Aptos’ Token Surges to Record High

Layer 1 blockchain Aptos’ token, which has been surging since the start of the year, broke an all-time high on Thursday. The token, APT, reached $19.42 and is up 423% since Jan. 1. The rally is far greater than those for bitcoin and ether, the two biggest cryptocurrencies by market cap. Bitcoin is up 30% in 2023, while ether has gained 34%. It’s not exactly clear why the price of APT has soared, but NFT (non-fungible volume) trading volume on the Aptos platform has been robust. Analysts, however, warn that the funding rates for the token are still negative, suggesting traders expect the rally will be short-lived.