The cryptocurrency market has been buzzing with excitement as more tokens position themselves for potential spot ETF approvals. The latest entrant in this competitive race is Aptos (APT), whose price skyrocketed nearly 20% in just 24 hours following reports of Bitwise’s plans to file for an Aptos ETF.
APT Price Reaction and Market Performance
According to TradingView, the news of Bitwise’s ETF ambitions had an immediate and positive impact on Aptos’ market price. As of this writing, APT is trading at $6.39, reflecting a 17.40% increase over the past day. The token has also gained 14.06% over the past week and 4.06% over the last month, signaling growing investor confidence.
Aptos’ Rapid Rise in the Crypto Space
Unlike many other cryptocurrencies currently seeking ETF approval—such as Litecoin (LTC), Dogecoin (DOGE), and Ethereum (ETH), which have been around for over a decade—Aptos is a relatively new player in the market.
What sets Aptos apart?
- Aptos is a Layer 1 blockchain that utilizes the Proof of Stake (PoS) consensus mechanism, designed to deliver high throughput and security.
- The network was officially launched on October 18, 2022, making it one of the younger projects vying for ETF approval.
- Aptos was founded by Mo Shaikh (CEO) and Avery Ching (CTO), both of whom are former Meta employees.
- Despite its relatively short time on the market, APT has climbed to the 30th spot among cryptocurrencies by market capitalization.
Could an ETF Push Aptos to New All-Time Highs?
While APT currently trades at $6.39, its all-time high (ATH) was $19.90, set on January 30, 2023. The token came close to surpassing that level again on March 1, 2024, when it surged past $17.
A potential Aptos ETF approval could provide a significant boost, increasing adoption among institutional investors and potentially driving APT’s price back toward its record highs.
As the ETF race intensifies, the question remains: Will Aptos become the next big institutional bet in crypto?
📢 Stay tuned as we track APT’s journey and the broader impact of ETF approvals on the crypto market!
