Aptos Price Surges Despite Sharp Declines in Bitcoin and Ethereum – Decrypt

Aptos experienced a surge of over 9% on Thursday following Bitwise’s filing for an exchange-traded fund (ETF) tracking its spot price. This increase comes at a time when Bitcoin and other major cryptocurrencies are struggling to recover from recent losses.

The rise in Aptos’ value marks a turnaround for APT, the token associated with the Aptos layer-1 blockchain. Despite a 38% decline in the past month, Aptos is currently trading at around $6.16, according to CoinGecko.

Alan Orwick, co-founder of Quai Network, noted that Aptos’ spike post-Bitwise’s ETF announcement signifies a renewed interest in alternative Layer 1 assets among institutional investors.

Bitwise’s move to file for a spot Aptos ETF in Delaware indicates continued attraction to the Aptos project, which provides a platform for decentralized app development and token launches, serving as a competitor to Ethereum.

Amidst concerns over potential trade wars, inflation spikes, and other macroeconomic uncertainties, Bitcoin has witnessed an 18% drop in value over the past month. Currently trading at approximately $84,325, Bitcoin reflects a cautious investor sentiment.

Furthermore, Ethereum has also seen a significant decline of over 26% in the past month, currently priced at around $2,320. This market sentiment is illustrated by Bitcoin’s Fear and Greed Index showing extreme fear.

While AI-focused tokens like NEAR and Dfinity’s Internet Computer have shown some positive movement, Bittensor has experienced a slight decrease in value. Quai Network’s Orwick commented on the varied performance of AI tokens, sparking speculation on the crypto AI narrative.

Edited by James Rubin