Layer 1 blockchain Aptos tokens have surged since the beginning of the year, hitting a new all-time high on Wednesday.
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Tokens, APTs hit new record highs It is up 427% since Jan. 1, according to CoinDesk data.
APT recently changed ownership for $18.30.an increase of over 46% in the last 24 hours.
of rally of tokens too much movement lately From the two largest cryptocurrencies by market capitalization, Bitcoin and Ether. Bitcoin is up 30% in 2023 and Ethereum is up 34%.
Token funding rate is still negative, This suggests that traders expect the rally to be short-lived.
“If a trader is willing to open a short position with a very negative funding rate, they must believe the token will go down.” Christopher Newhouse, Crypto Derivatives Trader at crypto market maker GSR, said: “Despite the surge, this suggests Shorts thinks Larry may have gone too far.”
Bitcoin (Bitcoin): The largest cryptocurrency by market value recently recovered from a late faint Tuesday, trading roughly flat over the past 24 hours at around $22,950. BTC fell below $22,500 the day before, along with most other major cryptos, as many investors likely profited after a four-day surge. Bitcoin has risen in value by more than 35% this year.
stock It is trading flat with the Nasdaq Composite, which has many tech stocks, the S&P 500, which has many tech stocks, and the Dow Jones Industrial Average (DJIA). Investors chewed through the latest streak of earnings in the fourth quarter, including earnings from Boeing and Microsoft.
ether (ethereum): ETH had yet to regain the position of Bitcoin from Tuesday’s cryptocurrency sell-off. The second-largest cryptocurrency by market value recently traded at around $1,580, about 2.1% off.
Popular Meme Coins Dogecoin (DOGE) and Shiba Inu (SHIB) They were down about 2.6% and 3.3% respectively.
Axie Infinity (AXS): Play-to-earn giant Axie Infinity’s AXS cryptocurrency continued its surge, hitting a four-month high of $13.94 on Monday, up 13% at one point on Tuesday. AXS recently gained about 2%.
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BTC/ETH price by CoinDesk index; Gold is the COMEX spot price.Price around 4pm ET
By Glenn Williams Jr.
The derivatives market shows positive sentiment towards Bitcoin.
Bitcoin’s current term structure is in “contango,” which is the state that exists when the price of Bitcoin futures exceeds the price of Bitcoin on the spot market.
Contango is represented by an upward sloping futures curve. The opposite condition is “backwardation”, where the futures price is lower than the spot price, represented by a downward price curve.
In traditional markets where supply, demand and physical storage are key factors, contango is often a bearish sign. This is because the difference between futures and spot prices is primarily based on the cost of transporting and storing the asset.
Read the full technical take here.