen in price by over 35% this year.
Stock traded sideways with the high-tech Nasdaq Composite, the S&P 500, which has a significant technology component, and the Dow Jones Industrial Average (DJIA) down a few percentage points. Investors mulled over the latest fourth-quarter earnings cascade, including Boeing and Microsoft.
Ether (Ethereum): ETH has yet to recover as much as bitcoin after the cryptocurrency crash on Tuesday. The second largest cryptocurrency by market value recently changed hands at around $1,580, down about 2.1%.
Popular Dogecoin (DOGE) and Shiba Inu (SHIB) meme coins fell by about 2.6% and 3.3%, respectively.
Axi infinity (AXIS): Playing and earning giant Axie Infinity’s AXS cryptocurrency, which hit a four-month high of $13.94 early Monday and surged 13% at one point on Tuesday, continued its rally. AXS is up about 2% recently.
CoinDesk Market Index (CMI)
+7.6 ▲ 0.7%
+824.2 ▲ 3.6%
+30.8 ▲ 1.9%
S&P 500 close of the day
−0.7 ▼ 0.0%
1948 US dollars
+14.1 ▲ 0.7%
Treasury yield 10 years
BTC/ETH Prices for CoinDesk Indices; gold is the COMEX spot price. Prices are around 4:00 pm ET.
Glenn Williams Jr.
Derivatives markets are signaling positive sentiment towards bitcoin.
The current term structure of bitcoin is in a state of “contango” when the price of bitcoin futures exceeds the price of bitcoin in the spot markets.
The contango is represented by an ascending futures curve. The opposite condition is “backwardation” when futures prices are below spot prices and are represented by a downward price curve.
In traditional markets, where supply, demand, and physical storage are important factors, contango is often a bearish sign, as the difference between the futures and spot prices is largely based on the cost of transporting and storing that asset.
Read the full technical review here.