Aptos was trading up more than 9% on Thursday a day after crypto asset manager Bitwise filed for an exchange-traded fund tracking its spot price, and even as Bitcoin and other major cryptocurrencies continued to hold onto substantial losses from the last few days.
The jump reversed course for APT, the token of the Aptos layer-1 blockchain and 35th largest coin by market value, which has fallen about 38% over the past month amid a market slump that intensified over the past week. Aptos is currently changing hands at about $6.16, according to crypto data provider CoinGecko.
"Aptos' surge following Bitwise's ETF filing highlights renewed interest in the alt-L1 category and future potential for institutional crypto assets," Alan Orwick, co-founder of proof-of-work Layer 1 network Quai Network, told Decrypt.
Aptos Price Surges as Traders Fuel ‘Community Takeover’ With Memes
A little-known memer named BuzzlamicJihad launched an unofficial “community takeover” of layer-1 blockchain Aptos, and two months after Aptos Labs founder and CEO Mo Shaikh stepped down, it’s finally catching on—and fueling a massive price surge. Aptos (APT) has spiked 17% over the past 24 hours to a current price of $6.45, according to CoinGecko, making the token the third-biggest gainer in the top 100 cryptocurrencies by market cap during that span. The token's daily peak price of $6.57 is the...
Bitwise took an initial step toward a spot Aptos ETF on Wednesday, registering the possible fund in Delaware, but must still file an application with the Securities and Exchange Commission. The initiative reflects ongoing interest in Aptos—a project founded by part of the team behind Meta's failed Diem intiative—and Ethereum competitor that allows users to build decentralized apps and launch tokens.
Bitcoin's price has tumbled nearly 18% over the past month as investors—alarmed by the increasing potential for a trade war sparked by Trump administration tariffs, recent spikes in inflation and other macroeconomic uncertainties—have retreated from digital assets and other risky assets.
The largest cryptocurrency by market value was recently changing hands at roughly $84,325, down 0.3% over the past 24 hours, according to CoinGecko. Ethereum, the second largest digital asset, was trading at about $2,320, up just 0.6% from Wednesday, same time, and is off more than 26% over the past month.
Bitcoin's Fear and Greed Index, a measure of investor sentiment, is currently showing an "extreme fear" reading reflecting the recent bear conditions. The 11 spot bitcoin funds have shed nearly $2.5 billion in assets, a reversal from the dramatic gains they've generated throughout their nearly 14-month history.
Bitcoin, Ethereum Fall to Lowest Prices in Months as Liquidations Top $600 Million
This week's markets pain is only getting worse Wednesday, with major assets like Bitcoin and Ethereum falling to their lowest marks in months as liquidations top $600 million over the last 24 hours. Bitcoin dipped as low as $83,724 and remains under the $84,000 mark as of this writing, down more than 3% on the day and 12% over the past week. The price of Bitcoin hasn't been that low since early November, just days after President Trump's election win, as the top cryptocurrency was rising to new...
Meanwhile, artificial intelligence-touching tokens were mixed even after AI chip giant Nvidia on Wednesday toppled expectations for its fourth quarter earnings and set ambitious guidance for the months ahead. NEAR was up 4% over the past day and Dfinity's Internet Computer (ICP) rose nearly 6%, but Bittensor (TAO) was down by about 1%.
"AI tokens reflect varied performance, leaving many wondering if the crypto AI narrative was smoke and mirrors," Quai Network's Orwick said.
Edited by James Rubin
